Veremark: Matching the Needs of Banking Tech Innovation

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Today, getting the right talent is basic to meeting the development and goals of any organisation. A culture of innovation is vital for the business and their partners.

For the longest time, there has been a need for specialised services for organizations in the FinTech space, which could provide hiring and onboarding support and training to meet business goals. Furthermore, the current work-from-home trends require new methods and tools to attract, interview, and employ people with the right skills and costs, often at a distance and across different time zones.

Veremark has a group of committed enrolment specialists, analysts and experts who exclusively focus on the FinTech market. They deal with areas such as Digital Payments and Banking, WealthTech, InsureTech and RegTech.

Veremark offers the following benefits:

1. Blockchain for Verified Candidate Data

The utilisation of blockchain for enrolment isn't standardised yet, however, only a few organizations and specialists have been able to utilise its potential for improving the processes altogether. With blockchain, organizations can discover confirmed, up-to-date information in private while maintaining privacy guidelines. 

Having undeniable information is key since TA [talent acquisition] offices manage basic data like record verifications, academic checks, professional qualifications checks, compensation history, and so on. With Veremark’s blockchain-based platform, businesses can scale the breadth and depth of background checks as needed, covering all of the following:

  • Academic checks
  • Professional qualifications checks
  • Financial regulations check
  • Background check
  • ID check
  • Global sanctions check
  • Reference check
  • Criminal background check
  • Adverse financial check
  • Civil litigation check
  • Adverse media check
  • Directorship check
  • Social media checks
  • Regulations compliance

Once these checks are done, candidates are given a blockchain 'career passport' (R) which is a record of their specific verified credentials that can be used with employers and updated with any recent work history. 

2. Predictive Analysis for Talent Search

Predictive analysis in enrolment involves the utilisation and investigation of verifiable information to make future forecasts, expected to illuminate future hiring set-up, deploying choices, and training. By recognising past patterns in information, predictive analysis can furnish selection and hiring leaders with bits of knowledge for predicting future events. It permits leaders to point out patterns with a critical level of assurance, helping them in streamlining their activities for better outcomes. Apart from helping in selecting and employing experts, predictive analysis can also help in the following ways:

  • Identifying the strongest recruits for open positions
  • Making speedier and better proposals to applicants
  • Providing a superior candidate experience

Veremark's strong dashboards and reporting tools, available across all devices, help HR & Talent leaders to have up-to-date and accurate information, which helps them make short-term and long-term decisions.

3. Big Data for Background Checks

If HR contributes to making a poor hiring decision, there is a significant knock-on of risk to the reputation and performance of the business. Hence, with the help of rich, aggregated, and constantly evolving data they can become a significant contributor in mitigating such risk. Talent leaders and hiring managers can benefit from the data that is joined and cross-referenced across social-media and internet profiles, other publicly available data, and API connectivity to numerous databases and help make the right hiring decision about a candidate.

4. Analytical Research for Training

Enrolment usually involves processes that range from sourcing and selecting to recruiting. This implies that every bit of detailed information needs to be identified in order to identify patterns. For instance, if fresh recruits leave within the first three months in an organisation, it indicates wrong selection decisions or improper onboarding training. Thus, proper analytical research is required to enhance productivity and performance in a company. 

Veremark's techniques are integrated with many HRTech platforms such as Applicant Tracking System (ATS), Customer Relationship Management (CRM) frameworks and Human Resources Information System (HRIS) to help hiring leaders and talent acquisition teams to hire, onboard, track, and review improvements and innovation needs in their people strategy and plans.

Veremark is constantly innovating its software and service, using blockchain, predictive analytics, Artificial Intelligence, automated processes, HRTech platform integrations, and the best security, connectivity and operations, to help businesses make informed, smart, and safe hiring decisions.

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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.

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