Investing In Their Hiring Process with Mitratech’s Background Screening Solution
Plains Commerce Bank is more than just a financial institution. As a neighbor, partner, and supporter, they are dedicated to building a stronger community, from friendly greetings to local investments.
This type of culture takes significant investment and begins with who you hire. Plains Commerce Bank knew they needed a partner who shared these same values.
Enter Mitratech: a background screening provider that transformed our hiring process while respecting their commitment to personalized, community-driven service.
Explore their story to see how they:
- Integrated Mitratech seamlessly into Paycor
- Saved over $20,000
- Sped up their turnaround times by over 70%
The Cost of an Inefficient Screening Process
Hiring the right talent in general is important, but in the financial services industry, it’s imperative. Without it, you open your organization, clients, and assets up to risk. However, despite its importance, background screening can be a significant roadblock and source of inefficiencies due to:
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- Drowning in Data Entry: HR teams are bogged down by tedious manual data entry into screening provider systems, diverting precious time from strategic initiatives.
- A Time-Consuming Bottleneck: The time-intensive process of manually inputting candidate data hinders efficiency and slows down the entire hiring process.
- Delayed Hires, Delayed Growth: Lengthy background check turnaround times, often exceeding a week, impede the onboarding process and hinder business growth.
- Frustrated Clients, Understaffed Teams: Extended background check delays not only frustrate clients but also leave HR teams understaffed, compromising customer service.
- A Lack of Transparency: Without real-time updates, HR teams struggle to provide accurate timelines to hiring managers and candidates, leading to frustration and uncertainty.
- Navigating the Fog of Background Checks: The absence of real-time visibility into background check status makes it difficult to track progress and plan accordingly.
Why Screening is Critical for Financial Institutions
For financial institutions like Plains Commerce Bank, trust and compliance are at the core of everything they do. Conducting thorough background checks is an essential step in protecting clients, their reputation, and their assets.
Here’s why a robust screening process is so vital:
- Mitigating Risk: Financial institutions handle sensitive personal and financial information. Background checks ensure you’re hiring trustworthy individuals who meet the highest standards of integrity and compliance.
- Maintaining Regulatory Compliance: The financial industry is highly regulated, and failing to conduct proper background checks can result in severe penalties. A comprehensive screening process helps you stay compliant with federal and state regulations, safeguarding your operations.
- Preserving Client Trust: Clients choose Plains Commerce Bank because they know and personally trust them with their finances. By thoroughly vetting their employees, they uphold the high level of trust the community expects and deserves.
Best Practices for Screening in Financial Institutions
Background screening, especially for financial institutions. Here are some strategies we’ve seen work well:
Integrating eliminates or significantly reduces manual data entry, saving time and reducing the risk of human error. Automation is key to streamlining the process and maintaining data integrity.
Find a screening provider that maintains true transparency with their turnaround times and keeps you fully in the loop. This allows us to keep hiring managers and candidates informed, improving the overall experience for all involved.
While speed is important, accuracy and thoroughness are non-negotiable. What we’ve found is that Mitratech’s process reduces our turnaround time—in this example, by 70%—without sacrificing the quality of the checks.
Unleash HR Efficiency with Mitratech’s Human Resource Compliance Solutions
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