BFSI Sector Shows Major Discrepancy Trends in Q4-22

MUMBAI, India and BENGALURU, India, March 14, 2023 /PRNewswire/ --  First Advantage Corporation (NASDAQ: FA), a leading global provider of HR technology solutions for screening, verifications, safety, and compliance, announces the publication of its India Employment Screening Trends Report. The 35-page document is a compilation of anonymized data and analytics from the Company's background screenings performed for its customers in the Indian market in Q4-22.

In Q4-22, industries such as BFSI, Healthcare & Pharma, Telecom, Engineering & Infrastructure showed substantially greater discrepancy percentages than  the overall average of 8.3%.

Other notable findings include:

• Discrepancy percentage in the BFSI sector increased from 9.67% in Q3-22 to 10.30% in Q4-22.
• For Employment Verifications: IT, Retail, FMCG, Engineering & Infrastructure sectors have shown a higher inclination towards alternative modes of verification.
• In Q3-22 sectors like BFSI, Consulting, Engineering & Infrastructure and Education accepting a higher percentage of alternative modes for conducting address verifications.

"Technological advancements have greatly impacted the background verification industry in recent years including the products offered, the way verification processes work and the delivery of the applicant experience. The rise of automation and artificial intelligence has made the background verification process more efficient," says Amit Singh, Head of Commercial at First Advantage said.

Further, he continued, "First Advantage has also embarked on transformation journey including platform, applicant experience, analytics, digital solutions, and end to end integrations."

For a complimentary copy of the 'First Advantage Employment Screening Trends Report: India,' and for other queries please contact:
Deepashri Sunder
deepashri.sunder@fadv.com  

About First Advantage:

First Advantage (NASDAQ: FA) is a leading global provider of HR technology solutions for screening, verifications, safety, and compliance. The Company delivers innovative solutions and insights that help customers manage risk and hire the best talent. Enabled by its proprietary technology, First Advantage's products and solutions help companies protect their brands and provide safer environments for their customers and their most important resources: employees, contractors, contingent workers, tenants, and drivers. Headquartered in Atlanta, Georgia, USA, First Advantage performs screens in over 200 countries and territories on behalf of its more than 33,000 customers. For more information about First Advantage, visit the Company's website at https://fadv.com/.  

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