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

‍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.

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

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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.

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

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Let’s talk about that. 

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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.

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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!

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

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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. 

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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. 

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

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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:

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• 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

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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.  

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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. 

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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.

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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. 

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Compliance is usually one of the biggest areas for improvement. 

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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. 

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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. 

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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.

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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.  

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That’s where digital compliance badges can be transformative.

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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.

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It’s better for everyone:

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• 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.  

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• 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. 

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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. 

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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. 

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

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