How AI and Automation are Transforming Finance Recruitment Agencies

AI and automation are being widely used for hiring in the BFSI sector. Finance recruitment agencies play a big role, reducing 100-250 man hours a month, enabling huge savings and better hiring outcomes.

Is your company ready for intelligent automation in talent acquisition management? Find out about the incredible benefits of using AI and automation in financial services recruitment.

How Finance Recruitment Agencies Leverage AI in Hiring

Right at the outset, let us make it clear that AI-enabled automated talent mapping and recruiting software does not replace recruiters. They do not replace banking recruitment consultants or financial recruiters but make their job tremendously fast, productive, and profitable.

Here is how that happens.

AI and Automation in Job Descriptions

AI-enabled tools auto-generate job descriptions based on inputs regarding job requirements, whether you are hiring Personal Bankers, Loan Analysts, or Investment Banking Analysts.

AI-enabled bots are machine-learning-trained to identify and avoid any kind of bias (gender, race, etc.). The software can identify the best keywords that attract qualified people and great responses. Superior products can also make the right linguistic choices and suggest options to generate job descriptions that bring great results.

AI and Automation in Job Posting

Posting jobs can become 5X faster through AI-enabled systems. Banking recruitment agencies have the best platforms that enable recruiters to post jobs automatically and auto-generate reports about candidate behavior. The format to hire Fund Advisors for federal clients differs from that of hiring Mortgage Loan Processors for real estate clients. Formats are chosen as per domain, leading to the creation of great applicant pools.

AI and Automation in Talent Mapping

The use of searching tools supported by AI and automation can capture data from a large number of profiles based on specific titles and keywords. They will capture key data from selected profiles and create datasets for a particular job role. Within 30 minutes, you have several datasets ready for a given role.

You can customize the tools to go through applicant data fetched from career pages and recommend positions based on soft skills, hard skills, and experience.

AI and Automation in Search and Outreach

Finance recruitment agencies use the best AI-supported tools to track applicant behavior. Their recruiters customize the tools based on their insights and help generate higher outcomes from search and outreach.

The use of AI-based tools can personalize messages sent to active applicants and passive candidates. The tools help finance recruiters reach the right candidates quickly and effectively.

AI and Automation in Resume Screening

A huge part of the talent acquisition process is resume screening. Reviewing, recording data, analyzing, and comparing with given job descriptions takes time. When you have a campaign or an expansion drive in personal banking, loans division, credit card division, or insurance activities, you might be looking to fill 50-100 temp roles.

Using intelligent automation, banks, and financial services companies can save 100+ man hours spent in resume screening.

AI and Automation in Applicant and Candidate Engagement

You loose good candidates when their queries are not answered correctly or on time. AI-powered chatbots are a great way to answer the queries of job seekers from across geographies.

For instance, you are planning to hire Fraud Investigators for 20 branches. There might be 2-5 positions vacant in each branch, creating 50-100 vacancies. If you also plan to hire Customer Success Manager and expand Personal Banker staff across branches, you will be dealing with 150-200 vacancies in a month.

Banking recruitment agencies have chatbots working 24/7 to deal with any number of queries. The bots can offer applicants useful video or infographic resources based on their queries and help them smoothly manage application processes. Natural language chatbots go three steps ahead and create an admirable applicant response system.

AI and Automation in Video Interviewing

Finance recruitment agencies use automated technologies to schedule interviews fetching data from the recruiter’s calendar and candidate’s time slots. Advanced video-interview software is also used for keeping records of pre-recorded interviews. The AI in the software interprets facial expressions, speech-based sentiment analysis, and text analytics to offer insights into candidate behavior and soft skills.

Imagine the benefits of the software if you are planning to fill 1000+ vacancies in a year.

AI and Automation in Assessment

Whether you plan to hire Private Equity Analysts, Investor Relations associates, Compliance Officers, or any role in the financial service sector, assessments cannot be ruled out.

Scheduling assessments for thousands of applicants for different job roles takes weeks (long ones). With the help of AI-based scheduling software, assessments can be shared with hundreds of people with the click of a few buttons.

Many finance recruitment agencies benefit from using AI-supported assessments with gamification and analytics tools to evaluate skill sets, culture fit, and other attributes. Reports of each assessment are auto-generated, helping recruiters to quickly filter, sort, and analyze candidates’ suitability for a position.

Top Benefits of AI in Hiring – Reports From Best Finance Recruitment Agencies

Here are some most reported benefits of using intelligent automation (AI-supported automation) in HR, especially for talent acquisition and recruitment.

Talent Acquisition Benefits

• 75% Decrease in Screening Time and Cost in Man Hours
• 30%-40% Improvement in Talent Retention
• 40%-50% Reduction in HR Costs
• 40%-60% Better Culture-Fit and Functional-Fit Employee Selection

Business Performance Benefits

• Higher Revenue Per Employee Metrics
• Huge Improvements in Division-Wise Performance
• 10%-30% Increase in Profits

Market Benefits

• Superior Employer Branding and Value in Job Markets
• Ability to Find Better Talent For Any Expansion Initiative
• Reduction in Employment Disputes

The benefits are huge. Moving to an important question: Should you invest in-house or bring AI in hiring through a financial services recruitment agency partner?

AI and Automation in Finance Recruitment – Should You Invest In-House?

There are huge investments involved. It could be highly expensive when you upgrade your organization-wide manpower search and hiring processes.

Building your own technologies or buying and customizing the entire recruitment tech infrastructure requires months of brainstorming. Once you choose the right suite of tech tools, you have to spend time finding out if you should find a host company and pay in subscriptions or buy, customize, and implement on-premises.

Making the wrong choices is easy and natural, but the consequences are huge. Many financial services companies have spent half a million dollars in initial investment, customization, change management, upgrades, and subsequent investment in getting the upskilled talent to manage the entire infrastructure.

Why Choose Finance Recruitment Agencies For AI in Hiring?

Reduce Tech Investments by 60%

The agency has its own virtual recruitment infrastructure, which is powered by machine learning, automation, AI, and analytics. The entire search and recruitment processes can be easily handled by the agency using their own systems and apps.

Expert Tech-Savvy Recruiter Services At Small Fee

When you invest in hiring in-house resources, either you find tech geeks without good talent management knowledge, or you find professionals with hiring expertise but mediocre tech skills. If your current HR is not all that tech-savvy, you will be building an entirely new talent acquisition team and paying huge amounts to retain the talent. Great hiring outcomes might still be elusive.

Finance recruitment agencies have industry expert recruiters who innovatively use the latest AI-enabled manpower search and hiring tools. By partnering with a finance recruitment agency, you get superior hiring outcomes.

5X-10X Benefits Without Risks, Hassles, Huge Costs

Partnering with financial services recruitment agencies for recruitment process outsourcing (RPO) translates to your company getting only the benefits of cutting-edge recruitment practices.

You manage large volume hiring needs in one-tenth of the time you previously did. You leverage data-driven candidate selection methods that eliminate bias and hiring mistakes. You build a stronger, richer, diverse, efficient workforce to run your financial services business lines across geographies.

Huge Time Savings

Your retail banking arm, wealth management arm, insurance arm, credit card, and loan processing arm, and all other divisions have hundreds of vacancies to be filled in a year.

Having a large team of HR resources working 8-9 hours a day to only screen and assess people often translates to 1200-3600 man hours a year. It can be reduced to 100-200 hours when you partner with financial services recruitment agencies with expertise in smart recruitment using AI and automation. Your in-house resources only have to go through reports per position and select the best candidates from carefully shortlisted profiles.

Data-Driven, Bias-Free, Efficient Hiring Outcomes

With the help of high-tech recruitment tools supported by intelligent automation and robotic process automation, finance and banking recruitment agencies can automate time-consuming tasks, optimize recruitment processes and workflow, and remove all bias from the hiring process.

When people screen applicants, some element of bias always enters. It would be based on the individual’s personal experiences and background. Unconscious biases are hard to identify and remove. But AI-based tools not only remove bias but excel at flagging any kind of unconscious bias in job descriptions, postings, screening, and candidate selection.

The entire process is data-driven and becomes insight-driven when supported by people analytics and AI. Your company gets only the best-fit candidates through a fast-track process that does not miss any best-match candidate identification parameter.

The list of benefits and advantages can go on. There are so many processes that are optimized through automation, AI, and analytics.

Going Forward

Jobs and careers in banking are set to grow in huge volumes. For many positions, such as associates and assistant managers, over 5000-10,000 applicants can be found for 30-50 positions. The newer roles in banking IT and business intelligence are getting beyond the capacities of current talent acquisition experts who find it difficult to map talent with openings. All these factors are going to increase the need for AI, automation, and analytics in manpower search and recruitment processes.

Moving ahead, current technologies will have add-on features supporting virtual reality and augmented reality (AR) to accelerate screening, interviewing, and selection.

Alliance International

Alliance International is among the best financial services recruitment agencies offering talent acquisition services to the BFSI sector.

Since 2010, we have served hundreds of organizations in the sector, including banks, insurance companies, investment banking companies, mutual funds, private equity firms, fintech firms, and many FinServices businesses. We source talent from 30+ countries for your global banking and financial services arms.

FAQs

Q 1. What is BFSI recruitment? How do you use AI in recruitment?

Ans. Recruitment for Banking, Financial Services And Insurance (BFSI) sector is a specialized segment in the recruitment industry. A recruitment agency serving the BFSI sector has recruiters with vast talent pools of financial services manpower to fill positions in banks, insurance companies, investment banking companies, mutual funds, fintech firms, credit card companies, and loan financing firms.

BFSI recruiters use automation to improve large-volume talent data mining and selecting applicants who fit the best-match candidate criteria. It reduces the cost of search, screening, and selection by 70% or more and removes bias from the process.

Q 2. How do I find BFSI recruiters using AI-based hiring?

Ans. Connect with Alliance International to find the best BFSI recruiters in the USA, Canada, the UK, the UAE, and India among 30+ countries. We have superior technology tools supported by AI to fast-track the detection and shortlisting of candidates who match functional fit and culture fit attributes and skills.

Q 3. How do financial services recruiters use AI?

Ans. Financial services recruiters use AI to speed up job description creation, job posting, resume screening, and interview analysis. AI is also used in data-mining huge talent pools and narrowing down on best-fit candidates.

Q 4. How can you automate banking recruitment?

Ans. It is not possible to automate the entire recruitment chain. Automation is used to manage large-volume rule-based tasks, such as searching for professionals with specific academic qualifications, certifications, skills, or designations from 1000000+ profiles on professional networks or talent pools. It can be used to schedule 1000+ interviews within an hour.

Q 5. How to find tech-savvy financial services recruiters and headhunters?

Ans. Alliance International has the best tech-savvy financial services recruiters and headhunters covering 20+ cities in India and 30+ countries, including the USA, Canada, the UK, the UAE, KSA, Qatar, Kuwait, Oman, Bahrain, Singapore, the Philippines, Malaysia, and Australia).

We get you the best banking and financial services talent from within the country or overseas locations through a 100% compliant, smooth, and fast process.