Recruiting, first and foremost, is about relationships. Finding the right fit for the right job, saying “no” by being consoling rather than condescending, building bridges to smooth out conflicts, are among the traits that help individuals become successful recruiters. This implies that recruiters must not only demonstrate business savvy, but also a high degree of emotional intelligence.

Understanding

Listen before you speak. This small adage is critical to your success as a recruiter, and to the strength of your relationship with your candidate(s). When speaking to a candidate, ask the following questions to gain an in-depth understanding of how your candidate feels, and what can be done to improve his/her situation:

  • What are the candidate’s goals and aspirations?
  • What does the candidate’s ideal position look like?
  • What is most important to the candidate about his/her future position(s)?
  • How has the candidate’s experience been thus far?
  • Does the candidate feel you are knowledgeable about the job and the skills required?
  • Is the process moving at the pace the candidate expected?
  • Has there been enough, and appropriate, communication throughout the process?

Communication

You need not spend hours on the phone with a candidate to cater to every whim, and each message may not be a good one, however, quick, consistent, and thorough communication, regardless of the message being positive or negative, is vital throughout the hiring process. It starts with acknowledging that a candidate’s application has been received, trailed by constant follow-ups throughout the hiring process, once a candidate’s application has been successfully submitted to a client. While the active candidates require attention, undoubtedly, the more passive candidates should also receive constant communication as well, making them feel respected and valued.

Transparency

Honesty is key in building trust with a candidate. A recruiter who is just as open about the negatives of a certain position, as well as the positives, will be able to build a more meaningful relationship with the prospect. For example, you come across a job for which you feel you have exactly the right candidate, as per the requirements in front of you. However, from your communication with that candidate, you know the position is not one where the candidate may prosper. Instead of pushing the job to meet your quota, and getting your prospect’s hopes up for a “great” opportunity, explain to the candidate why a certain opportunity might not be in his/her best interest. Being upfront about the truth is a quality prospects will admire and respect, and in the long-run, lead to a more meaningful, mutually-beneficial relationship.

The key to building meaningful relationships with candidates lies in the ability to build trust – the foundation upon which all relationships are built. To build trust, recruiters must take the time and initiative to ensure candidates are heard and served, promptly and appropriately. As a recruiter, make the effort to understand your candidate, communicate with them constantly, and ensure transparency throughout the entire recruiting process. It pays off.

 

Kevin-Pochapin
Kevin Pochapin
Vice President



An Overview

The baseline business objectives for the Banking and Financial Services Industry revolve around the following aspects:

  • Increasing customer profitability
  • Identifying potential customers to cross-sell and up-sell products/services
  • Acquiring customers with better business potential
  • Improving risk management
  • Accurately tracking customer information for improved auditing capability
  • Efficiently adapting to mergers and acquisitions
  • Meeting regulatory compliance

Banking and Financial Services

Banking and Financial Services, in general, is an intensively data-driven industry, managing large quantities of customer data and using analytics in areas such as capital market trading. Underwriting professionals work towards mitigating risks by analyzing large amounts of data, making data a governing force in the sector.

Challenges

The following are the typical challenges that drive the Banking and Financial Services Industry into Master Data Management initiatives:

BFSI Challenges

Complex Data Architecture

The sheer volume of data is managed by numerous stakeholders, leading to a lack of data ownership. Each business unit (Retail, Loans and Deposits, Credit, etc.) stores data in specific silos and mostly in legacy systems. Integration of data between these systems, for cards, payment processing, etc., remain a challenge and only lead to crippled decision-making for the business as a whole. Data ownership is still predominantly fragmented, and is driven by multiple stakeholders and frequently measured at a departmental level, rather than at an organizational level.

Customer Centricity

Advances in technology and communication have empowered a change in consumer dynamics, urging the finance sector to become a customer-centric industry and focus on developing an improved customer engagement strategy. About 70% of executives from the finance sector emphasize the importance of customer centricity. But, here come the questions:

  • Do banks “know” their customers?
  • Are the financial products “relevant” to customers?
  • Are banks providing a “multi-channel” experience?
  • Do customers “trust” bankers?

How Master Data Management Helps

Master Data Management enables the Banking and Financial Services Industry to make the best use of data for a competitive advantage.

Master Data Hub

Increased Business Profitability

Being a central repository of all data, an MDM solution addresses the key objective of promoting revenue and margin. MDM helps in identifying the specific needs of customers to better cater to those customers, and aids in customizing services to drive new customer demands. MDM enables marketing teams to optimize cross-sell, up-sell, and product bundling offers, thus helping banks increase customer acquisition, increase revenue per customer, decrease costs to acquire and retain, reduce customer attrition, and improve product sales.

Compliance Risks Eradicated

MDM allows organizations to understand and mitigate compliance risks by helping organizations manage data quality, centrally. Every MDM solution in the market comes decked with features, which enable organizations to identify and eradicate any data quality issues. This effectively ensures clean and accurate data is consistently sent to audit teams to reduce, and even remove regulatory fines.

Conclusion

A well-defined MDM strategy, compounded with reference data management and improved data governance processes, establishes a holistic view of the customer, thereby constructing robust relationships leading to healthier business.

Many financial companies have enabled a single customer view across online and offline channels, improving the lead conversion rate by over 100%. Mastech InfoTrellis’s Master Data Management solutions can help achieve this in an optimal time frame.

Kevin-Pochapin
Kevin Pochapin
Vice President



Digital Technology has changed the way we bank. Customers today expect real time answers and mobile solutions. For banks, digital transformation has become the key differentiator in gaining competitive edge.

To keep up with the expectations of today’s millennial customer base, the financial industry uses digital advancements to keep pace:

  • Hyper-connectivity to respond to the ever-connected customers and businesses with highly interactive communications and new, engaging products and services
  • Super-computing to build efficiency in IT systems, simplify computing, and enable faster and real time decision making anticipating customers’ needs and assessing risks
  • Cloud computing to breed agility and develop new business models and technologies and a rapid pace and lower costs of ownership, freeing up valuable resources for innovation.
  • Constantly take a pole position in the new smarter world with the Internet of Things taking advantage with smarter banking products that reshape value chains and redefine how banking is conducted
  • Cyber Security to protect against fraud and other cyber-attacks, using combinations of multifactor authentication, biometrics, contextual analysis, location-based intelligence, and behavioral analytics

 

Kevin-Pochapin
Kevin Pochapin
Vice-President, National Accounts