Financial Services Sector displays high discrepancy percentage in background screening – 16.9% in Q4-20
Sectors like Banking, BPO, E-commerce & Logistics, Engineering & infra, FMCG, Healthcare, Manufacturing, Pharma, Retail and Telecom, have displayed high discrepancy percentages as compared to the industry average
Highest number of discrepancies among the candidates has been detected in the age bracket of 22 to 40 years
Employment component has witnessed high discrepancy percentages in most of the industrial sectors – especially in traditional sectors like Banking, Financial Services, FMCG, Healthcare, Retail & Telecom to name a few
37 out of every 100 candidates screened in theTelecom sector were discrepant which is in linewith the usual high discrepancy trending of theTelecom sector
Overall discrepancy in 2020 averaged at 8.9 percent versus 9.1 percent in 2019.
Mumbai, 9th March 2021: Cases of discrepancies in the Financial Services industry surprisingly showed a higher discrepancy percentage of 16.9 percent in Q4-2020, way above the industry average of 11.9 percent in the previous quarter, as per the Q4 Trends Report released by First Advantage – a leading background screening company in India.Sectors like Banking, BPO, E-commerce & Logistics, Engineering & infra, FMCG, Healthcare, Manufacturing, Pharma, Retail and Telecom, have displayed higher discrepancy percentages against the industry average of 8.6 percent in Q4-20.
The Employment component depicts that many sectors individually like E-Commerce & Logistics, Engineering & Infra, Healthcare, Hospitality, Insurance, Manufacturing, Pharma and Retail to name few – have shown higher inclination towards alternate modes of verification in these challenging times.
“’Essentials’ have assumed a new meaning today. In the corporate world, Background Verification (BGV) is that ‘essential’ ingredient which has deep roots in business risk, compliance and data security too. With our digital initiatives driven by modern technology and alternate screening solutions we at First Advantage have transformed our processes to adapt with the changing environmental and economic conditions.”said Amit Singh, Head – Commercial, First Advantage India.
The year end quarter has shown some very positive trends and very clear indications of
Organizations– coping, adapting and coming out to a world with Covid-19, fiercely fighting back for survival.Sectors like Consulting, Healthcare, Insurance, IT andManufacturingclearly depicts that the markets have bottomed out. Some of these sectors have shown much higher volumes in the fourth quarter as compared to the first quarter of 2020.
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