JMMB Group Pursues Digital Acceleration as part of ‘SMART’ Growth Strategy
During its recently held virtual investor briefing (July 11), JMMB Group outlined plans to implement several digital initiatives in line with its smart growth strategic imperative to enhance client experience and deepen its client partnership.
The Group’s smart growth strategy is centred on strategic revenue diversification, stronger capital management, and growing core activities in key business lines. This will be executed through a three-prong approach – new products and income streams; more digital experiences and inorganic growth.
In executing on one of the key pillars, digital experience, the company announced a group-wide roll-out of its queue management system (QMS) which is expected to enhance client experience and reduce wait-time for clients who opt to go in-branch to conduct transactions. Gifford Rankine, general manager, digital services at JMMB Group in sharing more details outlined, “This is designed to streamline our organization’s quality of service delivery and experience in-branch and to addresses our clients pain point of extended wait time. This empowers our clients to better manage their time, so they can run an errand without losing their space in the queue (and then proceed to carry out their financial transactions in-branch).”
This system will also assist JMMB Group to maximize synergies and improve its efficiency in serving clients. It is also aimed at allowing clients to provide feedback on service delivery in a bid to continuously drive improved client experience.
Rankine also revealed that over the next few months JMMB Money Transfer, the Group’s remittance arm, will introduce its Visa-enabled pre-paid card that will facilitate safe and convenient access to cash via the card, in real time; without the need to visit a physical location. This pre-paid card will also allow JMMB Money Transfer clients to access additional banking related services such as point-of-sale, automated teller machine (ATM) and online transactions.
JMMB Group CEO, Keith Duncan underscored the value of JMMB Money Transfer to the Group’s profitability and diversification strategy, noting that further investment in this business line is expected to bolster the Group’s revenue generation as it seeks to introduce more solutions to meet the needs of this client base.
JMMB Money Transfer has reported growth of more than 300% in revenue over the last 5 years, driven by increased volumes, strategic partnerships coupled with the improved processes and exceptional clients experience offered, via its 9 international remittance partners globally.
In sharing further updates on other digital solutions in the Group’s pipeline, the digital services lead notes that, JMMB Group is now in the beta testing phase for its virtual assistant, Johanna, named in honour of its late co-founder Joan Duncan. The initial offering of the virtual assistant will allow clients to access account balances and statement queries, money transfer/ remittance statuses and get answers to frequently asked questions. The company will enhance these its capabilities in the future to meet the needs of clients, including video call support, in will also span all our digital touchpoints. “Clients will be able to simply write their questions in the chat (on the website) and get an answer in real time, and if Johanna is not able to answer, clients will be passed to a live agent who will assist you,” explained Rankine.
He also revealed that plans are on the way to launch a new initiative, an initial public offering (IPO) platform, that will allow non-JMMB clients to enjoy the experience of current clients in using its online platform, JMMB Moneyline, to participate in the equities market. Rankine noted that this IPO platform will also be introduced to the Trinidad and Tobago market after being rolled out in Jamaica, in line with the “One Group, One Client Experience.”
In giving an update on the much anticipated JMMB Group app, Gifford Rankine shared that although the app has been delayed pass the initial timeline, the company will also be proceeding to the beta-testing phase of the new version of the app; during which critical feedback will be sought to move forward with its roll-out. The digital services head was however cautious about announcing a launch date.
JMMB Group reassured clients that as the company continues to expand and enhance offerings to include payment services, mobile and other online experiences and data analytics tools to better serve clients, a ‘client first’ approach, will be maintained. “These digital solutions are therefore designed to provide an omni-channel approach to meet the varying needs and preferences of our clients, with the same exceptional JMMB Group service delivery,” stated Rankine.
Private Equity and Real Estate Diversification to Add Value to Clients
Clients can look forward to the value creation that JMMB Group adds through the diversification of its revenue streams through entry into the private equity market and deepening in the real estate market. “(This move) offers clients an opportunity to diversify their own portfolios and not only for JMMB Group to diversify its revenue streams, but for clients to take advantage of private equity opportunities.” Since its foray into the private equity space last year, through Vertex SME Holdings, its subsidiary JMMB Securities Limited, has closed two deals with small and medium-sized businesses. He further stated that the Group’s investment in largely commercial real estate also stands to benefit clients who can participate in these investments through its unit trust offering, namely JMMB Optimum Capital fund, which is backed by real estate assets in its portfolio.
The CEO notes that as the Group remains committed to its strategy and is encouraged by its core earnings, although the regional financial conglomerate say a 46% dip in profit for the 2022/23 financial year, earning J$6.3 billion. Duncan notes that as the Group undergoes the varying macro-economic cycles, that will impact its performance, it is seeking to identify and explore opportunities to maintain long-term shareholder value and deliver solid results to its shareholders.
Share Buy-back Programme Approved by TTSE
In line with this, JMMB Group CEO, was the bearer of good news as he announced that JMMB Group has received the necessary regulatory approval from the Trinidad and Tobago Stock Exchange (TTSE), giving it a greenlight to proceed with its share buyback programme. Duncan notes that the company has allocated the necessary resources and funding to offset this ongoing programme, that is designed to protect shareholder value and drive its share price.