Case Study: MyRent
MyRent builds trust in its online rental marketplace with identity verification
Building a Trusted Marketplace
Singapore-based MyRent is a peer to peer digital marketplace that makes renting items safe and simple. MyRent's users rent items ranging from photography equipment to seasonal apparel.
Recognizing that Trust & Safety is critical for establishing a healthy marketplace and promoting peer to peer engagement, MyRent provides a Lender Protection Guarantee which covers losses that may arise from fraudulent rentals. To provide this guarantee, MyRent needed to minimize fraud by implementing a robust identity verification process.
The Right Balance between Security and Convenience
“Because Persona provides such a great user-experience, our conversion rates have remained steady even after implementing a comprehensive onboarding process. At the same time we feel a lot more confident in our ability to weed out bad actors.“
Ishwar Dhanuka, CEO at MyRent
MyRent's big challenge was striking the right balance between minimizing fraud and providing a great onboarding experience for new users. Understanding that collecting personal information can be a sensitive endeavor, MyRent wanted to make sure new users benefited from a process that was both painless and secure.
MyRent ultimately decided to partner with Persona for the following reasons:
1. Optimized for a Secure, Pain-Free User Experience MyRent cares deeply about providing a great experience to their users. Persona's platform allowed users to complete their verifications quickly and painlessly with instantaneous results, while elevating MyRent's brand with a beautiful UI.
2. Global Reach MyRent's users carry IDs issued from countries around the world. They needed a partner that could verify a wide variety of identity documents. Persona's worldwide coverage (192 countries and 8 languages) ensured nationality would not be a barrier for MyRent's users.
3. Customizable for MyRent's Unique Use Case MyRent wanted a partner that could customize the verification flow to serve their unique needs and to comply with local regulations. Persona's UI components could be swapped with simple configuration changes, making it easy to create and manage custom-tailored flows for each use case.
4. Agile, Responsive Team MyRent had a strong preference for working with a hands-on, responsive and agile team. Persona's team has worked closely with MyRent each step of the way to develop and implement their flow, rapidly responding and iterating.
Since implementing Persona:
- Persona's identity verification solution has enabled MyRent users to become verified with a quick turnaround time, averaging 2 minutes for users to complete the verification flow.
- Conversion rates have remained steady due to the speedy and painless identity verification experience.
- MyRent has been able to detect potential fraud at an earlier stage, using risk signals from difference sources to minimize fraud and back-up their Lender Protection Guarantee.
- Partnering with Persona freed up MyRent's team to focus on building an excellent marketplace for their users.
Persona and MyRent look forward to continuing to work together to provide a great experience for MyRent's users and deliver innovative solutions in the identity verification space.