The Independent by VM Group

142ND ANNIVERSARY ISSUE

NOVEMBER 2020

THE

INDEPENDENT

Happy Membersâ&#x20AC;&#x2122; Month

We Are

HERE

For You

The Benefits of MUTUALITY Reflections on VM

The Douglas Cover Building

4 Duke St. location renamed in honour of former VM General Manager The building has been renamed and will stand as a lasting tribute to a champion of financial inclusion.

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Happy Membersâ&#x20AC;&#x2122; Month! We are here for YOU

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Some of Douglas Coverâ&#x20AC;&#x2122;s most outstanding traits Three former colleagues share their memories

Reflections on VM As we reflect on 142 years of service, we share reflections from two VM Stalwarts

VM Goes Digital

The Daily Gleaner: Apr 26, 1988

The Daily Gleaner: Jan 16, 1981

THE DOUGLAS COVER BUILDING

Duke Street Location Named For Former General Manager V

ictoria Mutual’s iconic Duke Street location has been renamed in honour of Douglas Cover, a former General Manager of the organisation who contributed significantly to the growth of the business. Renamed ‘The Douglas Cover Building’, the building will stand as a lasting tribute to a champion of financial inclusion. Mr Cover visited the location on November 12, 2020, his 90th birthday, for the official renaming ceremony. He received the honour with humility

and was treated to a surprise birthday cake by the VM Team. Mr Cover, who often shies away from the spotlight, is described by former colleagues as a man of tremendous integrity. Phillip Silvera, VM director who worked closely with Mr Cover for many years, spoke fondly of him. “Mr Cover has always been a man of great character who had great empathy for people. He is a man of principle and that was reflected in his leadership

style. If he said he was going to begin a meeting at 9 a.m., you could rest assured that the meeting would begin promptly at 9 a.m.,” said Mr Silvera. He said he was pleased that the Duke Street location has been renamed in Mr Cover’s honour. “It is a fitting tribute to him and is well deserved,” he said. Here are some pictorial and information highlights on Douglas Cover’s career at Victoria Mutual.

1. VM Executives: (L-R), Douglas Cover, Karl Richards, Vernon DuQuesnay and Edgar Harrison. 2. Mr. Douglas Cover (L), GM of VMBS, congratulating Mrs. Violet Downie, a Member of VM’s Spanish Town Branch since inception. Sharing in the occasion (from left) are Chairman, Mr. Vayden McMorris and Assistant GM, Mr. Ronnie Graham. 3. Dr. Freddy Reyes-Perez (L), Chairman, Caribbean Association of Building Societies & Housing Finance Institutions and outgoing Chairman Mr. Douglas Cover. 4. Mr. Douglas Cover. giving the welcoming address at a Long Service Awards function. Seated at the head table is Mr. Carl Roberts VMBS Asst. GM - Human Resources.

Developments in VM under Douglas Cover’s stewardship as General Manager 1973 to 1992

Network Expansion Number of branches increased from one to 13, including the International Department and two mergers - United Benefit and Clarendon Benefit. Opened UK Representative offices in London, Birmingham and Manchester. This was a first for a Jamaican financial institution. Opened an office in Toronto, Canada. Acquisition of the Xerox Building on Knutsford Blvd

Established the following Subsidiaries: The St. Andrew Settlement in Majesty Gardens is one of the most vibrant welfare agencies in the country. VMBS has decided to give assistance to the Settlement for the next three years, to establish a skills training project for about 20 young people.

VM Properties VM Insurance VM Investments VM Finance Ltd in the UK Island Victoria Bank Alpha Financial Services (Now VM Wealth Management) VM Property Services Westin International Insurance

Savings and Mortgage Accounts There was a significant increase in the numbers of savers in both the local and overseas markets. The number of savers moved from approximately 230,000 to 600,000. In response, VMBS became the first Building Society to computerise its operations in the 1970s. VMBS was also the first financial institution to start marketing to overseas residents.

Mr Cover, who often shies away from the spotlight, is described by former colleagues as a man of tremendous integrity.

Strengthened VMBS’ Corporate Citizenship through: SPORTS VMBS was the first financial institution to become involved in the sponsorship of sporting events, including Boys Champs 1993 and Boys & Girls Champs in 1999. NATIONAL EVENTS Marriage and the Family in 1984 National Leadership Prayer Breakfast 1985 5

Some of Douglas Cover’s Most

Outstanding Traits as Shared by Former Colleagues Phillip Silvera, Georgia Beckford and Gavin Lowe

Mr Cover is known to be a stickler for punctuality. If he said he was going to begin a meeting at 9 a.m., you could rest assured the meeting would begin promptly at 9 a.m.

He is regarded as a man of high integrity and good character and would often write on loan documents in which his intervention was sought due to extenuating circumstances: ‘Not to be used as the establishment of a precedent’.

Mr Cover is seen as an introvert who, despite his great achievements, prefers to stay out of the spotlight.

While leading Victoria Mutual, he was known to be very concerned with Team Members’ welfare and knew the name of every Team Member with whom he interacted. He also knew the names of their children and would actively track their development. He would also visit branch locations every Christmas and greeted every Team Member warmly.

Mr Cover was very passionate about VM Team Members achieving homeownership and would encourage them to make it a reality.

Prayer was a major part of Mr Cover’s lifestyle. He prayed constantly for the organisation and its Team Members. His strict adherence to the tenets of good principle and integrity were a reflection of his intrinsic Christian beliefs.

Reflections on VM Team VM has a strong record of relentless pursuit of financial wellness for its Members. As we celebrate Members’ Month and reflect on 142 years of service, we share reflections from two VM Stalwarts, Ronald Graham and Vivienne Jones.

Vivienne JONES Vivienne Jones is a former Vice President of Operations at VMBS. In her 26-year sojourn with VMBS, she has served the organisation in several capacities at the senior management level including, Systems Manager, Branch Manager and Assistant Vice President, Branch Operations. Mrs Jones has also had oversight responsibility for the operations of the Overseas Offices, the Marketing and Mortgage departments and the local Branch network.

: What are two of your fondest memories of daily life at VM?

: For me, the day-to-day interaction with customers (especially those who can be demanding) proved to be one of my most satisfying and enjoyable experiences. This was especially so when I was able to meet their needs, and address their issues, calm their fears and end up exceeding their expectations. To illustrate, I will share an experience which remains indelible in my mind. I joined VM as the Systems Manager at a time when the organisation was aiming to revolutionise its Branch operations by introducing an online real-time computer system. Shortly after the implementation of the system, I was offered the opportunity to manage the Society’s largest Branch (at the time) and I jumped at the challenge as this would

round out my experience. Having done the technical work, I was now able to embrace the practical side. Instead of computers, I would be dealing with the lifeblood of the organisation - our Members. A longstanding and extremely demanding customer, on learning that this ‘technocrat’ (she despised the word ‘computer’) was the new Branch Manager, visited the Branch on the first working day of the year after our new computer system had processed our year-end activities and credited interest to the accounts. She demanded to have the interest credited to her accounts verified, as she did not trust the computer. Of course, no staff member was able to take on such a task, as the Branch was a busy place. Learning of the situation, I invited her to my office and introduced myself, to which she responded: “So, you are the lady who thinks you can fool us with your fancy machine! I don’t think the

interest credited to my accounts is correct.” With a characteristic shrug of her shoulders and a sneer, she sat before me and gave me her account numbers. I had to manually calculate the interest on each account (remember, we calculate interest daily on the balance of the account) to prove the accuracy of “my computer” as she put it, before she would calm down. We had lunch together at my desk and I worked late into the evening to complete the challenge. I took her home that night and we became friends. After that, she would always visit me when she came to the Branch and I would give her a ride home most of the times. For me, seeing the turnaround in her attitude was extremely gratifying as staff would sometimes cringe after she gave them her usual ‘dressing down’. That behaviour changed and if there was a problem she would bring it to me instead of hurling insults at our 7

front line staff. Another fond memory which I cherish was visiting our customers in the UK, Canada and the USA on our regular tours to areas where we had a significant customer base. Although these visits could prove demanding, as our meetings tended to go on late at nights and many times we were up early next morning to drive/fly to another location, it was so pleasing to meet our devoted customers , spend time with them, and help them save and to purchase homes in Jamaica for retirement. The good feeling one got when customers stood up in our meetings and voluntarily attested to the helpfulness of the Society, and to the trust and confidence they placed in the organisation and its staff, is indescribable. At times, persons had left the country over 20 or 30 years before and had accounts at VM and figured their money was gone due to fees because of inactivity.When we were able to assure them their funds were intact and, in fact, had increased and continued to earn interest, the look of astonishment on their faces was priceless. It makes you feel really privileged to be part of an organisation that is always working in the interest of its customers and places such a high priority on service and customer confidence.

: What was a significant challenge you faced and how did you overcome it?

: You will note that I have focused my comments on Customer Service. For me, the greatest challenge I faced at VM was getting our operations staff to understand and buy in to the fact that (excellent) service is what we need to offer to the public in order to differentiate us from the other players in the industry. In the financial industry, product offerings were very similar and VM spent a tidy sum to put the organisation in a competitively advantageous position by investing in a state of the art online realtime system. It allowed a customer to go into any Branch location to

It makes you feel really privileged to be part of an organisation that is always working in the interest of its customers and places such a high priority on service. do transactions or get account information immediately, despite their home Branch being at another location. We had no excuse for offering less than acceptable service. I, therefore, set very high standards for our operations in Branches, particularly for our front line staff. This proved to be challenging at times but with perseverance and good leadership (selecting the right managers, supervisors and front line personnel), bolstered by training, appreciation for the idea grew. In addition, our rewards and recognition system was invaluable.

Q A

: What is your dream for VM?

: There is good reason why VM remains a MUTUAL Building Society. I believe it must continue to strive to fulfill its mission which was enunciated 142 years ago when it was established by Christian men

who wanted to help Jamaicans to own their own homes and to attain some level of financial independence by saving on a regular basis. Home ownership is a real and fervent desire of most if not all Jamaicans which remains a positive indicator of ‘accomplishment’ for many. My dream, therefore, is for the organisation to continue to grow and to expand its range of products and services to meet the demands of our current and future customers but without losing its focus on helping its customers realise their dreams of owning a piece of ‘the Rock’ and to teach and guide them to expand and maximise their potential and attain financial independence. All this without losing the common touch, providing service of the highest quality and showing respect and care for all, large savers, small savers and investors alike. I also wish for this organisation to remain a beacon in the wider Jamaican Society, known for demonstrating sensitivity and responsiveness to the needs of the underserved in our communities business with a heart.

: What achievement are you most proud of?

: While I experienced tremendous fulfillment during the time I served on the operations side of the organisation, I gained depth and breadth of knowledge in the various areas in which I worked and was given the opportunity to participate in a meaningful way in the Society’s shaping and growth both locally and overseas. However, I hold as my signature achievement, the implementation of the Building Society’s online, real-time computer system. This was a first in the financial Industry and the platform on which VMBS positioned itself to facilitate rapid expansion of its Branch network and to provide vastly improved service to its customers. We had a great team and that achievement brought a lot of satisfaction to all. It was a huge differentiating factor in the industry.

Ronald Graham Ronald Graham became a VM member of staff in January 1959 with the title Junior Clerk at 6 Duke Street. This was the only office at the time and the staff complement then was 20. He spent 43 years at VM and retired in October 2002 at which time VM’s Branch Network had grown to 15 and his title at retirement was Divisional President, Building Society Operations.

: What are two of your fondest memories at VM?

I’m proud to meet persons, many years after the fact, expressing gratitude to VM for the part we played in their shelter solutions.

: I have many ‘fondest’ memories at VM, but permit me to share

two.

SPORTING EVENTS VMBS, and indeed all Building Societies, shied away from sponsoring sporting events. In 1988, when I was Assistant General Manager – Marketing. VMBS became the first financial institution to sponsor a sporting event. This was club cricket. We did it for two years. Following this, from 1990-1991, we did Victoria Series Satellite Tennis Tournament (International). In 1992 we negotiated with the Inter-Schools Sporting Association (ISSA) to become the sponsor for Boys’ Champs. After 3 years it became a combined Boys’ and Girls’ Champs, still under VMBS Sponsorship. After this long preamble, my fondest memory is walking into a full National Stadium with VMBS banners everywhere as well as radio and TV coverage and the excitement of the very first combined Boys’ and Girls’ High Schools Championships.

OVERSEAS TOURS To have had the shared responsibility with KP Wright to undertake the first promotional tour to the USA and subsequently to the UK by a local financial institution. This venture was such a success that it became an annual event.

: What was a significant challenge you faced and how did you overcome it?

: Politics has always been a very touchy subject in Jamaica and my challenge was walking between the raindrops in a politically charged environment. On one of my visits to the UK in the late 70s, when there was a lot of political tension in Jamaica, VMBS was invited to address Jamaican nationals at the High Commission in London. The room was packed and in the front row were three Jamaican Ministers of Government who were visiting London. The presentation covered what was available through VMBS as well as an overview of what was happening in Jamaica. Questions were invited from the attendees at the end of the presentation and the first questions were on the level of crime and violence in Jamaica. At that point, a member of the Ministerial group rose to answer the questions, an action which was not well received by the audience, who deemed him biased. They insisted that they did not wish a political response. I was, therefore, placed in a situation to answer the questions in a truthful manner while seeking to be protective of the country’s image. In

the end, both attendees and Ministers appeared to accept the answers provided.

Q A

: What is your dream for VM?

: My dream is to see VM continue to grow and provide a level of service above all other financial institutions. Our Members should receive benefits for having chosen to save with us.

: What achievement are you most proud of?

: Being able to encourage persons in and out of Jamaica to enter into savings programmes, ultimately enabling them to own their own homes, which is the largest single investment most persons will ever make. And for me personally, I’m proud to meet persons, many years after the fact, expressing gratitude to VM for the part we played in their shelter solutions. 9

Better Together

THE BENEFITS OF MUTUALITY It’s Members’ Month and we thought we’d spend a minute reminding you of just some of the awesome benefits of Mutuality. • Mutual organisations operate for the benefit of our Members. Your wellbeing is our goal and we never lose sight of that. • As a Mutual, our Members are at the heart of all our decisions, meaning we don’t have external shareholders to satisfy, unlike stock companies. You become a Member and shareholder of the Victoria Mutual Building Society once you open an account. • Our returns on invested capital are reinvested to improve services and distributed to Members. Read on for even more benefits of being a Member of VM ...

Happy Members’ Month! We are here for YOU! We are so happy that you are a Member of the VM Family. Here are some highlights of the benefits available to you. For 142 years, VM has been helping Members achieve financial wellness. Since Victoria Mutual is not a stock company, but rather a ‘Mutual’, that is owned by our Members we can offer our Members unique benefits and rewards to help achieve their financial goals. We accomplish this because of our Customer Focused approach to service as well as our belief that all our decisions are for the benefit of our Members. As an organisation that is here for its Members, VM offers benefits that cover the range of financial concerns from: competitive returns, educational incentives, convenience and reliability, as well as protection of assets. VM Members access higher interest rates on Mortgage Savings Products, competitive interest rates on mortgage loans, 100% financing on mortgages for self-employed persons, 50% discount on property valuations, low processing fees, no fees for transactions done at any Multilink ABM or point-of-sale facilities, and no dormant fees. Via our investment subsidiaries, we offer a range of investment solutions to our Members, some of which offer tax-free* benefits. Our Members receive special status and benefits from VM Wealth to include: •

Simplified on-boarding, with additional enhancements to come

•

Reduced fees for equity trading

•

Reduced interest rates for margin loans

•

Access to world class educational content and analysis to facilitate

investment decisions Our Members who are not enrolled in a company sponsored retirement plan can access world leading retirement scheme. •

Choose from a range of flexible investment portfolios

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On-line access to account

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Best in class portfolio management

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Low fees with transparent structure and applied from the portfolio earnings, not from member contributions.

VM understands that the journey towards financial wellness and achieving your goals is about financial knowledge, incentives, and rewards. That’s why our subsidiaries and affiliates provide financial education and opportunities for our Members to know how to achieve their goals. VM Membership benefits include education incentives and scholarships. Members can apply for VM Foundation Head-Start Scholarships for their children’s education, and young savers receive access to the four categories of awards that range from PEP, advanced studies, tertiary scholarships, and STEM Scholarships.

VM Pensions Management and VM Property Services provide free consultations and expert advice to our Members as they look towards the future. VM Property Services provides not only a broad list of properties islandwide but also certified appraisers with extensive knowledge of the market. Convenience and reliability are benefits of Membership with Victoria Mutual. VMBS Money Transfer Services has eight global partners, over 90 locations island wide, and more ways to collect remittances. VMBS Money Transfer Services gives our Members more when collecting money from any of our locations. VM is also aware the protection of assets is as important to our Members as ownership and investments. VM’s affiliate company British Caribbean Insurance Company (BCIC) offers a comprehensive suite of insurance benefits for our Members, including discounts on home and motor vehicle insurance. VM remains committed to being here for our Members providing them with a range of advantages to help them attain and protect their goals. *Conditions apply.

VM goes Digital VM’s Founders had a particular vision in mind for Victoria Mutual: Meeting the needs of the deserving thrifty. As home ownership forms the backbone of VM, there has been, and continues to be, large volumes of mortgage applications monthly. This is an awesome responsibility, which we take seriously.

VM RESPONDS DIGITALLY In 2018, VM commenced a transformation journey, of which digital transformation is a big part. This digital transformation would seek to fundamentally change our business strategy so that prospective and existing Members interested in home ownership would experience VM in a totally different way, consistent with the wider environmental shift. Importantly, our Members desirous of availing themselves of other VM services would also have a renewed experience. Though VM has upped the ante with 12

this digital transformation, individual initiatives prior to this paradigm also testify to VM’s consistent Member Focus: •

Rollout of internet banking (2013) »

•

Expansion of payment capabilities »

•

First iteration made available for Members to track account balances, pay loans and bill payments

2014 – provision of in-branch domestic and international wire transfers to other banks

Remaining focused on the original purpose espoused by Reverend Downer, the digital transformation is taking a crack at overhauling the present mortgage experience. DME will see our Members having the ability to request and receive preapproval, with approval capability coming in 2021, all without coming into the branch. Members can look forward to: •

2016 – provision of online domestic and international wire transfers to other banks (via internet banking)

Introduction of branch kiosks (2015) »

THE DISRUPTIVE MORTGAGE EXPERIENCE (DME):

Allowing Members in branch to track exchange rates, register for & use online banking, and view product information

Convenience throughout the application process »

•

Members apply whenever, wherever, without the constraints of branch opening hours and the associated commute

Better communication and visibility of their application over the course of the processing journey »

Members receive guided

navigation on the portal with tooltips and milestone updates via email alerts •

subsidiaries have also been responsive to Member feedback: •

Faster turnaround on mortgage approvals »

Members feel the benefits of an improved mortgage process in the turnaround time

WIDER DIGITAL TRANSFORMATION AGENDA Consistent with the mandate to revamp how you experience us, inbranch deposit and withdrawal slips are now a thing of the past. This process improvement is just another step in reducing transaction times and affording our Members a better experience when engaging with us. Additionally, our development and expansion of the smart iABM (inbranch) network continues so that you can also transact business faster with an alternative channel for making deposits instead of the teller line. The

•

VM Pensions has rolled out its online portal so Members can track their pension accounts remotely from the convenience of their homes VM Wealth instituted its online appointment management system so that clients can access support faster and more conveniently VM Money Transfer Services has also improved its services with the direct-to-bank service that allows a fast and convenient means to send and receive money

Our digital roadmap, however, doesn’t end there. More exciting capabilities are on the horizon: •

Online access to VM Wealth accounts

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Video banking

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A single online onboarding solution for VM Group

•

New card products & services incorporating: »

Rewards program

Remittances

Local and international market usage

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Remote pinning of debit cards via iABMs

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Usage of smart debit cards with chip technology at VMBS automated teller machines

With the suite of new products and services (many now online) released and in the pipeline, you, our valued Members are able to manage your financial affairs much more conveniently – giving you back your precious time. Additionally, at a time when safety takes on greater importance, you are now able to do business with us at a distance. With the suite of services recently deployed and those in the pipeline, we say, ‘We are here for you’ and Happy Members’ month! 13

As an organisation that is here for its Members, VM offers benefits that cover the range of financial concerns from: competitive returns, educational incentives, convenience and reliability, as well as protection of assets. VMBS • • • • • • •

Higher interest rates on mortgage savings products Competitive interest rates on mortgage loans 100% Financing on mortgages for self-employed persons 50% Discount on property valuations Low processing fees No fees for transactions done at any multilink abm or point-of-sale facilities No dormant fees

VM Wealth Management • •

Reduced equity trading commission of 0.5% Online trade commissions of 0.75% and reduced margin loan interest

VM Pensions Management • • •

Free consultations and expert advice Investment gains are tax-free* Approved retirement scheme is tax-free* for selfemployed persons, professionals, contract workers and employed persons, who are not a part of an employer sponsored pension plan.

VM Property Services • • •

Free consultations and expert advice to our members Broad list of properties islandwide Certified appraisers with extensive knowledge of the market

VMBS Money Transfer Services • •

Eight global partners Over 90 locations island wide

British Caribbean Insurance Company (BCIC) - A VM affiliate company • •

Comprehensive suite of insurance benefits for our members Discounts on home and motor vehicle insurance

*Conditions apply.

Join us for the VM Group Digital Townhall on Sunday November 15! Engage with Leaders of VM directly and learn more about the benefits of being a VM Member. Join via YouTube, Facebook or Zoom. See you then!

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