Experts Reveal: Benefits of AI-Enabled Recruiting in the Fintech Industry

by wrich
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By: CASPIAN ONE

Recruiters like automated resume screening because it is one of the most time-consuming and daunting parts of any hiring process, with recruiters spending up to 23 hours a week on this task alone. Tracking application systems are used by over 67% of fintechs in the world. They automate and streamline specific repetitive and high-volume tasks that form a part of the hiring workflow. 

The positive attributes outweigh the negatives for tech-enabled assessment tools. They save time, reduce costs, improve employer branding and allow you to analyse candidate data more effectively. These technologies are used by companies in every industry to make their recruitment processes simpler and more effective.

The impact of AI robotics on recruitment

AI can be used to automate a variety of tasks, including recruitment. Since there is no need for human interaction in AI-enabled systems, they can be easily adapted to work specifically with recruitment and HR processes. These algorithms can find patterns that are specific to finance jobs and deliver better and more accurate results. This form of automation can help organisations identify job candidates who would be a good fit for the role, as well as focus on matching high-quality candidates with suitable positions.

AI is best suited to recruiters who use machine learning to mine data and examine the resumes of candidates. Companies that opt for AI-enabled recruitment tools will be able to focus on skill sets and job requirements rather than manually sifting through CVs.

Why do recruiters like automated resume screening?

Gone are the days when resumes were looked upon as one-dimensional proof of an applicant’s suitability for the job. Today, employers have access to automated tools to quickly sift through the mountains of CVs that they receive. Moreover, there are tools that analyse relevant data points from a resume and match them against specific job requirements.

How tracking application systems work

Tracking resumes is a near-impossible task that recruiters used to undertake. This meant that most hiring managers would receive hundreds of resumes, leading to an overwhelming amount of information. With the help of AI, recruiters can put significant focus on specific fields and eliminate irrelevant documents from the vast pool of applications. An AI-enabled resume screening tool saves employers time and delivers more accurate data using machine learning. This tool is also able to learn from the data it stores over time, enabling it to become more efficient.

Positive & negatives of tech-enabled assessment

AI-enabled recruitment tools have several positive attributes, such as saving time for recruiters, reducing costs and improving brand image. On the other hand, there are a few negative aspects of these technologies. For instance, having reliable data is one thing that employers should always keep in mind when they are using AI application systems. There is also a fear of misinterpretation when dealing with unstructured or plaintext data. 

Another point to consider is the fact that AI-enabled tools can only provide results if they have been programmed to do so, making it important for employers to understand what data they are providing to these systems. Employers must also be cautious while using AI-enabled tools because these algorithms can introduce errors and may not be efficient for every company.

The benefits of chatbot assistants

Gone are the days where people used to go through the process of hiring. Now, with chatbots, you can conduct all your business transactions and interactions through personal assistants. 

Chatbot assistants work in such a way that they will interact more often than a human would, allowing them to automate multiple processes. Moreover, chatbot assistants can be personalized and made interactive depending on the company that you are dealing with. These assistants can also be used to address recurring questions, and so you will have a much easier time rather than doing it yourself.

What is the difference between an HR chatbot and a customer service chatbot?

HR chatbots have been actively used in the recruitment process for some time now. Recruiting is where an expert bot can prove its worth, as it gives recruiters a way to get real-time, accurate answers to their queries. The HR chatbots are also able to recognise candidates and their skills based on the data they provide. This information helps recruiters select candidates with the right skills during the hiring process.

AI is likely to save the fintech industry £322 billion by 2023. Over 67% of fintech believe AI will have the biggest impact over the next five years. While AI in recruitment is not a one size fits all, what is undeniable is the drastic change it can have when streamlining and improving efficiency.

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