VM Group's 2021 AWARD FINALIST CASE STUDY: Best Achievement in Operational Excellence to deliver an outstanding Customer Experience Excellence

Read this article about VM Group, Finalist in the Best Achievement in Operational Excellence to deliver an outstanding Customer Experience Excellence, selected by the independent judging panel, for the 2021 Digital Transformation & Operational Excellence Industry Awards program.

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VM Express Online

VM Group, rebranded from Victoria Mutual Group in November 2021, is a 143-year-old financial institution headquartered in Jamaica, founded with the goal of providing housing solutions to the deserving thrifty. In evolving with customer needs, it has grown from a Building Society with a main offering of savings and mortgages to a dynamic Financial Group also serving Jamaicans locally and in the Diaspora through investments, pensions, real estate services and insurance solutions.

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In 2012, VM implemented its first internet banking solution. In time, it became necessary to revamp the platform to offer more relevant capabilities, and a new platform – VM Express Online, was launched in February 2020, as part of the Online Financial Services (OFS) project.

‘VM Express Online’, or VMEO, proved to be a welcome improvement for both Team Members and customers. The 15-member project included delivery of:

New user interface, software & infrastructure
Mobile capability & mobile app
Disaster recovery capability
Balance inquiry, bill payment, funds transfer, loan payment capabilities
Currency exchange
Branch / ABM locator
Two (2) factor authentication

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VMEO and other projects under the OFS were all implemented to align with the four strategic objectives of the VM Group:

a) Strong, Integrated Financial Group

-VMEO laid the foundation for business integration by making provisions for customers of subsidiaries to use the same system (instead of an alternative platform) for transacting online

b) Modern Mutual

-The introduction of cutting-edge technology demonstrates a commitment to listening to customer feedback and incorporating same in strategy execution as we progress to becoming a “Modern Mutual”

c) Employer of Choice

-VMEO has brought with it many process improvements that have eliminated manual effort previously carried out by Team Members; this shift fits with VM’s drive to become an Employer of Choice

d) Model Corporate Citizen

-Among the capabilities delivered by VMEO is the option to make donations to charities organization of the customer’s choice. This feature will help build the financial capacity of local charities; but it is also symbolic of being a Model Corporate Citizen.

The launch of the VM Express Online (Q1 2020), and thereafter, had a huge impact on the Net Promoter Score (NPS), for the digital channel, having more than tripled moving from 16 to 50 at end of year.

Channel utilization has remained at an all-time high year on year.

It is noteworthy that transaction activity on the new VM Express Online ranges from two to five times more in volume when compared to the two previous years. Both the massive lift in Customer sentiment and automated transaction processing by VM Express Online has contributed to improvement in key business results of:

Cost to income ratio (improved 13%)
Net surplus (improved 31%)
Human Resource Engagement index (improved 3%)

Digital Transformation & Operational Excellence Industry Awards 2021

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About the Awards

The Digital Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding achievements through the application of Business Transformation, Digital Transformation, Operational Excellence & Innovation Excellence programs. Click here to view the Press Release.

The winners will be announced at the Awards Ceremony at The Digital Transformation & Operational Excellence World Awards (DTOES) on Wednesday, December 15th, 2021, from 6:30 PM at Renaissance Orlando at SeaWorld®.

The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Business Transformation, Digital Transformation, Operational Excellence & Innovation Excellence programs to deliver outstanding business results.

The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2021 on December 15, 2021, at the Renaissance Orlando at SeaWorld®. Click to access the agenda, view the current speakers, and watch the highlights video from last year.

Speakers

Agenda

Highlight Video

BTOES.com

The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry

BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.

With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.

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Speakers

Agenda

BTOES Awards

There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.

The agenda is designed to encourage active meaningful conversations through all day enhanced networking and interaction opportunities, including

For more information please email info@proqis.com