JMMB Group digitisation yielding results across regionSunday, May 09, 2021
BY DAVID ROSE
DESPITE being one of the youngest financial entities in corporate Jamaica, JMMB Group Limited (JMMBGL) has remained committed to the digital transformation of its business as it seeks to broaden horizons across Jamaica and the Caribbean.
JMMBGL's recently upgraded its core Moneyline platform in March which has set the bar high for fully integrated service platforms across the industry. Unlike other businesses which utilise several separate distinct platforms, Moneyline allows for clients to access the services of the various JMMBGL business lines without needing to make certain forms of external contact with an agent.
“This integrated approach to allowing clients to access the full range of retirement, banking and investments via our online platform, Moneyline, is in keeping with JMMB Group's holistic approach to client partnership, and is designed to enable clients to seamlessly access the range of financial offerings while maintaining the regulatory separation of the varying entities.
“This integrated approach better enables clients to be more strategic in achieving their financial goals and their overall financial management. Currently, as a result of the recent upgrade of Moneyline, online transfers between JMMB Bank and JMMB Securities takes less than three minutes. Of course, we are always seeking to improve the client experience, with a view to where possible, making this transaction instantaneous,” said Group Digital Services General Manager Gifford Rankine.
Although the Moneyline upgrade would have been considered to be part of the JMMBGL's new core platform upgrade, Rankine confirmed that it wasn't part of the group standardization, but a planned improvement for clients' benefit.
“JMMB Group is currently in the process of seeking to optimise and digitise the account opening process in order to improve the client experience by providing greater convenience and ease. More details regarding the official date of roll-out of this service will be provided in the coming months,” Rankine said.
JMMBGL stated in its 2020 annual report the plan to implement its group standardisation across the 3 territories it currently operates in, to enhance synergies and efficiencies from its digitisation efforts. Phase I of the standardisation included the deployment of its EMV (Europay, Mastercard and Visa) chip Visa debit card in Jamaica and Trinidad and Tobago with its Dominican Republic banking business awaiting approval to roll out the option there. Phase II of the plan will include deploying the new core platform. JMMB Bank (Jamaica) is currently awaiting approval from the Bank of Jamaica to launch credit card products, with its mobile application still in development. JMMBGL spent 19 per cent more on information technology costs to $721.4 million for its 2020 financial year.
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