In recent years, we have borne witness to banks joining the ranks of advanced technology users, allowing them to offer their clients online banking, virtual branches and innovative financial services. These technological developments inherently involve local and global regulations, which are both new and more stringent. These regulations require banking and financial systems to adopt new, cross-organizational work processes, both in-house as well as vis-à-vis other parties, with whom the banks maintain business ties.
The business environment of stakeholders at the bank, as well as the assets to which the employees are exposed, are among the most sensitive in the business employment world. These may include: cash assets, banking and commercial information, and customer information. In order to fulfill the strict regulations and the unbending sanctions of the authorities, and in order to avoid the legal exposure for the upper management and members of the directorate, banks must employ strict personnel screening methods; perhaps even more so than other employment sectors are required to do.
The same approach is relevant for the many external organizations who work with financial institutions. For example, service providers and outsourcing companies (e.g., temporary staff, call center agents, security personnel, cleaners, IT, and more) are subject to the same security regulations, even if they are not employed directly by the bank. This makes sense, as de facto, they often sit inside the bank facilities, and/or have access to the bank’s most sensitive assets.
Along with the technological changes and commercial diversification, the perceived candidate experience and the talents required by bankers to support and lead these changes are also being updated. The adoption of modern recruitment and selection strategies that are adapted to younger, more dynamic crowds, for example, directly affects the level of attractiveness of banks as potential employers.
The technological changes, and the regulations that accompany them, have created a new reality for human resource departments. For example, with respect to security and controls of organizational databases, protecting and saving personal details, work legislation, and more. For years now, banks have been aware of this and are actively adopting new selection and assessment processes as they affect pre-screening job applicants, periodical inspections, and the assessment of external personnel.
These tailored norms are based on a range of independent validity studies by banks, as well as feedback collected from clients over the years.
As part of its services, Midot’s exam maker allows you to easily configure specific organizational norms. These changes can optimize scoring calibrations to best fit your needs.
Midot invests vast efforts and resources in adapting to new industry standards. Midot has been ISO27001 certified to handle data security since 2008, and currently fulfills all GDPR requirements.
Midot’s PODIUM selection platform has already helped many of our clients to adapt their selection processes to the current cultural and technological realities. The platform allows a transition to remote selection processes – computerized, secure, brief, fair and a rich candidate experience.
Selection exams include a chapter on extensive data-security, in order to identify tendencies or familiarity with elements of cyber-crime. The questions clarify the level of the candidate’s familiarity with the area and make it possible to identify a excess information.
Midot’s PODIUM selection platform, also includes a multilevel account system. The system was developed by Midot with the aim of supporting hundreds of external outsourcing companies who provide temporary or full-time personnel services to financial institutions.
