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Background Verification in the Banking Industry: Why is it needed and how it’s done
Read why and how background verification is done in the banking industry
December 10, 2021
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Background checks bring up the most crucial details about the individual in question. Depending on the role and company, a background check can include a variety of services. We use professional task associates and agile technology to ensure data authenticity, which includes geotagging, negative monitoring, quality management, and real-time data delivery—a robust mix of services to provide you with a comprehensive rundown of the person’s context.
OUR BACKGROUND VERIFICATION SERVICES
Address Verification
A physical site visit is used to validate an address, which involves collecting the necessary information and sharing a real-time report.
Document Verification
To increase efficiency and reduce time consumption, we digitise the document verification process.
Financial Verification
Verifications of Customers to check their credit worthiness
Background Checks
A detailed analysis of the Customer profile by consulting with neighbours & colleagues
Identity Verification
Verification of your Customer’s identity with verifiable IDs using originals and in-person verification
Employee Verification
Verification of employee’s employment history using multiple channels such as calls, emails and on-site visits
Why choose MIMO for Verification Services?
MIMO is a one-stop shop for all your background verification needs, and we’re just getting started. We place heavy emphasis on numbers because they speak for themselves. After completing over 1 million transactions over the years, we have developed a trustworthy reputation in the industry. Through our tech-enabled solutions and real-time data, we provide cost-effective and reliable background check services.
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FAQ
Most frequent questions and answers
A background check is a process a person or company uses to verify that an individual is who they claim to be, and this provides an opportunity to check and confirm their validity.
A Letter of Authorization or LOA expresses that whatever data you give in the application structure is subject to background screening by the organization or its third-party agents.
In India, the background verification process is carried out either by the company or by third-party agencies, depending on the norms and the type of verification required.
It takes about 2-5 business days on average to get a complete background report on an individual. This involves checking previous employment information, educational credentials, residential address, and criminal records.
There’s a chance you will fail a background check if the data you provided doesn’t match with the data on company records.
Application anomalies, negative statements, and criminal records are all common red flags in background reports.