Revolutionizing Background Checks: TraqCheck’s Tech-Driven Trust Solution

CXOToday has engaged in an exclusive interview with Mr. Jaibir Nihal Singh, co-founder & CEO of TraqCheck

• What is the idea and concept behind Traqcheck?

The idea behind TraqCheck was to transform background checks and close the trust gap between reliable people and employers. The goal was to build a platform that would reduce risks using cutting edge technologies like blockchain and artificial intelligence (AI) and help businesses hire more efficiently and confidently at scale. TraqCheck simultaneously gives people more power by enabling them to proactively check their credentials, boosting their reputation and creating new opportunities. The fundamental idea is to offer a reliable, effective, and win-win solution to people and companies in the ever-changing talent acquisition market.

• Who is your primary TG, and who are your competitors?

TraqCheck’s target group is very large – we can be used by any business that hires and any recruiters that recruit. Currently, we are targeting all companies in India with a focus on large firms that hire a lot. In a few months we will be launching in UK and targeting companies that hire in large numbers.

TraqCheck operates in a competitive landscape with a total of around 322 competitors. Notably, TraqCheck faces stiff competition from prominent players in the industry. Among its top competitors are Checkr, a San Francisco-based company founded in 2014, Certn, another formidable contender based in Canada, was established in 2016. Additionally, Authridgw, headquartered in Gurgaon and founded in 2005, is a significant player in the field. These competitors highlight the diverse geographical and chronological dimensions of the market, adding depth to the competitive landscape that TraqCheck navigates in its pursuit of excellence and market leadership.

• How is Traqcheck helping to bring more transparency in business operations and hiring processes?

In the process of developing industry standards for thorough and trustworthy background checks in talent acquisition, TraqCheck is essential. We use cutting-edge technologies like blockchain and artificial intelligence (AI) to improve the precision and effectiveness of verification procedures. By actively establishing and modifying industry standards in conjunction with regulatory organizations, we guarantee adherence to evolving legal frameworks.

TraqCheck’s “first to market” features set it apart from the competition.

a) Automated Continuous Monitoring: TraqCheck’s automated continuous monitoring tool offers clients real-time notifications regarding the performance history of their staff.

b) Positive Adjudication Matrix: TraqCheck’s algorithms are able to determine which differences are significant, therefore only those will be highlighted in red.

c) TraqCheck and Open AI Partnership: TraqCheck and Open AI are partners. On top of these APIs, they have added a number of capabilities, such as the ability to classify criminal histories and use machine vision to verify current addresses.

• What are the challenges that Traqcheck has faced and how has it overcome them? How has been the pandemic period for your business?

Like every B2B startup, we faced initial challenges of credibility as companies are hesitant to work with new companies with small teams. However, our technology helped us negate this challenge and helped us get a lot of new business. The pandemic was a disaster for a new company in terms of sales as no one was ready to meet in person and video calls were still not widely adopted. It took time for companies to evolve with the time and adopt this new approach of sales. However the pandemic also did not affect the finances of a new company as they do not have overheads and can easily survive.

• How is Traqcheck leveraging technology and AI to deliver best in class solutions?

At TraqCheck, we help in improving and expediting the recruiting procedures. Large-scale datasets are analyzed by AI algorithms, which expedites criminal background checks, credential validation, and identity verification. This decreases manual labor while increasing accuracy and efficiency. Furthermore, by generating tamper-resistant records and prohibiting fraudulent adjustments in verification papers, blockchain technology protects data security and integrity. These developments not only speed up the verification process but also improve reliability, giving clients more reliable and solid results.

• What are the trends in the HR industry currently, according to you?

The workforce has acclimated to a hybrid work model, posing a significant challenge in persuading individuals, particularly engineers, to return to traditional in-person work setups. This evolving trend appears to be a lasting shift, substantiated by the realization during the pandemic that a substantial amount of work can be effectively conducted remotely. The widespread acceptance of this remote work paradigm presents a dilemma for HR professionals tasked with recruiting for in-person roles. The ingrained preference for flexible work arrangements has altered the dynamics of talent acquisition, with employees increasingly valuing the autonomy and adaptability offered by remote work. As organizations navigate these changing expectations, HR individuals find themselves grappling with the need to attract and retain top talent while addressing the growing demand for flexible work options.

• What are the plans and future vision of Traqcheck? How many verifications have been done by the company till date?

TraqCheck has successfully conducted approximately one million verifications to date and is poised for accelerated growth, aiming to double this figure expeditiously. The company’s strategic vision involves ongoing expansion in the Indian market through targeted customer acquisition efforts. Additionally, a pivotal initiative for the upcoming quarter involves the highly anticipated launch into the United Kingdom market. TraqCheck perceives itself as a globally applicable product, catering to companies worldwide, with the UK identified as the next strategic milestone. This expansion aligns with the company’s commitment to providing comprehensive verification services on a global scale, reflecting TraqCheck’s dedication to international market penetration and impact.

• About your economic condition like if you’re looking for funding or angel investors?

We maintain ongoing discussions with funds and angel investors worldwide, carefully assessing the opportune moment to secure funding. Our decision to raise capital is contingent upon aligning with the optimal opportunity and the caliber of investors involved. We prioritize strategic partnerships and financial support that not only contribute to our economic growth but also align with our long-term vision. This prudent approach ensures that any funding initiatives undertaken are strategically timed, maximizing the benefits for our organization and stakeholders.