Reducing finance time-in-compliance to zero with digital badges

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Finance organisations urgently need to hire faster to compete for talent—but extensive regulatory requirements make accelerating recruitment hard. Digital ID badges are a solution. Trust you’re meeting compliance requirements and mitigating hiring risk—instantly, not in days, weeks, and months.

Finance organisations with better hiring functions are better placed to compete. 

But too often, it’s hard for recruitment teams to deliver. Finance is the perfect storm for recruiters, battling competitive pressure but also juggling a high regulatory burden, often across multiple jurisdictions.

There’s a smarter way to manage this compliance burden—to accelerate hiring, combat skills shortages, improve hiring decisions, and maintain customer trust. 

Let’s talk about that. 

Skills shortages and turnover put finance recruiters under pressure

The stats suggest hiring is only getting harder for finance organisations. Bersin research shows that average time-to-hire has increased to 44 days in 2023—up a full day from the year before.

In consumer banking, this increase is even more pronounced, with average time-to-hire increasing by two days over the year. And hiring for investment banking can take more than 60 days. 60 days!

Read more: three ways to improve time-to-hire in finance

Skills shortages are a big part of the problem. Shortages are an enormous issue across finance, because of the speed at which technology, consumer needs, and job demands are evolving. 

Adoption of AI in the finance industry has more than doubled since 2017, for instance. Over the next two years, more than three-quarters of financial services providers expect AI to become essential to their operations. 

Within a few years, the roles recruiters are hiring for could be almost totally unrecognisable. 

At the same time, there are existing skills gaps within the workforce that are becoming more pronounced—putting even more pressure on recruiters to fill workforce gaps. UK Finance surveyed financial services workers to assess how the skills they need at work have changed, for instance. They found:

  • 57% of finance staff feel they need more complex analytical skills
  • 30% of finance staff feel they need more digital and tech expertise
  • 21% of finance staff feel they need more management and leadership skills

The cherry on the cake is finance’s notoriously high turnover rate: finance turnover is 19.8%—around a third more than the all-industry average. High turnover ramps up the pressure on recruitment teams, who’re juggling recruitment for new roles with replacement recruiting.  

In this turbulent environment, recruiters in banking and finance need fast, efficient, reliable, consistent recruitment processes, to stand any chance of competing. But so often, that’s not what’s happening. 

Inefficient compliance processes are a big problem 

Finance firms know they need to hire faster to win talent in a shallow talent pool. But in practice, accelerating internal processes is often extremely challenging.

There’s not one solution that’ll magically transform finance recruitment. But there are incremental gains—sometimes big gains—from optimising your end-to-end recruitment processes. 

Compliance is usually one of the biggest areas for improvement. 

Finance’s regulatory burden means candidates might often spends weeks and months waiting for background screening—with the likelihood of drop-outs increasing by the day. 

And often, candidates are coming from another finance role with the exact same background checks requirements, so the process can feel like slow, frustrating box-checking. 

It’s box-checking that needs to happen, sure. But finance firms that can navigate these screening processes faster and more efficiently put themselves in a fantastic position to scoop up talent.

Imagine if you could knock weeks off your time-in-compliance. Or in many cases, verify credentials instantly. Without any loss in depth, rigour, or trustworthiness.  

That’s where digital compliance badges can be transformative.

Digital ID is shaking up finance recruitment 

Digital badges are like a compliance passport that allows candidates to own, manage, and share their own verified credentials. It’s totally secure because it’s held on the blockchain, so you can verify creds instantly and totally trust the results.

It’s better for everyone:

  • It’s a miles better candidate experience. Candidates don’t have to wait for endless repetitive checks they’ve already been through (at least until relevant checks expire). They can get their teeth into their exciting new role faster.  

  • It’s a miles better recruitment experience. You can onboard new and urgent talent much faster, with much less admin, fewer costs, and without unnecessary risk of costly hiring mistakes

Ultimately, digital badges could go a long way to helping you overcome skills shortages and compete in a difficult recruitment environment. Giving you certainty and confidence that you can trust who you’re hiring—but instantly, not in days, weeks, and months. 


That’s a lot of time you’ll get back, to focus on everything else you’ve got to do. 

Veremark are modern, reliable background screening providers challenging the status quo of outdated, badly run, slow checks processes. Our digital ID product, Verepass, is one of the ways we’re transforming finance compliance. 

Watch the webinar to learn more about integrating digital ID into your recruitment. 

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Why are background checks particularly crucial for employees in financial institutions?

Background checks are essential in financial institutions to ensure the integrity and trustworthiness of employees handling sensitive financial information and large sums of money, helping to mitigate risks of fraud and financial mismanagement.

What specific information is critical in a background check for a financial sector employee?

Critical information includes criminal records, credit history, employment history, educational and professional qualifications, as well as compliance with global sanctions and regulatory watchlists.

How can financial institutions ensure their employment screening process meets industry standards?

Financial institutions can ensure compliance with industry standards by adhering to relevant laws (like GDPR and FCRA), using standardised and comprehensive screening processes, and staying updated with regulatory changes affecting the financial sector.

How do financial institutions benefit from partnering with specialised background check providers like Veremark?

Partnering with specialised providers like Veremark allows financial institutions to access expert and up-to-date screening services, ensuring accuracy, compliance with global regulations, and streamlined processes that enhance the speed and efficiency of background checks.

What makes fintech companies' background check requirements unique compared to traditional financial institutions?

Fintech companies often require a blend of traditional financial screening and technology-focused assessments, such as checks on digital literacy and cybersecurity awareness, reflecting their innovative and tech-driven business models.


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.

Financial Hiring Trends Report

Fintech is one of the fastest-growing business verticals out there. Owing to accelerated global adoption, its value is expected to cross USD 324 billion by 2026 at a rate of growth of 23.41% per annum for the next five years. The growth has also propelled the need to hire more people and retain them. The world has long thought of financial services as a male-dominated sector, but the emergence of FinTech has showcased women playing key roles.In this report, we discuss:

  • What is propelling Fintech growth?
  • What have been the top priorities for HR leaders in the Fintech landscape?
  • What are the key challenges in FinTech recruitment
  • The big six issues driving HR technology decisions
  • What is the way forward for the FinTech sector?
  • How is Veremark streamlining the hiring process in the FinTech & Financial Services sector?
Get your own copy!