Tech-driven Verification and Validation: A Step towards Safer Banking Experiences

Banking CIO Outlook | Friday, July 12, 2019

Mandatory vetting regulations for bank employees promise secure banking services.

FREMONT, CA: Vetting employees and customers thoroughly, protect the bank and employees from fraud and theft; Verification and validation helps the banks rate their employees in terms of trust and reliability. This shall, in turn, safeguard customers against troubles and discrepancies. But, how and why vetting technology can prove so necessary for the industry?

Nowadays, there are strict rules and regulations to check all candidates and re-validate all the employees within the organization. The control ensures a complete background check of the individuals to avoid future issues primarily, legal. For banks, it is essential to maintain a good reputation and clean record from their side. The precise vetting process for the employees helps hire the right people in the correct position. Re-vetting the workforce on a regular period can detect the pattern of future fraud in time and allows the organization to create a safe working environment. Proper control and checks across the industry will enable making fair decisions and building strategies for business growth.

Similarly, validating the banks before building a relationship is equally essential for a customer or a business person. It is wise to check all the background, reputation, and facilities provided by the bank. The background check includes specific facts about the bank and verification of the representative from the bank. A clear idea about checking for the services like easy online access, anti-check fraud services, credit lines to cover cash shortfalls and more let the customer make the right banking choice.

Vetting process by the banks and financial organization can improve the capabilities and accountabilities of a bank, adding good notes to the reputation. The improvement can raise the customer base and bring in more deals with loyalty. Being a customer, investing, and banking with a secure and genuine banking service provider increases the satisfaction level and trust.  

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