Banking Sector Shows High Discrepancy Trends in Q2-21

MUMBAI:
The Banking sector showed a high discrepancy percentage at 17 percent, double the industry average of 8.7 percent in Q2-21 as per the Trends Report released by First Advantage – a leading background screening company in India.

Sectors like Banking, BPO, Engineering & Infra, Financial Services, FMCG, Healthcare, Manufacturing, Pharma, and Telecom display discrepancy percentages way above the industry average of 8.7 percent in Q2-21. Both Employment and Address Component (Check level) have contributed to the high discrepancy percentages in these industries.

Alternate modes of verification in the Address component, is a good example of how First Advantage- not only identified but moved swiftly from the standard modes of verification to alternate modes. In Q2-21, 44 out of every 100 Address verifications – were conducted through the alternate modes of verification.

“In the current digital workplace, significance of background verification of a candidate, a vendor or a partner has become crucial to safeguard from any potential risk. As companies compete for the best talent available in the marketplace, it is important to get insights that will help you ‘Onboard Faster. Hire Smarter’.” apprised Amit Singh, Head – Commercial, First Advantage India.

The case level inflow has shown a monumental and historic rise in the second quarter of 2021 – furthermore holding good the theory of recruitment and background screening trends coinciding with the pre-Covid cyclical trends of the job markets. The second quarter of 2021 has shown an increase of 25 percent in volumes as compared to the first quarter.

“With our digital initiatives driven by modern technology and alternate screening solutions, we have transformed our processes to adapt with the changing environmental and economic conditions. Our focus, as always, has been to enhance customer onboarding experiences, reduce delivery cycle timelines and provide improved quality performance”, adds Singh.