Structured background checks have become an important part of contemporary businesses. Before firms hire candidates, before banks open accounts to new customers, before investors give out money to people, and before people co-share resources through “sharing economy” arrangements- in all these cases- background verification is a “must do”. For many years now, the process of conducting background verification has stayed identical. Technology, automation and latest developments in Artificial intelligence (AI) today are transforming the background verification domain – making it quick, accurate and efficient.
Also read: Innovating Service Delivery in Background Verification
Let’s have a look at how AI is transforming the background verification industry-
1. Enhanced Performance with Wider Research AI & Machine Learning are enabling better performance of background checks through deeper analysis, more accurate delivery and higher efficiency than could be done previously. This is because AI enables coverage of more data sources across the web by introducing the capability to analyse and match comparatively larger volumes of data points than ever before! This makes the analysis more comprehensive and meaningful. The availability of massive data points with increased digitization of identity records, criminal records and other records called for intelligent algorithms to seep through the ocean of data, select relevant data, perform quick analysis and deliver meaningful insights! With AI, this process becomes a matter of minutes!
2. Greater understanding of risks/threats AI and machine learning algorithms can recover and screen companies and organizations with which a person is directly or indirectly connected – thereby allowing employers to develop a better understanding of any potential tiffs/ war of interest or dismissive behavioural changes. In fact, AI can also conduct different regulatory and legal analysis on the job candidates- a process which was previously difficult to do.
Related vulnerabilities, which were earlier often considered a liability for traditional Background Screening methodologies, are now monitored and addressed by modern background screeners.
3. Focusing on the Relevant data points Massive sea of data points can only be useful if relevant information can be identified and analyzed. AI helps the background screeners to produce exhaustive reports and retrieve critical insights and actionable data points like they do in a wild goose chase than being stacked with unnecessary piles of data! Intelligent use of AI also helps to avoid redundancy and deliver relevant insights by identification of connections and patterns between different data elements – something that was not even remotely possible!
4. Enhanced Speed of Delivery AI accelerates the background screening process with intelligent processing of data to deliver results in a matter of minutes! Technology and automation of search and analysis processes condense the report delivery time. Furthermore, because AI can pick up pieces to draw conclusions, it helps in summarizing reports with greater efficiency and timeliness to close summaries faster.
5. Improved Relevance of Analysis One of the drawbacks of traditional background checks is that a certain report loses its relevance the next data due to the potentially obsolete data. AI introduces the ability to continuously pick, scan and analyze a vast corpus of data to ensure that red flags are highlighted well in time. Moreover, AI can also present futuristic predictions which can be of great help in many cases!
6. Gritty risk analysis and scores Artificial Intelligence & Machine learning can give out easy risk scores compared to manual ways of operation. It can evaluate risk factors in various areas for making effective hiring decisions through predictive algorithms. Results are based on extensive evaluation of historical data sourced from plethora of sources across the web and an invidual’s digital footprints. In all, background verification companies in India are rapidly picking up on the fortune called ‘Artificial Intelligence’ to deliver background checks of tomorrow!