After a somewhat muted hiring period, the financial services industry is currently experiencing a recruitment surge. There’s fierce competition for top talent within the sector, and particularly high demand for FinTech and Accountancy roles1.
But many firms are unknowingly sabotaging their own recruitment efforts and missing out on top talent by overlooking a fundamental aspect of hiring – the candidate journey. Negative candidate experiences drain talent from your hiring process and damage your employer brand. In this current landscape first impressions matter more than ever, so it’s important to leverage all the tools you have at your disposal to improve your candidate journey.
Candidate relationship management systems (also known as Applicant Tracking Systems) are the perfect solution for financial services firms looking to improve their candidate experience. They optimise and refine the hiring process, streamlining communication, reducing applicant friction points and creating a more engaging recruitment journey.
In this blog we’ll be looking at why candidate experience can make or break your employer brand, how to remain competitive in a candidate driven marketplace and how candidate relationship management systems can help you gain efficiencies across the board.
Jump to:
- Why the Candidate Experience is Critical in the Finance Sector
- The Real-World Cost of Poor Candidate Experience
- The Importance of Structured, Responsive Communication
- How an ATS Can Support Candidate Relationship Management in the Finance Sector
- How an ATS Helps Manage High Volumes of Applications Without Sacrificing Quality
- Why Timely Candidate Communication is More Critical in Regulated Sectors Like Finance
- Improving Sourcing and Shortlisting Through Data
- The Role of Automation in Creating a Better Candidate Journey
- References
Why the Candidate Experience is Critical in the Finance Sector
When you’re hiring in finance, you’re not just filling vacancies – you’re shaping the future of an organisation that is reliant upon its good reputation. Whether your organisation works in wealth management, fintech or accountancy, applicants expect the hiring process to be structured and efficient.
A smooth, transparent and engaging applicant journey sets a company apart from its competitors. It makes candidates feel valued and respected throughout the hiring process – leading to higher acceptance rates and longer-term loyalty.
But it’s not just about meeting expectations. A strong candidate experience reflects well on your entire brand. According to a LinkedIn survey2, 41% of applicants who had terrible candidate experiences (rating 1 out of 5 stars) say they’d take their brand loyalty and money elsewhere, whereas 64% – who rated their experience as 5* – say they’d increase their relationship with the employer even if they didn’t get the job.
What unique challenges do financial services face when it comes to candidate experience?
Financial services firms operate under stringent regulations. Compliance is critical. Hiring candidates for roles which demand trust and clarity from first contact requires scrutiny of the applicant’s skills, qualifications and background. All of which takes time. Firms are recruiting from a limited pool of qualified professionals in a fast-moving marketplace where a prolonged hiring process may well result in you losing out on in-demand professionals.
Recruitment is, by its very nature transactional. Top talent in this competitive landscape is able to pick and choose which organisation they want to work for. Your recruitment process reveals a lot to candidates about how your organisation does business – is it sleek, efficient and friendly, or is it clunky, slow and outdated? Suddenly, candidate experience becomes an important differentiator, helping applicants choose between firms.
The Real-World Cost of Poor Candidate Experience
A poor applicant journey is so much more than just a missed opportunity, it’s a reputational risk. Every applicant is a potential ambassador, or detractor. Word of mouth matters and a slow process, unclear communication or lack of feedback won’t just frustrate your candidates, it will chip away at your reputation. Poor candidate experiences can:
- Lower your acceptance rates
- Reduce future application volume
- Damage your employer brand – especially on platforms like Glassdoor, Google Business and LinkedIn
- Impact customer perception
Top financial services talent will often receive multiple job offers. A slow or unresponsive process is a critical misstep, sending your best applicant to your (more communicative) competitors.
How can poor communication during candidate shortlisting damage your employer brand?
The cost of silence during the shortlisting process can mean losing talent before they even reach interview. This loss of talent has tangible costs: it extends your time-to-hire, increases recruitment expenses and can even impact project timelines and business growth.
According to a World Economic Forum Report3, 6 in 10 employers identify a shortage of skilled talent as a barrier to business transformation in the next five years – can your business really afford to miss out on specialist skilled talent?
How can negative candidate experiences translate into damaging reviews on employer and business review platforms, and how can an Applicant Tracking System (ATS) help mitigate this risk?
Beyond the immediate loss of talent, a poor candidate experience can have a lasting impact on your employer brand. Dissatisfied candidates are increasingly likely to share their negative experiences on platforms like Glassdoor, LinkedIn, and even Google Business. These reviews can be incredibly damaging, acting as a significant deterrent for future applicants.
It’s important to recognise the ripple effect of bad reviews. A string of negative comments detailing poor communication, disrespectful interview processes, or a lack of feedback can paint a picture of an organisation that doesn’t value its current or potential employees. In turn this might lead to:
- Reduced Applications
- Difficulty Attracting Passive Candidates
- Damage to Overall Company Reputation
- In some cases, consistently poor experiences can even spill over and negatively impact the perception of your company’s products or services.
Of course, candidate relationship management systems aren’t able to manage your review platforms (at least, not yet!) but they can play a critical role in preventing the negative experiences that lead to bad reviews.
The Importance of Structured, Responsive Communication
Effective communication remains a critical component when it comes to the candidate experience. Friction points in the hiring process often arise during the quiet periods where there’s no need for further action for the candidate. Of course plenty might be going on behind the scenes, but any silence can feel unsettling for a candidate.
What are the most common candidate experience pain points in the finance sector?
One of the primary frustrations for candidates is the experience of prolonged silence during the hiring process, particularly after submitting an application, or completing an interview. Lack of communication in these periods can lead to applicants feeling disengaged or undervalued. It is absolutely vital firms keep in touch with candidates – even if the update is that there is no update yet. HR Brew4 says many companies’ talent acquisition software tells candidates less about their application status than Domino’s online pizza trackers – a thought worthy of some consideration next time your candidates email for an update.
Beyond this, other common pain points include:
- Lack of clarity on stages/timeframes
- Poorly structured interviews
- Lack of personalisation
- Technical issues with the application process
- Unclear job descriptions
- Lack of feedback (especially post-interview)
- Inconsistent communication
A clear, open and transparent process, with regular feedback and consistent communication from key contacts goes a long way to eradicating many of the pain points for financial services candidates and providing a smooth and engaging process.
How an ATS Can Support Candidate Relationship Management in the Finance Sector
Building strong candidate relationships requires time and resources, which is a significant challenge for busy HR teams. By using recruitment software to streamline your workflows and automate communications your team can focus on more strategic tasks; secure in the knowledge your candidates are being kept engaged in the process.
How can a candidate relationship management system help financial firms stay competitive?
Staying competitive is key when you’re battling over a limited pool of skilled workers. Using applicant tracking software reduces cost-per-hire and speeds up time-to-hire. And a faster process will help you secure those in demand workers.
Simple, user friendly features like applications via socials, self-serve interview slots and easy document uploads also make you a more attractive proposition to applicants. These features show you are an efficient, organised and well-run firm that prioritises its people. Candidates are far more likely to pick a firm that’s been proactive and provided an efficient and smooth process.
In what ways can candidate relationship management tools improve sourcing outcomes?
Candidate sourcing can prove not only a huge time-drain but a huge budgetary drain too. A good quality ATS for financial services can provide valuable data insights on the approaches and platforms you use for sourcing talent. This allows firms to identify and focus their energy (and budget) on those that really deliver.
By taking a more strategic approach to your advertising (and backing that up with job ad optimisation for maximum visibility) firms can reduce costs and improve applicant matching – which means your ads get in front of the right people. Finding the right applicants for the right roles improves your talent acquisition success rates and provides clarity for potential applicants.
Robust financial recruitment software will offer multiple features to help address poor communication and slow processes, including:
- Automated Communication: Automated email updates at various stages of the application process keep candidates informed and reduces the feeling of being left in the dark.
- Workflow Automation: Streamlining and automating your hiring process helps expedite your recruitment – for example – using AI features to perform initial shortlisting significantly reduces the time it takes to identify suitable candidates.
- Task Alerts and Reminders: Many ATS platforms include features that remind HR teams and Hiring Managers to complete tasks such as feedback, sharing interview scores etc. Candidates can also receive reminders to, nudges to complete applications, self-serve interview slots and even remind them where and when the interview will take place.
- Clear Audit Trail: Good applicant tracking systems will record all communications and actions for each and every candidate, ensuring that nothing and no one falls through the cracks.
Implementing an ATS with robust communication capabilities and AI powered features helps financial services firms demonstrate efficiency and respect for candidates’ time, significantly reducing the risk of losing top talent to competitors with more agile hiring processes.
Firms in need of extra support with job boards can often gain further efficiencies by working with candidate attraction experts – a service offered by some ATS providers.
How an ATS Helps Manage High Volumes of Applications Without Sacrificing Quality
Managing high volumes of applications5 is an area where candidate relationship management tools really come into their own. Aside from the ease of moving applications in bulk through the system, AI powered tools make short work of what was an incredibly time-consuming process. From screening for qualifications and experience to matching skills and keywords to the job description, smart systems can give you a percentage fit-to-role in seconds.
As well as maintaining momentum by negating lengthy shortlisting delays, using specialist recruitment software offers multiple benefits. ATS also mitigate bias and provide a consistent, transparent and fair process, another hallmark of a positive candidate experience.
Why Timely Candidate Communication is More Critical in Regulated Sectors Like Finance
In regulated sectors like finance, where compliance, confidentiality, and trust are paramount, timely communication is about more than just the applicant journey — it’s a reflection of your professionalism and operational integrity. Delays or silence can raise red flags for top candidates that are used to structured, efficient environments.
Prompt, personalised updates show you’re organised, proactive, and respectful of a candidate’s time — all traits that matter in a risk-conscious industry. A well-designed ATS helps maintain these standards by automating key messages, triggering reminders, and adapting workflows based on role sensitivity or seniority.
From screening and background checks to onboarding and offer approvals, an ATS can streamline communication at every stage — crucial when regulatory checks and documentation need to happen quickly and precisely. With everything stored centrally, your team can move quickly when the right candidate comes along — with confidence that nothing’s been missed. All your team need to do is put together the best offer package!
Improving Sourcing and Shortlisting Through Data
AI powered applicant tracking software is offering more advanced data insights than ever before. Spotting even the most subtle patterns and skills gaps, allowing firms to future proof their workforce planning.
How can data from candidate sourcing and engagement be used to improve recruitment strategy?
Data from candidate sourcing is incredibly valuable. It tells you where best to advertise, and which type of ads and job descriptions work best for different roles. It tells you what your retention rates are and which roles you hire for most often.
Beyond identifying the best platforms for particular job roles, you can delve further into the data, for example looking at the level of suitability of applicants for roles (are your job descriptions doing the job they should?)
Powerful applicant tracking systems also record all communications and actions for each and every candidate, ensuring that nothing and no one falls through the cracks. These audit trails provide HR teams with valuable insights into where friction points occur – such as delays or communication gaps, creating a smoother path from application to onboarding.
The Role of Automation in Creating a Better Candidate Journey
Automation and AI powered features both play a part in creating a better candidate journey. Candidate relationship management systems have been designed to help firms deliver a high-quality experience at scale, freeing HR teams from repetitive manual tasks and allowing them to focus on meaningful interactions where they count most.
What role does automation play in creating a better candidate journey in financial services?
Smart tools keep your candidates’ application moving when your team can’t. Taking advantage of key ATS features such as scheduled personalised communications, task reminders and self-serve interviews offers a level of convenience to your applicants that shows them you are considering them in the hiring process.
Using feedback loops throughout the process also provides an opportunity for your candidates to share their experience. This helps firms check for pain points or potential issues in their hiring process. It makes candidates aware you are proactive about your recruitment process and shows them a company that listens.
Automating recruitment, isn’t about removing the human from the hiring process, it’s putting them at the heart of it. Providing a consistent, well-communicated and fair process for your candidates improves all aspects of the candidate journey.
Candidate experience can make or break your hiring process. When you’re competing for the best financial talent, creating a positive and transparent candidate journey is vital for success.
Using specialist talent acquisition software supports financial services firms in significantly reducing the likelihood of a negative candidate experience. It also protects your valuable employer brand (vital for future sourcing campaigns) and your firm’s reputation too.
Reach ATS is a bespoke, fully configurable candidate relationship management system that is built to your firm’s unique specifications. Our AI-powered software will help you increase your online ad visibility, streamline your shortlisting and our advanced analytics will provide insights for future workforce planning and help you strategically implement a fully optimised hiring process that will provide a seamless and engaging candidate experience.
Want to stop self-sabotaging and improve your candidate experience? Learn more about the candidate experience here and reach for smarter, faster hiring.
1
https://www.fintechfutures.com/bankingtech/fintech-futures-jobs-uk-fintech-jobs-surge-44-as-london-leads-hiring-boom#
3 https://www.weforum.org/stories/2024/01/skills-first-6-success-factors-recruiting-developing-talent/
5 Want to know more about how an ATS supports high volume hiring, we’ve got a blog on that too! https://reach-ats.com/articles/recruitment/finding-the-right-fit-at-scale-how-recruitment-technology-drives-high-volume-hiring-success/