Banking & Financial Businesses need Partners with the right Culture

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Financial Hiring Trends Report of 2023

One of the key challenges for the FinTech industry is finding or retaining the best talent. From searching for the right mindset and skill set to ensuring that they sustain the dynamic nature of FinTech, the process is exhausting and often requires a strong foundation and an effective strategy.

According to a PwC report on Millennials at Work, only 10% of millennials currently employed in the FinTech sector planned to stay for longer, while the rest were either threatened by the requirements of higher skills or poor workplace culture. This leads to higher replacement costs and the company’s cost-per-hire. Employee retention is inarguably a serious challenge for this industry. Especially since the global financial crisis of 2007, the financial services sector has been struggling to retain employees and, to make things worse, a poor employment experience in the sector has impacted hiring as well.

The FinTech sector is an ever-changing field. With its regularly updated regulations and requirements, businesses find it difficult to balance mature practices with an informal, innovative, and engaging environment. While the former is based on the needs of the sector, the latter is what attracts talent. And in the process of striking this balance, businesses may lose their key employees.

Technology is driving major changes in the FinTech market; a quicker adoption of technology in onboarding talent is the need of the hour.

So, who ensures hiring compliance?

Veremark, with a global screening system, has established a culture of operational rigour. It has also set industry standards to scale and safeguard its own culture, and competitively grow in existing and new markets by providing HR, recruitment, and staffing solutions like no other.

What makes Veremark stand out from the crowd?

Being an industry leader, Veremark understands the risk associated with incorrect or incomplete compliance with the hiring process in FinTech/FinServ businesses. Having digitized and automated background check software helps Veremark perform its duties well. Here’s what makes Veremark different:

1. Innovation – Using cloud and blockchain technology for auditable results, Veremark ensures fast and effective reference check processes while also building retention, reducing costs, and maximizing efficiency.

2. Scalable – It has worked with hyper-growth companies and provided them with the flexibility for revenue-generating activities.

3. Easy-to-use – The fast and efficient onboarding checks are easily accessible.

4. Acceleration – Veremark has a streamlined hiring process with greater reliance on technology that provides automated solutions to get accurate and rapid results.

5. Best candidate experience – Some processes such as financial regulations check, criminal check, adverse media check and directorship check could be time-consuming and difficult. So, to provide a smooth experience, Veremark has a mobile-first candidate application where the required information can be shared on the go.

6. Automated – Veremark is a virtual experience, using a combination of automated tools with a focused human approach to identifying, engaging, and hiring talent. It helps businesses succeed in an acutely diverse talent acquisition environment.

7. Integrated platforms - Veremark works with leading technologies around the world, such as ATS, CRM and HRIS that empower a consistent, secure, and smoothed-out progression of ID check. With the cutting-edge API, it can assist you with associating your outsourced or in-house HR framework, for a consistent professional qualification check experience for your future employees. 

8. Global – With a combination of flexibility, scalability, agility, data/analytics rich set of tools and approaches to help businesses prosper, Veremark provides an exclusive background check on any candidates, no matter where they are.

9. Cost-effective - Veremark’s promise of quality begins with the first interaction. The platform offers every new account with 5 free checks to establish the kind of trust and efficiency that Veremark ascertains.

10. Enabling experience - While the entire process can be exhausting for different departments, Veremark makes it easy by building smooth coordination and flow of resources as well as information.

The hiring business is continuously tested to give quick and compelling enlistment measures, and filling vacancies with dependable and qualified staff, all the while zeroing in on building client retention and remaining at the forefront with competence. This builds the significance of lessening costs and expanding screening proficiency and global sanctions check. Veremark’s software and services ensure integrity and credibility along with the seamless experience that it promises to deliver. 


What background check do I need?

This depends on the industry and type of role you are recruiting for. To determine whether you need reference checks, identity checks, bankruptcy checks, civil background checks, credit checks for employment or any of the other background checks we offer, chat to our team of dedicated account managers.

Why should employers check the background of potential employees?

Many industries have compliance-related employment check requirements. And even if your industry doesn’t, remember that your staff have access to assets and data that must be protected. When you employ a new staff member you need to be certain that they have the best interests of your business at heart. Carrying out comprehensive background checking helps mitigate risk and ensures a safer hiring decision.

How long do background checks take?

Again, this depends on the type of checks you need. Simple identity checks can be carried out in as little as a few hours but a worldwide criminal background check for instance might take several weeks. A simple pre-employment check package takes around a week. Our account managers are specialists and can provide detailed information into which checks you need and how long they will take.

Can you do a background check online?

All Veremark checks are carried out online and digitally. This eliminates the need to collect, store and manage paper documents and information making the process faster, more efficient and ensures complete safety of candidate data and documents.

What are the benefits of a background check?

In a competitive marketplace, making the right hiring decisions is key to the success of your company. Employment background checks enables you to understand more about your candidates before making crucial decisions which can have either beneficial or catastrophic effects on your business.

What does a background check show?

Background checks not only provide useful insights into a candidate’s work history, skills and education, but they can also offer richer detail into someone’s personality and character traits. This gives you a huge advantage when considering who to hire. Background checking also ensures that candidates are legally allowed to carry out certain roles, failed criminal and credit checks could prevent them from working with vulnerable people or in a financial function.

Transform your hiring process

Request a discovery session with one of our background screening experts today.

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