Candidates applying for a job in the banking, finance, and insurance companies need to be extremely careful. The number of background checks in India being conducted at entry and mid-level is increasing. There are maximum discrepancies in resumes in the areas of education and employment qualifications. Financial regulators across the world are anxious to avoid a repeat of events that previously led to the financial crisis. Hence, they are demanding that individuals in the finance industry should be as accountable as the companies they work for. The whole process of approving and screening applicants before they are entitled to perform certain activities has become even more stringent.
Pre-employment screening in the banking, finance, and insurance (BFSI) sectors is crucial, primarily because employees have parlous access to sensitive personal and financial data. So before choosing a background check partner, it’s imperative that you consider their turnaround time, level of data security and detail, accuracy of information, and quality.
Why has the Discrepancy rate in BFSI sectors increased?
Over the past three years, the discrepancy rate in the BFSI sectors has peaked not only because job applicants are fudging their credentials but also because the background screening process has become more rigorous. This is enabling recruiters to seize maximum discrepancies in resumes. Ethically, it is a phenomenal shift as nobody wants liars in companies or sectors that deal with sensitive financial information of customers.
At which Level are there Maximum Discrepancies in Resumes?
Most number of discrepancies are recorded at the associate level within the BFSI sector, followed by the mid-level management. In terms of the level of discrepancies, India ranks 4th in the Asia Pacific region. Discrepancies are mainly related to misstating job experience, references, and educational certificates. In an average, out of 100 discrepancy cases, about 40 are from the BFSI sector. Of course, now that organisations are becoming more and more aware of the importance of background screening in India, the number will certainly go down.
How can the Discrepancy Rate be Controlled?
Well, there’s nothing much you can do because various companies in the BFSI sectors have already realised that ‘a good offense is a smart defense’. This simply means that organisations, especially belonging to the finance and insurance sectors, have become proactive in performing routine background checks for pre-employment screening. In the insurance sector, background checks effectively and efficiently help in investigating claims, warning you about potential signs of criminal activity, and reducing the amount of financial losses.
A thorough background screening process is mandatory in the BFSI sectors. Employers in these sectors need screening partners who can customise background check processes depending on the type of profile that needs to be hired. SecUR Credentials, is a background screening company that can totally take away the daunting process of performing background checks in India and deliver the best results for your organisation. Our varied processes, expertise, experience, and technology enable us to make the entire screening process easy for all our clients. We have a centralised repository of information and access to various databases to conduct checks at educational institutes, courts, and other government bodies. So if you’re considering to have a screening partner, talk to us, we can help!