The Future of Background Verification In 2024

Background verification (BGV) has undergone a significant transformation in today's world. Rapid technological advancements and a shift in global work habits are creating new challenges to traditional methods. This blog explores the dynamic environment of background verification, analyses how technology pushes the emergence of new identity fraud schemes, how verification adapts to a range of consumer requirements, negotiates complex regulations, and adopts industry-specific trends. We'll also delve into data-driven forecasts and insights that give organizations the know-how to confidently traverse the BGV future.?

The world is evolving significantly with the advent of technology, and background verification (BGV) is no different. Although digital solutions and automation have contributed to making the process more efficient, they have additionally created a new class of identity fraudsters who are motivated by malice and equipped with sophisticated technology. Deepfakes, a term commonly used in the tech sector, serves as a sobering reminder that comprehending and countering these new risks is essential to the future of BGV.?

How technology is influencing background verification?

In 2024, we expect significant changes to background checks, an essential part of business operations. Businesses need to be aware of the latest developments in background screening with the goal of reaching educated and legally compliant choices. Let's examine a few major developments influencing background screening in the industry this year.?

1. Increased Emphasis on Diversity, Equity, and Inclusion (DEI) in Background Screening?

Amid a time characterized by the utmost importance placed on diversity, equity, and inclusion, background screening is evolving to specifically tackle these issues. Businesses are increasingly acknowledging the importance of equitable and impartial processes, including conducting background checks.?

In 2024, there will be an increased focus on ensuring that background screening methods do not perpetuate biases. Company executives and recruiters are striving to achieve a harmonious equilibrium between conducting comprehensive assessments and refraining from engaging in discriminatory activities. This entails reevaluating the relevance of certain background checks to ensure they are in line with critical prerequisites.?

In addition, organizations are implementing strategies to mitigate the effects of historical prejudices on marginalized communities. In 2022, 45% of learning and development professionals intended to introduce DEI (Diversity, Equity, and Inclusion) courses, compared to 34% in 2021.?

1. Ethical Facets: Privacy and Security?

Ethical considerations are paramount in background verification in today's data-driven society, especially when striking a balance between safety concerns and personal privacy. Obtaining express and informed consent from the person undergoing verification is imperative. This gives them the ability to understand the extent of the verification, the information gathered, and the intended application. Being open and honest fosters trust and enables people to resolve possible conflicts early on.?

• Data privacy: Striking a balance between the necessity for verification and people's rights to data security and privacy.?
• Fairness and transparency: Explaining the verification procedure and making sure it is applied uniformly.?
• Algorithmic bias: Making sure that technologically driven solutions are impartial and do not support discriminating behaviors.?

But permission on its own is insufficient. Ethical data processing and preservation are equally important. We should only collect the necessary information for verification. To prevent unwanted access to or exploitation of sensitive data, we must put safe storage procedures in place that make use of encryption and access controls. Respecting pertinent data privacy laws also guarantees compliance and safeguards individual rights.?

Data protection laws, specifically the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011 (SPDI Rules), govern background checks in India. The Digital Personal Data Protection Bill, 2023, is currently under consideration by the Legislature.?

1. BGV for Different Working Classes?

Blue-collar, white-collar, and gig workers comprising the post-pandemic workforce have experienced a seismic shift like the world of BGV. This shift necessitates a more sophisticated method of background verification than the previous one-size-fits-all approach. Businesses can optimize productivity, accuracy, and risk mitigation by customizing their verification techniques based on an awareness of the evolving requirements of each workforce segment.?

The gig economy has experienced an unprecedented transition, rising from a platform market of USD 5.1 billion in 2022 to a projected USD 18.3 billion by 2031. This increase?is projected to take shape at an average annual growth rate (CAGR) of 15.1% between 2023 and 2031.?

How is MIMO mitigating the risks of background screening in the era of digital technology??

1. Utilizing predictive analytics for intelligent decisions?

Using past survey samples, predictive analytics can make predictions about future trends. This translates to:?

• Projecting the possibility of a survey's success based on past performance and traits in candidate screening or data collection.?
• Organizations can increase the likelihood of reaching project objectives by using predictive analytics to make data-driven decisions and deliver accurate information.?

Predictive analytics considers a survey's entire professional trajectory rather than just the information that is publicly known. Using past data, it finds patterns, trends, and success indicators to provide a probability-based estimate of a survey's performance or capacity to meet the goals set by the company. There are significant consequences:?

• Predictive analytics empowers organizations to make data-driven decisions, greatly improving their ability to identify surveys that have a better chance of succeeding.?
• This provides a more strategic deployment of resources towards projects connected with the organization’s aims and streamlines the background verification process.?

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1. Promoting Inclusion with Gig Workers?

Gig workers—also referred to as independent contractors or freelancers—are people who work on a project-based or temporary basis for several clients as opposed to having a regular full-time job with one organization. Usually, direct contracts, online platforms, or referrals are how they acquire work.?

Platforms like MIMO, fueled by the smartphone revolution and changing work preferences, have attracted more than 28,500 gig workers or field distribution officers across the country and helped to serve more than 2.1 million customers, covering 18 states and 3 Union territories.?

Benefits of Gig Work or its Methodology:?

• Gig workers offer a novel approach to the difficulty of reaching out to candidates in rural or semi-urban areas.?
• A trained network provides clients?with the flexibility they need to penetrate rural and semi-urban markets with greater efficiency.?

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1. Digitizing and modernizing background screening procedures?

Undoubtedly, over the past few years, a significant portion of candidate screening procedures have undergone digitalization. This digital revolution is changing how businesses choose background screening vendors and run their operations.?

There are numerous instances when workflow simplification can enhance coordination, cut expenses, and quicken background checks.?

Below are a few of them:?

• Automation of a number of background screening processes, including data collection and report creation.?
• Utilization of data analytics tools to swiftly evaluate enormous volumes of data.?

• Electronic signatures, self-service portals, and online permission forms make it easy and safe for candidates to finish the necessary paperwork.?
• Secure data storage methods, multi-factor authentication, and encryption can all help shield private data from hackers and unauthorized access.?

MIMO's PAN India network of field officers and data experts, coupled with our tech-enabled platform, has ensured successful data collection in the BGV sector across various geographies within specified timelines. We assist our clients in gaining access to their target respondents and collecting the required data in a simple and efficient manner.?

About MIMO:?

'MIMO Technologies' is a leading FinTech and Digital Financial Services organization that operates in multiple industry segments and offers you services equipped with technological solutions that can enable your company to rapidly expand your business.??

MIMO provides all-inclusive services in the following domains: merchant onboarding, survey and data collection, data digitization, background verification and screening, logistics, last-mile delivery, hyperlocal delivery, transshipment, cash collection, document collection (NACH), loan application and documentation, check and business document pickups, credit card application and documentation, etc.?

MIMO Technologies helps organizations accelerate their background verification and screening, data collection, and digital engagement journeys. Our unmatched and exhaustive services address the fundamental needs of all businesses under one roof.