What does BGV (Background Verification) mean and why is it required

Hire the Right Candidate with Professional Background Verification Services

India is a land of talent. In recent years, the nation’s economic progress has been propelled by the availability of quality labour. As the nation records growth across multiple sectors, employees have become the backbone of brands, firms, and companies.

While the easy availability of labour is a significant reason for this boom, not everything is in the right direction. Multiple government and private firms have reported incidents wherein they had to suffer substantial losses due to employee misbehaviour. To avoid such instances, there has been a rapid mushrooming of background verification companies whose primary job is to verify the details shared by the employee at the time of joining.

It is through background verification that organisations are able to identify fake credentials and nip the problems of employee fraud in the bud. In this article, we will discuss all that you need to know about employee background verification.


Basic Criteria of Background Verification Companies in India

Organisations outsource their education verification services to specialised agencies committed to building a workforce with a genuine skill set. Here are the basic checks that you can carry out.

  • Identity Check

In India, the general protocol dictates that background verification should begin with cross-checking the national ID details. Verifying if the PAN and Aadhar details are genuine is the first step of background verification. Post that, you can outsource to a background verification company to authenticate the details mentioned in a candidate’s driving licence, voter ID, Ration card or passport. Jobs across sectors subject new joiners through this type of background verification.

  • Academic and Employment Verification

For most private-sector jobs, the remuneration is dependent on one’s educational and academic experience. The demand to supply mismatch coupled with the greed of a higher pay often leads candidates to exaggerate. Suppose your business is from the BPO, ITES, engineering, accounting, and medicine sectors. In that case, it becomes imperative for you to verify a candidate’s career details before giving them a job. That way, you can be sure that you are not paying a candidate more than their due.

  • Litigation

As an employer, you need to realise that your hire will be your representative in their social circle. Surely, you will not want someone with a criminal history to be a representative of your brand. In the recent past,  . To avoid letting such incidents tarnish the brand image, we recommend that you do a check on whether there were any past litigation charges against your shortlisted candidates.

  • Drug Screening

Background verification companies in India know substance abuse is a severe cause of worry among millennial employees.  y reveals that 7 out of 10 job applicants in their 20s tested positive for drugs. As an employee, you will not want to hire a candidate who indulges in substance abuse since that would conflict with your corporate values as well as their productivity at work.

  • Global Regulatory Compliance Adherence

International employers often look at the global regulatory compliance check to ensure that the candidates they hire are not involved in any serious crimes. It is a good practice to invest in this to ensure you are not hiring someone with a criminal history in some other country.

Use Video KYC Solution to Deal with these Common Challenges for KYC

Use Video KYC Solution to Deal with these Common Challenges for KYC

Remember when you had to go to an office or bank to submit documents, get a reference from someone, go through the tedious process of filling out lengthy application forms and had to submit copies upon copies of ID proofs to get any official work done?

Fortunately, we have Video KYC solution now. The Know Your Customer or KYC is a crucial part of onboarding customers in financial institutions, logistics, gaming, etc. RBI has mandated that all organisations perform KYC to verify the identity of the customer.

While this sounds like a simple enough guideline, the traditional KYC verification process is bogged down by lengthy duration, unnecessary paperwork, etc. Video KYC solution is an innovative approach that solves most of the common problems associated with KYC services.

 

Benefits of Video KYC.

Geographical Constraints

Traditionally customers had to submit the KYC documents and application form in person. Visiting the bank or the organisation’s office limited the customer’s ability to open an account and the business’s ability to gain more customers.

A customer would only consider those organisations that had an office in the exact geographic location as them. Businesses were forced to open more branches to reach out to more customers.

With Digital KYC, this is no longer a concern. Since the Video KYC solution takes place entirely online, the customers can open a new account without leaving their homes.

Customers can also consider those institutions that do not have an office in their city or their state. Video KYC verification uses geo-tagging to ensure that the customer is at the address mentioned.

Long-Drawn Out Onboarding Process

Earlier, once a customer submitted all the documents, a person at the organisation had to verify all the documents and details. Some businesses even require that the customer speaks to an employee to complete the process.

The customer then had to wait till an appropriate employee became available. It took time and tested everyone’s patience.

With Video KYC verification, not only does the whole process take place online, but it is also fast. Since most of the document verification is automated, it barely takes a few minutes. Even the live call with the agent does not take more than a few minutes.

High Cost

When customers had to perform KYC verification in person, the business had to allot a few employees purely for this endeavour. The company would also have to open branches in various locations to gain more customers. Both of these added to costs and reduced the profits.

With Digital KYC, the business does not need to have multiple branches. It only needs a few branches to host the employees. The cost reduction can immensely benefit the business’s baseline. By using third-party Video KYC solution providers like AuthBridge, the company ends up saving a good amount.

Endless Documentation

Earlier customers needed to submit photocopies of their KYC documents such as PAN card and Aadhaar card along with valid address proofs and a filled-out application form.

With a Video KYC solution, the entire process takes place online. The system uses an OCR to read and verify your PAN card details. The Aadhaar verification can be done using an OTP.

This is followed by a video call from an agent to conduct a liveliness check to verify if the customer is genuine. They will even ask for details such as security questions that you need to answer.

Customer Dropout

One of the most significant drawbacks of the traditional KYC verification process was that it frustrated the customers, and they dropped out of the process midway. Only those who had no other option and needed the business’s services went through the whole process.

With a Video KYC solution, businesses reduce the risk of losing a customer purely because the onboarding process is simpler. The reduced customer dropout will immensely benefit the revenue of the company.

 

How AuthBridge’s Video KYC Solution Works?

We at AuthBridge have come up with an innovative solution that leverages the power of technology to simplify the KYC verification process. The Video KYC solution from AuthBridge uses geo-tagging, OCR, and liveness detection to make the customer onboarding process fast, simple and stress-free for customers and businesses.

No more KYC challenges like long waiting period, unnecessary expenses on branches, wasting employee’s time and losing customers. AuthBridge provides the best Video KYC verification services to concentrate on the core area instead of wasting resources on the onboarding process.

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