The VM Group has come a long way since its founding in 1878, even as it maintains its purpose of facilitating savings and investments to transform lives. On November 14, VM marked its 146th anniversary, and according to Group Chief Strategy Officer, Carla McIntosh Gordon, VM’s steady evolution is owed to its ability to adapt to new market demands, evolving consumer expectations, and changing customer needs.
“Today, the VM Group offers a full range of services that cater to multiple sectors, providing everything from traditional products to cutting-edge digital solutions. By listening to our customers and recognising the emerging needs of the market, we gradually expanded our product line and service offerings, transforming from a single-product business into a global player with a comprehensive portfolio,” she said.
“As the VM Group looks ahead, it is clear that the future of financial services lies in agility, innovation, and digital transformation. If there’s one thing that businesses can’t afford in the coming years, it’s sitting still. The need to stay agile, tech-savvy, and forward-thinking has never been more urgent,” added McIntosh Gordon.
VM has definitely not been sitting still, and while its offerings continue to evolve, its leaders have also been relentless in pursuing other strategies to propel the enterprise towards growth. A recent Group restructuring exercise has created a more agile corporate structure, providing greater flexibility to explore strategic partnerships, develop more products, pursue mergers and acquisitions and grasp other opportunities for business development through new revenue streams.
Innovation features heavily in VM’s strategy. Its financial technology (fintech) arm, the four-year-old VM Innovations Limited, continues to build its way, launching an online property management solution and a soon-to-be-released digital mortgage application system. Recently, the VM Group also introduced cardless cash deposits at its intelligent automated banking machines (iABMs).
Besides innovation through technology, VM is keen on establishing partnerships and developing products and services that influence sustainable development. To support innovative businesses with high potential, VM Investments Limited launched its Private Equity Investment scheme, while VM Pensions Management Limited has partnered with the Jamaica Manufacturers and Exporters Association (JMEA) to provide low-cost retirement solutions to its member companies and their employees. As the landscape evolves and VM continues its quest to be responsive and provide value, these strategic partnerships are expected to increase and expand to areas such as green finance and other sustainable products and services.
Members and Clients can look forward to continued digital transformation. The VM Express Online banking portal, VM Wealth Client Portal, JTrader online trading platform, VM Pensions Management’s Approved Retirement Scheme (ARS) portal and VM Money Transfer’s Direct-to-Account remittance platform, are among the convenience channels that currently support customers’ needs. As the company embraces Artificial Intelligence (AI) and Machine Learning (ML), the capacity to analyse customer habits will be enhanced, leading to the development of more tailored solutions.
“Today’s customers want to feel a connectedness to the brand and we do it through personalised, relevant experiences, whether it’s customised product recommendations, real-time financial advice, or tailored investment strategies. AI and machine learning can enable these personalised services. VM is already leading the way with innovative features at its iABMs. These machines aren’t just convenient – they are helping redefine the way customers interact with their finances. With AI-powered systems analysing customer data, we can predict spending habits, identify risks, and personalise offers in real time,” said McIntosh Gordon.
“The upcoming years for the VM Group promise to be even more transformative, driven by a commitment to innovation, a vision for the future, and an unyielding focus on delivering value to our customers, communities, and the broader financial ecosystem,” she added.
