JMMB Group to accelerate digitisation

Jamaica Money Market Brokers Group Limited (JMMBGL) is continuing to digitise its operations in an effort to keep growing its balance sheet, which now stands at $400 billion, with its focus firmly set on a $9-billion profit target.

Chief Executive Officer (CEO) Keith Duncan cemented the group’s aim to improve its digital solutions and successfully implement phase two of the bank’s standardisation project under Group Digital Services General Manager Gifford Rankine, at its virtual annual general meeting (AGM) held recently.


“The information technology (IT) focus is key for us going forward. We have our new chief technical officer on board and will be building out a solid network infrastructure. Digital is going to be important in the new normal. We’re going to be giving the IT team the support and have a cross-functional team work with them. We’re going to meet with them every two weeks and there will be some noticeable systems improvements coming next week,” Duncan told shareholders at the AGM.


This includes a core platform across the company’s three operating territories — Jamaica, Dominican Republic, and Trinidad & Tobago — card management systems, rolling out Intelligent ATM footprint and payment gateways, deployment of a mobile application and upgrades to the company’s online banking and investment services.


One of these realisations has been the availability for new and existing clients to open accounts through JMMB’s client care e-mail address along with real time stock trading earlier this year. An upgrade to the group’s key online platforms will facilitate the upload of documents rather than requiring a direct physical copy.


“If, at any time, you have a challenge fulfilling your obligations, like paying your bills or a mortgage payment that could not have been made in time because of downtime issues, we are always committed to reimbursing our clients for the late fees that they would have incurred as a result,” stated Chief Marketing Officer Kerry-Ann Stimpson.


While no defined timeline for the launch of credit cards has been made, the group indicated that it’s a pipeline solution in the short term.