Fintech Success: Level Up your Hiring and Screening Strategy

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Fintech innovation is driven by developers, data scientists, product managers and other tech talent working behind the scenes to create the future of banking and financial services. A major challenge in the fintech industry is that companies must compete with native technology organizations, not to mention more traditional banking and financial services firms, for a limited pool of qualified talent. A prime example of that struggle to find talent comes from Financial Services corporation Capital One who had more technology job postings than IT companies did in June 2022, even more than the likes of Amazon. These new job postings were in addition to the 3,000 software engineers that the company had already hired the previous year.

According to a recent global fintech talent report, the most sought after professions within the sector are product development and management roles, closely followed by specialist and technical roles such as software engineers. It is also worth noting that high demand, coupled with the low supply, of technology talent has limited the average tenure of developers within fintech companies - which now ranges from just 18 months to two years, with senior talent averaging around three years.

In a talent-starved market with more jobs than available professionals, companies must creatively leverage all available avenues to ensure their talent requirements are met on time. The on-going issue has spurred the development of several initiatives designed to attract talent. One example is the Fintech Career Accelerator Scheme ("FCAS") launched by the Hong Kong Monetary Authority (HKMA) as a talent development program. But the staffing challenges in fintech are not only about sourcing and hiring the right talent but also ensuring fast onboarding. This is critical as the best candidates are often off the market in 10 days. As finance is a regulated industry, employers must balance speed to hire with ensuring the quality and credentials of their candidates. This means a reliable employment screening and background check process is essential.

In this report, we discuss:

- How is Fintech recruitment evolving?

- Why is background screening essential within Fintech?

- What are the key checks for fintech?

- How can Veremark help FinTech organizations?

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FAQs

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.