JMMB Bank CEO Jerome Smalling Accelerating Rate Of Customer Acquisition With Aggressive Push
The JMMB Group has embarked on a 2017/2018 strategic focus to improve sales productivity and capacity while increasing client reach, this as it moves to position itself as a stronger player in the Jamaican commercial banking space by 2020.
JMMB Group plans to target nearly three-quarters of small and medium-sized enterprises that rely on financing from moneylending agencies and individuals, as well as capture at least 25 per cent of its current clients’ children, with the launch of tailored solutions by the end of its 2018 financial year.
JMMB Bank, headed by CEO Jerome Smalling, is also seeking to accelerate the rate of customer acquisition with an aggressive push, including eliminating the 14-day hold on deposits, allowing instant access to cash in savings and chequing accounts, and inviting their competitor’s customers to switch, and enjoy lower fees on value-added services.
Interestingly the proposed acquisition method may have opened a route; to what has long been a major competitive hurdle, as it relates to moving and opening new bank accounts.
JMMB is inviting clients already doing business with other companies inside the JMMB Group to complete a pre-authorization form, which includes current bank account information from the bank for which the prospective customer would like to switch.
JMMB Bank, according to an email sent to its customers, would then send the form to the rival bank for an ACH transfer, standing order or one-time transfer of funds to affect the switch.BM