VM Investments Limited (VMIL) is increasing its use of digital technologies and artificial intelligence (AI) through a partnership with overseas firm Abacus, as part of a strategy to boost operational efficiency and expand regionally, company executives said.

The move aligns with a broader industry shift, evidenced by global banks like Citi recently announcing their own widespread GenAI adoption, highlighting a sector-wide race to leverage technology for competitive advantage.

Alison Mais, chief operating officer of VMIL, is leading the company’s operational transformation. Her responsibilities include governance, compliance, business processes, client experience, and digital strategy. Mais said her role is to ensure the operational framework is efficient and risk-controlled, supporting the company’s goal of profitable growth in a changing market.

“If the sales team makes a dollar, it is my responsibility to ensure we retain as much of that on the profit line,” Mais said. She said her approach is to protect revenue through internal discipline and by using technology for client interactions and back-office processes. The company is embedding quality assurance and compliance mechanisms within automated systems to address risks in a heavily regulated environment, she added.

Mais said the firm’s digital client platforms are central to its strategy. “We have about 58 per cent of our clients now using our core client management system. For equity transactions, around 90 per cent are conducted on our J-Trader platform,” she said. The platforms provide clients with real-time access to statements, rates, and transaction capabilities, moving away from manual communication channels like email.

The company is also using this digital infrastructure to expand outside Jamaica. With an investment advisory licence recently approved in Barbados, VMIL said it aims to serve clients across the Eastern Caribbean virtually, using digital onboarding.

“Before, clients in those markets had limited access to our services. Now with digital platforms, we can engage them in a more efficient and cost-effective manner,” Mais said.

Mais explained that this digital-first approach is crucial for their expansion model. “Before we invest in bricks and mortar, we are using Barbados as a springboard and serving clients across the Eastern Caribbean remotely using our digital platforms,” she said. This strategy directly enables the geographic diversification the company is pursuing.

VM Investments Limited (VMIL) is adding artificial intelligence to its operations through a partnership with overseas technology firm Abacus.

The company is integrating AI to handle call-centre functions via chatbots and to support its research and risk management teams by automating routine tasks, executives said.

“The goal is to have AI onboarded like a staff member,” said Mais. “It frees up human resources to add value in advisory and complex decision areas.”

Mais stated that the drive for AI is rooted in client data. “We found a large segment of our clients are very transactional; they don’t want a conversation, they want a quick, digital service,” she said. This insight led to the strategy of onboarding AI “as a staff member” in the call center and other departments to serve this segment efficiently, freeing human advisors for high-value, relationship-based clients.

She acknowledged the upfront investment was significant but said the company views AI adoption as essential to compete in a digital-first industry. Mais highlighted the financial challenge, noting that returns on technology investments are not immediate.

“Technology is expensive and the benefits take a while to be attributed back to the business,” she said. “So you spend $100 million and it’s in another five years before you start…reaping that back. So it’s really just how we maintain the lowest cost in the business while serving our clients well. That’s a difficult balance to make.”

Chief Executive Rezworth Burchenson said the company’s strategy ties technology to product development and revenue diversification.

“We’re building competitive advantages around differentiated product offerings, strong portfolio performance, seamless digital access, and efficient operations,” he said.

Burchenson pointed to the growth of VMIL’s asset management platform, which now includes unit trusts, mutual funds, private portfolios, and alternative investments such as real estate and private equity.

The company uses its digital infrastructure to provide client access and reporting for these products. “Performance is critical, but it must be accessible digitally to be competitive,” Burchenson added.

He also said technology is important for its capital markets operations, which creates financing solutions for small and medium-sized enterprises.

VMIL reported a 31.6 per cent rise in second-quarter revenue to $653.8 million, as growth in fees and investment gains offset the costs of its digital expansion.

Nonetheless, the company reported an after-tax net loss of $6.7 million for the quarter. It attributed the loss to increased operating expenses from its digital transformation and continued provisioning against market uncertainties. The cost-to-income ratio improved to 97.7 percent from 108 percent a year earlier, which the company said reflects its efforts to control costs while investing in new technology.

Deputy CEO and Group Chief Treasury Officer Brian Frazer said digitalisation was also being used to improve treasury and trading operations.

“We have expanded our treasury team and introduced structured investments as a new business line to grow without exerting significant pressure on capital,” Frazer said.

He also noted the firm’s ability to offer investors access to US equities through an overseas brokerage partnership, adding that the company aims to raise the service’s profile. “It offers investors greater portfolio diversification,” he said.

Frazer said the trading team had navigated market volatility successfully. “Our traders have performed well despite economic headwinds, taking advantage of opportunities created as interest rates fluctuate and markets remain unsettled,” he said. He added that the company expected higher trading revenues in the latter half of 2025 if U.S. interest rates ease.

The company’s digital transformation is central to its regional expansion strategy. Executives said the Barbados acquisition provides a base to offer services across the Caribbean, using the firm’s existing digital platforms to limit the cost of physical presence. They said this approach is designed to serve regional clients while meeting compliance and governance standards.

Alongside technology, the company is also developing staff through an internship programme that rotates young professionals through departments including risk management and strategy. The company said the programme is intended to train future staff in its digital operations.

“Technology, digital platforms, and AI are more than cost centres. They enable us to serve clients better, expand geographically, and maintain strong risk controls in a complex market,” Mais said. “Digital transformation is integral to our competitive positioning in the region.”

VMIL’s aggressive digital push places it at the forefront of a transformative trend in the financial sector. Its AI and digital strategy mirrors that of global institutions like Citi, which recently announced its own GenAI rollout, stating the technology “translates directly into faster, safer, and more personalized service.” For VMIL, this means using technology not just to compete locally, but to build a scalable, modern financial services platform that meets evolving regional and diaspora client expectations.

With a mandate to “retain as much of every dollar on the profit line”. COO Alison Mais is using digital tools and AI to drive efficiency, manage risk, and ensure VMIL’s growth strategy is built on a foundation of operational excellence. (Photo: Joseph Wellington)

CEO Rezworth Burchenson is steering VMIL’s expansion into new markets and asset classes, viewing digital transformation and AI as critical competitive advantages to secure the company’s future. (Photo: Joseph Wellington)

VM Investments Limited (VMIL) is building a resilient, future-proof financial platform, leveraging digital transformation and AI to drive regional expansion and diversify its revenue streams beyond traditional markets. (Photo: Joseph Wellington)