VMIL 'leveraging' digital channels to boost service
CEO of VM Investments Limited (VMIL) and VM Wealth Management Rezworth Burchenson presents at the VMIL investors' briefing for the second quarter, April to June 2022, held at the VM Group offices in Half-Way-Tree on Wednesday, September 14, 2022.

VM Investments Limited (VMIL) has said it will continue to increase and improve its digital channels in a bid to lift the level of service delivery.

The company will also be rolling out new digital proucts to complement the already existing VM Wealth IPO Edge.

"Couple years ago we rolled out our client management portal — that was phase one — and we're midway through the release of the updated version that will give our clients a lot more functionality. We've received the feedback from our clients and as painful as it is sometimes, we are certainly responding to the needs of our clients," VMIL and VM Wealth CEO Rezworth Burcheson informed shareholders during a virtual investor briefing last Wednesday.

"We believe that the client management portal will be a multi-year programme to add more self-service channels to allow them to engage better with the organisation," he added.

The CEO said that having assessed VMIL's current client base and creating a profile for future customers, digitalisation will play a key role in client engagement.

He also revealed plans to upgrade the financial institution's OPICS platform — VMIL's treasury management software — over the next 12 months.

Following the successful initial public offer (IPO) of Dolla Financial shares and the raising of new capital for Kingston Properties through an additional public offer, Burcheson expressed satisfaction with the performance of the VM Wealth IPO Edge.

"I must say that the current platform will always be upgraded. We got lots of feedback from clients from the use of the platform, and certainly for other IPOs and APOs we'll put to the marketplace, you'll see that additional functionality," he said.

Turning to VMIL's loan management system, he said plans are in train to implement the platform to facilitate individuals borrowing against their investments.

"We are all aware that we're major players in the margin loan business. This is where persons with equity investments or other marketable securities borrow against their investments to accelerate their returns," the VMIL CEO explained.

So far, he said, a lot of borrowing has been deployed to margin loan products and so VMIL wants to have the functionality to scale the platform.

As trading in cryptocurrency and other digital assets become more prevalent, VMIL has plans to join the Jamaica Stock Exchange in trading digital assets. Burcheson, however, cautioned that to avert any volatility due to speculation, the financial institution will provide appropriate training and sensitisation in that area, ensuring investors understand the risk involved.

The company will also continue to leverage social media to communicate with both local and foreign investors.

"While we use the traditional media to do that, I think we also want to leverage that channel to accelerate our message," he shared.

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