Top Reasons Why Financial Institutions Should Invest in Digital BGV

The stability of an economy is highly dependent on the robustness of the financial sector. Now, while innumerable factors are responsible for the growth of financial institutions, acknowledging the contribution of employees is vital. The outlook may appear positive and bright but it is no hidden secret that frauds, scams, data breaches, and data loss, are highly prevalent in this sector. In fact, in the last two years, the rise of bank and digital frauds is shocking. While the former increased by 300%, the latter registered a 700% rise! It has been further reported that 34% of fraud in banks is internal! Hence, it’s time that financial institutions rethink their security, and safety, and how important digital BGV or digital background verification of employees is to avoid internal threats. In this write-up, we will discuss the importance of digital BGV for financial institutions and how Digiverifier is helpful.

What Is Digital Background Verification?

Financial institutions’ approach to background checks and verification procedures has undergone a paradigm shift with the introduction of digital BGV systems. These cutting-edge platforms use big data analytics, and artificial intelligence to improve and expedite background check accuracy.

Why Digital Background Verification Is the Game Changer?

Digital background verification solutions such as Digiverifier are algorithm-powered to analyse extensive datasets, identifying anomalies and red flags, which encompass the validation of educational credentials, employment history, and the verification of any criminal activities. The system cross-references candidate credentials with multiple databases, constructing a comprehensive profile of the candidate in question.

For financial institutions, this level of scrutiny proves indispensable, as employees frequently manage sensitive information, encompassing personal data and clients’ financial records; an employee with ill intentions can cause irreparable damage, both financially and reputationally. Consequently, meticulously vetting every employee emerges as an essential requirement rather than a mere precaution. As a result, making sure that each employee has undergone a thorough background check is not only wise but also required.

Benefits of Using Digital Background Checks in Financial Institutions

Speed and Efficiency

Digital BGV greatly expedites the process of conducting background checks, significantly reducing the time frame from weeks to mere days, if not hours. This speed is vital in the dynamic realm of finance, where time is unquestionably precious.

Accuracy and Reliability

Digital systems possess the ability to extensively verify the data, and efficiently cross-reference information. This reduces the risk of errors and guarantees that no important information is overlooked.

Comprehensive Analysis

One of the other advantages of digital background verification is that different types of checks help the employer verify various aspects of the candidates and or employees.

Compliance

One of the biggest concerns for financial institutions is regulatory compliance. By ensuring that all background checks are carried out in line with the most recent regulations, digital BGV lowers the possibility of non-compliance violations.

The Role of Digiverifier

A trusted digital verification solution is one that is engineered to perform digital BGV in the most advanced ways. Digiverifier is one such state-of-the-art solution that can help to streamline the verification process in multiple ways.

Unmatched Accuracy and Reliability

Digiverifier’s performance is matchless when it comes to accuracy and reliability. It verifies data against tamper-proof databases, in fact, it is a Government of India licensed service provider leveraging upon the Digital India Ecosystem. Accuracy is critical when it comes to financial institutions! The verification is an investment only when the report can genuinely identify miscreants, and based on which employers can make a decision.

Fast TAT

One of the primary reasons to switch to digital BGV is fast turnaround time. Traditional background verification can take months to wrap up and employers can easily lose good candidates to their peers. The shorter time helps employers not only choose but also welcome onboard ideal candidates. Collaborating with Digiverifier can help you get the findings in 24 hours!

Comprehensive Verifications

Digiverifier delivers a robust and comprehensive digital employment verification solution that addresses multiple stages and facets of the hiring process, enabling financial institutions to efficiently identify fraudulent candidates and mitigate potential risks through advanced technology.

Digital Employment Verification

The Digiverifier helps employers by verifying candidates’ employment histories, and other aspects comprehensively through tamper-proof data sources such as ITR and EPFO, categorising them as either Green or Red based on the results.

Verification Stages

Screening Stage: Helps identify genuine candidates in large pools, ensuring only qualified individuals proceed.

Pre-Offer Stage: Verifies salary claims and employment details to facilitate accurate salary negotiations.

Pre-Onboarding Stage: Detects moonlighting and multiple employments, protecting employers from bad hires.

Post-Onboarding Stage: Monitors ongoing employment for dual employment or other conflicts.

7 Types of Verifications Performed by Digiverifier

UAN Check: Verify employment details to detect dual employment.

Address Check: Verifies candidate addresses using GPS coordinates and physical visits.

Education Verification: Confirms educational qualifications from verified sources.

Identity Check: Verifies identity through PAN and Aadhar checks.

Criminal History Check: Verifies criminal records against e-court databases, and other databases.

Reference Checks: Validates professional conduct, and integrity through references.

Drug Abuse Check: Identifies drug use through partnerships with screening labs.

Compliance to Regulations

Digiverifier complies with legal and ethical requirements, ensuring that your background checks are conducted lawfully. Generally, financial institutions operate internationally, making it essential for the organisations.

Conclusion

Since financial institutions act as the fuel for the economy, it is vital for employers to hire cautiously. It is no secret that resumes and interviews can only reveal half-truths to employers, hence digital BGV cannot be considered a second option. Hopefully, after reading this blog you have got an idea why for financial institutions, employee background verification matters. If you are interested to know more about Digiverifier, get in touch with the team.