How to hire safely and successfully in the banking sector

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The banking sector is undergoing a transformation. Rapid advancements in technology are reshaping the way banking services are delivered, while digitalization is streamlining processes, improving efficiency and enhancing the customer experience.

Competition in the market from innovative challenger banks, Fintech start-ups, big tech companies and peer-to-peer lending platforms – all offering innovative solutions and challenging traditional models, today’s banks are facing pressure to adapt to meet evolving customer demands.

The wealth of talent required to keep traditional financial services organizations running efficiently and safely means today’s hiring managers cannot afford to sit still. One key challenge they face is preserving the delicate balance between trust and security. 

The Role of Background Screening in Banking Recruitment

It is a highly competitive market and the demand for top talent far outweighs the limited pool of qualified candidates. Financial services firms must be innovative if they are to satisfy their hiring requirements. 

Banking is also a highly regulated industry and employers must balance speed to hire with ensuring the quality and credentials of their candidates. This means having a robust and reliable employment screening and background check process in place, to safeguard against potential risks and ensure that only qualified individuals are entrusted with roles within the high-stakes banking sector.

How Is Banking Recruitment Evolving?

With talent demand continuing to outweigh supply, talent acquisition operations within banking and other highly competitive service industries, have undergone significant remodelling. This has led to new and alternative ways to address recruitment challenges. These include:

  1. Skill Based Hiring
    Traditional talent pools, such as graduates from top-ranked universities, no longer monopolise the recruitment landscape. A rising trend is skill-based recruitment, which looks beyond educational qualifications to the skills and experiences that are necessary for success. This shift may lead to improved workforce diversity as well as ensuring alignment with the specific competencies essential for success in various roles.

  2. Boot Camp Hiring
    Boot camps present an alternative approach to talent acquisition, allowing candidates to demonstrate their skills through practical challenges and hands-on tasks, often within simulated ‘real world’ environments. This immersive method gives both employers and candidates a feel for working together and determines whether the individual has the necessary skills and credentials to excel. 
  1. Hire For Remote Work
    With 86% of financial software developers currently work entirely remotely, remote working has emerged as a viable strategy for building agile and inclusive teams. Hiring managers within financial services are capitalising on the trend to work remotely by creating teams from talent based around the globe. This option not only helps address the current talent shortages in the industry, it also has the potential to lower costs and enrich workforce diversity.

  2. Industry Collaboration with Educational Institutions
    To help create jobs and fuel economic opportunity, banks across the world are partnering with local organizations and academic establishments to create industry-ready professionals by providing students with hands-on experience and skills and building a pipeline of talent for the future.

    For instance, as part of the "Fintech 2025" strategy, the Hong Kong Monetary Authority (HKMA) created the Industry Project Masters Network (IPMN) scheme in 2022 to develop Fintech talent by facilitating industry training for postgraduate students.

Why Is Background Screening Essential Within Banking? 

Given the volume of investments and handling of sensitive customer data, financial institutions of all types require stringent employment screening and background reference checks. This helps to safeguard companies and their resources while mitigating the risk of criminal activity, such as fraudulent dealings by a rogue employee and the subsequent violation of any regulations, which can have significant consequences. 

Staffing challenges in banking are not only about sourcing and hiring the right developers, data scientists, software engineers or product managers - but ensuring fast onboarding – critical, as the best candidates are often off the market in 10 days.

How Can Veremark Help Your Banking Organisation? 

  • Automation for Efficiency
    Veremark’s digitized employee screening and reference check platform enables businesses to screen candidates for all mandatory and optional checks. This level of automation optimizes turnaround times, saving days compared to traditional, manual screening processes.

    London-based financial technology firm, Zilch, partnered with Veremark for its pre-employment screening, successfully increasing its team from 35 to 180 in less than 12 months. Veremark ensured Zilch remained compliant in accordance with the UK's Financial Conduct Authority (FCA) while conducting all required checks, enabling Zilch to expedite hiring and optimize the candidate experience.

  • Security through Blockchain Technology
    Veremark’s 'Verepass Career Passport' is an innovative, blockchain technology-enabled service or wallet that securely stores individual professional history and career credentials.

    Once the individual’s data is collected and verified, it is stored in a tamper-proof Ethereum blockchain network. This enables companies and their candidates, employees and contractors to verify and then securely store professional qualifications, work experience, references and any other checks that have been carried out previously, thus saving time by avoiding repeat verifications.

  • Third Party Alliances
    Veremark has forged strong partnerships to offer banking clients access to a global pool of vetted and verified professionals who can be hired and onboarded within days.

    Veremark’s alliance with Codemonk, for instance, allows Fintechs to hire skilled individuals to help scale their technology teams. Through Codemonk, companies can assemble and manage teams remotely through one single and convenient platform. 

Successful and safe recruitment is dependent on carrying out the right checks, not only to protect company and customer interests but also to maintain compliance, particularly important within the banking sector.

Whether staff are permanent, remote, contract, part-time or full-time, if they have access to company property and data, they have the potential to breach business and customer security.

Veremark is the leading provider of local and global background checks, offering 100% digital and accurate checks for new and current staff members.

Our innovative platform gives HR professionals convenient access to carry out vital background screening on employment history, criminal record, civil and credit history, global sanctions, identity and references, enabling them to make informed hiring decisions while maintaining compliance and safeguarding company interests. 

Whether hiring one candidate or many, Veremark ensures safe and scalable employment checks for the banking sector.

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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.

8 Screening Essentials for the Finance Sector

How to hire the top talent first – without risk to your business

For banks looking to recruit top talent, where every decision carries significant implications, pre-employment background screening is an essential way to safeguard both the rights of the candidate and the wider interests of the organisation. This guide focuses on 8 background checks, essential for hiring within the financial sector, to show you how to validate candidate credentials and set up your systems for safe and successful hiring.

In this report, we discuss:

- The hiring landscape in the financial sector

- The 8 checks we recommend carrying out

- How to streamline your hiring process

Download this guide today to find out how to hire faster and create better hiring outcomes.

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