The Advantages of Background Screening Services in Finance

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Background screenings are becoming a routine process for almost every company — it’s important to know who you’re hiring in case any red flags emerge, and they’re arguably a non-negotiable in the financial industry because of the access employees have to sensitive data such as bank accounts, cash, and credit card information. In addition, one of the first rules we learn about money is, don’t trust your money to just anyone! 

With this in mind, when would your financial business trust a stranger to your clients’ accounts and sensitive information? This is exactly why thorough background screenings are integral to the financial industry. 

At NationSearch, we provide customized background screening packages for those in the financial sector! Take a moment with us today and learn more about the advantages of background screenings in your industry!

Hiring the wrong person in financial services is costly — imagine you hire an account manager who doesn’t have a financial degree or a bank teller that has a history of fraud or theft. People can be very charming and pragmatic and convince you that they are upstanding citizens, but then unbeknownst to you, their actions state otherwise. 

The bank teller may be stealing cash from drawers, or the account manager might steal financial information from their clients and now your company is responsible for all the damage that is done — and you’re left having to replace these people, adding insult to injury.  

Placing financial information into the wrong person’s hands can mean ruin to someone else’s livelihood, and, after all, they’ve entrusted you with this information — you have a responsibility to protect your clients.

Background Checks — It’s the Law

With other businesses, it’s not mandatory to administer background checks for employment, but it is in financial institutions. Because of the sensitive information that is involved, federal law requires that prospective employees be screened to ensure they haven’t been convicted of crimes. 

There is an entire list of crimes that are considered to be dishonest in the eyes of federal law, and it’s up to the employer to decide if the crime falls into one of the categories — a background check is one of the best ways to determine this of a potential hire. 

What needs to be screened in the financial sector?

Comprehensive background checks are crucial and going the extra mile by adding in specific screenings can save you a lot of stress and energy down the road. Below are key screenings to implement.

Identity Verification – This is simple — is the person being considered for the position really who they say they are? An identity verification screening ensures that your potential hire is just this. This background check is also the foundation of all others, because, all of your screenings moving forward, are of this person, so hopefully it’s the right one!

License Verification – Apart from specific qualifications, many careers in finance require licenses. A license verification ensures that the new hire has the credentials needed to perform the duties of the job.

Criminal Background Check – This screening scans both the federal and state criminal databases for any convictions the person may have, which may also require the person to be fingerprinted. This check lets you know of any criminal convictions that would disqualify them from the financial industry or if they pose a safety risk to other employees and clients. 

Credit Check – While this can seem a bit invasive, a credit check is a very common practice for financial institutions. As an employer who deals with money, you want to know that potential employees are financially responsible as an indicator of being responsible with the money of clients or the company. 

Education Verification – Similarly to a license verification, an education check makes sure that the applicant has the education or degree necessary to fulfill the job position. A majority of financial jobs require a college degree as a condition of employment. 

Employment Check – It’s important to establish an employment check because this ensures that what’s on their resume actually lines up, showing that the applicant has the experience needed for the position and if they’re being honest. 

While there are many advantages to a background check in the financial industry, at the end of the day it boils down to keeping everyone in your space — employees and clients alike — safe and protected. Background screenings save you money and can improve employee retention because you’re hiring qualified candidates whose words align with their actions. 

Partner With NationSearch

If you’re operating in the financial sector, NationSearch can provide you with a myriad of different background screening services to narrow down your candidate pool and screen for the top verifications as listed above, from a criminal background search to a credit check! 

For more information on our screening services, reach out today!  


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