Empowering the Transformation of a Nation
Innovating for the benefit of our Members Dear Valued Members,
business growth solutions now include a private equity investment option, and our savings and loans products remain among the most competitive. We are constantly building out our digital channels to make it more convenient for you to do business with us.
Today, the VM Group marks 144 years of serving our Members and clients, reflecting on the theme “Empowering the Transformation of a Nation”. Our journey has not been without challenges, but we remain committed to the intrinsic purpose for which VM was formed – a Mutual organisation working for the benefit of our Members, empowering them to achieve financial wellbeing. Thank you for trusting us to help realise your dreams. In keeping with our strategic goal of being a Modern Mutual, we aim to remain relevant and responsive to your changing needs. The ongoing evolution of our products, services and access channels is testament to that. We promise that you will continue to find innovative solutions that are easier and offer enhanced service experiences, delivered by an expert and caring team.
Ricardo Ellis (right), Branch Manager, VMBS Half-Way Tree, cuts the ribbon for the symbolic opening of the rebranded location alongside Rev. Dr. Stevenson Samuels; Judith Forth-Blake, Group Chief Customer and Brand Officer, VM Group; and Courtney Campbell, Group President & CEO, VM Group. VM is one year into the execution of an exciting brand transformation, one which seeks to further reposition and realign the Group as the pulse of your sustainable financial development story. On August 9, 2022, our Members voted overwhelmingly to approve the reorganisation of the VM Group, which when completed, will create a new corporate ownership structure
to separate the financial and nonfinancial companies in the Group to ensure compliance, all while preserving Member benefits. This month, we launched our muchawaited VM Visa credit cards, allowing you the convenience of taking on new experiences while earning rewards. Our retirement planning solutions are now more affordable and accessible. Our
VM is here for you through all stages of your growth, and we go further by providing industry-leading financial education to empower you to make wise choices daily, because we care. As we begin the journey to the next year and beyond, I take this opportunity to remind you that we are pursuing new and exciting horizons for your benefit. Thank you for expressing confidence in the VM team by giving us the opportunity to serve you and transform your everyday. Courtney Campbell VM Group President and CEO
VM’s ‘people whisperer’ Now retired, Joan Walter was a beacon of service excellence for 44 years
W
hen you meet Joan Walter, she projects the belief that she can do anything, undaunted. She is calm under pressure, and you get the clear impression that whatever Joan sets her mind to, you can be assured that she will achieve it. Affable and confident, she gave excellent service to VM for 44 years. Joan, described by her peers as a ‘people whisperer’, set herself apart by being able to make an instant connection with prospective Members through her innate charisma and liquid empathy. Starting out as a Customer Service
Clerk in the 70s, Joan who retired from VMBS eight years ago after ascending to the role of Vice President of Branch Distribution, was instrumental in building out the Society’s branch network, fostering a culture built around excellence in service delivery and developing an expert and caring team of leaders. “I am a listener,” she said. “We all have a talent, the thing is to pull out that talent, to identify that talent. I am a good learner, I am a detailed person, I listened to my customers, I listened to my team.”
Joan Walter, retired VP of Branch Distribution, delivering remarks at a past scholarship awards ceremony.
CONTINUES
Transform Your Everyday
CONTINUED
She played instrumental roles in the careers of a range of senior VM leaders across the organisation, including Conroy Rose, CEO VM Pensions Management; Leighton Smith, Vice President and Chief Representative Officer, VM Overseas Representative Offices; Allison Morgan, Deputy CEO, VM Property Services; Suzette Ramdanie-Linton, Assistant Vice President, Branch Distribution, Sales and Services; Robert Foster, Country Manager Carilend; and Clover Moore, Assistant Vice President, Group Corporate Affairs and Communications. “When you build a relationship, based on trust, and a common mission, you tend to get more out of persons and get things done, things they would never even dream of, more than the extra mile,” she said, a note of pride creeping into her voice. Walter played a key role in the family oriented corporate culture that VM is known for. “I still keep in touch with my VM family, you keep that connection even though you are not there. And I am so proud of the quality of the service they have maintained over the years. All of us are servants. We ought to be able to serve well,” she said.
Family is everything at VM “VM is a family. There is the thread that binds us. People on the outside still see VM as a family. There is a thread that shows that family is important. We pass this on to our younger staff and we keep the tradition going.” Walter believes that building societies cannot become cold enterprises made up of spreadsheets, sales and investment graphs, computer bytes and cool user-friendly apps. “I don’t think we should lose that connection, it can’t be machines and devices, even though we have the technology, you can’t remove that human element, that relationship or else, all of a sudden, everyone becomes a number,” Walters said. Walter, who rose to become the Vice President of branch distribution at VMBS, following roles as Supervisor and then Manager of the Ocho Rios branch, played a pivotal role as a member of the core teams that did the work of seeking out customers, competing against larger banks as VM made a major push in the 1970s. She was unfazed, even heartened by the steep uphill fight of competing against larger financial institutions with more resources. She used
(From left) Carlene Bennett, Lesa Robinson, Joy Bunting-Pusey, Leighton Smith, Joan Walter and Keisha Mascoll at the 2015 VM Anniversary Church Service. her rootsy, home-spun wisdom to develop Member relationships based on trust. “We maintained this level of trust, I listened to the customers, listened to their feedback. When I went to sell VM, I used to sit down on the sidewalk at Dunns River with my customers. I wanted them to see I was one of them. At first, they were wary, they said, ‘ah the first time mi ever see bank come to people, we always have to go to bank’. But we stuck to it, in those days, we were selling financial opportunities, helping people realize their dreams,” she said. “I was passionate about my job at VMBS, passionate about language, you don’t speak down to people, you speak with them, that’s the key. I was part of that team, you sit down and chat and get feedback, some were shy, but we engaged them,” she said.
household name, accountable for the fulfilment of a universal dream to own a piece of the island nation, Jamaica, – renowned globally for its incomparable sunshine, beaches and a ‘no problem, man’ attitude to life. Built on Mutuality, the VMBS remained true, in each ensuing decade, to its promise to its Members, to share ownership of not just the institution but each decision to drive its evolution in the modern world. The institution is now writing a new chapter in the ongoing story of VM. As part of the company’s transformation, the organisation formally known as ‘Victoria Mutual’ is now exclusively ‘The VM Group’. All subsidiaries of the Group have also moved to ‘VM’
emphasizing an enthusiastic move into this new, modern chapter of its relationship with the people it serves. Walter says she believes the new incarnation of ‘VM Group’ is still the caring, friendly organisation that has been standing with Jamaicans through good times and challenging ones for generations. “VM is still energized and eager to help you transform your lives – to transform your everyday. But in doing this, we are not to lose touch with the base, we can’t make the little man feel marginalised. We must continue to fashion products, so everybody feels included. Inclusivity is key,” she said. Family, indeed.
With her work as the voice of the titular character, Dulcemina in the hit radio drama, Walters was able to reach out and connect with Jamaicans. In the late 70s, when very few Jamaican families had television sets, radio was the allimportant medium to connect with their families island wide. She strove to make that same connection within the VM family. “At VM, I helped to begin the programme of mentoring team members, and initiating the idea of crossing-training, sending Kingston team members to Montego Bay, and instructed them to sit down and talk with the people, I told them, ‘find out what is going on’,” she said. Over the years, VMBS became a
Joan Walter hands over a gift basket to a winner in a ceremony for the VM Marriage and the Family series held at Emancipation Park, during her tenure.
Transform Your Everyday
Ronnie Graham - A lifetime of fulfilling dreams with VM
R
onald ‘Ronnie’ Graham is a master raconteur who can spin a tale that can magically transport you back in time, even while articulating a singular idea. Minutes into an interview, he related a story of a chance meeting on the Washington Boulevard almost four months ago, that summed up the qualitative experience of his corporate mandate: fulfilling the dreams of his clients. “I left VM 20 years ago, a man stopped me and said: ‘Mr. Graham, you don’t remember me? I am so and so, you helped me when you were at VMBS Duke Street and I now own my own home’. He remembered me, after all these years, we helped him to achieve a significant milestone for him and his family, and that gives you a feeling of satisfaction that you have contributed, and to have had the opportunity to touch lives,” he said. When Graham joined the Victoria Mutual Building Society Group in 1959, the society then had assets of £1 million. He showed the company’s growth through the lens of the 43 years he was employed. “At that time, we used to put it on our letterheads, that we were the largest building society in Jamaica and the Caribbean. By the time I left in 2002, that had grown to $25 billion which was significant at that time and that was 20 years ago,” he said. The company has continued to grow exponentially over the past six decades. It was hard, grueling work building the company before the advent of computerization. “The systems used for accounting were ledgers, we had to post savings and withdrawals and at the end of the month, we would balance these things. It was challenging, but we did it. We moved to accounting machines, and we became the first building society in 1973 to be computerized, and that was a transformation to how we did things,” he said. He joined VMBS as a junior staff member and he left VMBS as the divisional president of the building society’s operations. Graham is a man with a vision and optimism to spare. In many ways, he was the operations point man who engineered the growth of the
.
(From left) VM Group President & CEO, Courtney Campbell; Chairman, Michael McMorris; Ronald Graham, retired president of building society operations; and former VMBS Chairman Roy Hutchinson, are pictured as Graham accepts an award at the VM 140th Anniversary extravaganza. VM Group as it sought to hammer out the stakes in the exploratory frontier of the financial landscape of the 1970s.
The VM Group also reached out to the diaspora, the vast population of Jamaicans overseas.
“That gave me an awesome feeling of inspiration, there was great achievement over that period,” he said.
“We visited the US to promote the same ideas. It went exceptionally well. Three months after the first promotional leg, we decided to expand our marketing effort to the US and UK leg in 1979,” he said.
The VM Group decided to become more deliberate in its push, by approaching the Jamaica Defence Force, the Jamaica Constabulary Force, and the Maritime forces to increase its savers and customers. “In 1975, we took the decision to become more aggressive in terms of marketing, we wanted people to know who we are, we made the decision that we were going to go into the field, and explain what we’re all about, we challenged the larger companies and institutions,” he said. The armed forces and local constabulary were integral in this push. “We had the opportunity to go in and speak with them and figure out how to work with them and assist them to acquire homes. How do we assist them to acquire homes? It’s always good to advertise, but there is nothing like when they’re able to sit in front of you and ask questions, and that I believe, made the difference,” he said.
Graham said building trust was the key to making the push viable. “Jamaicans living in the US demanded a certain level of customer service, we did so well that we developed a relationship with those folks, and to this day, we have the largest population of overseas savers still. We built up that trust, they knew they could speak to us, we allowed them to have confidence in us, in fact, when they visited us in Jamaica, they came to the persons who they saw when the presentations were made, creating a comfort level that worked for VMBS,” he said. VMBS would eventually grow to become a strong, integrated group with offerings that go well beyond traditional savings and mortgage loans. Through the parent entity, subsidiaries, and affiliate companies, VMBS eventually moved to offer a range of financial products and services for individuals
and businesses, including wealth creation and management, remittance services, real estate services, pension administration, general insurance, and development financing. They also expanded their reach to overseas territories, serving Jamaicans in the Diaspora and other clients in the United Kingdom, United States and Canada. He applauded the innovation of the company, and its key marketing moves such as sponsoring and athletics events. “Through these moves, we were able to interface with people of different classes and cultures. We were able to go into schools and these things helped us to grow, to satisfy the needs of individuals and we did that exceptionally well,” he said. He fondly remembers core members of his team that helped to create a family-based corporate culture at the VM Group. “We have a large group of workers on WhatsApp and Facebook who keep in touch today because of the wonderful times at that institution, I am proud to say we were able to forge together and help VM evolve into the financial giant it is today,” he said.
Transform Your Everyday
A Conversation with our Group President & CEO Group President & CEO, Courtney Campbell, joined the VM Group in 2016 with decades of leadership experience in the banking industry and undeniable passion for purpose. In the years since, he has lead the VM Group on a transformative path, earning the trust of our Membership to expand our products and services, cement our commitment to Mutuality and ultimately transform the VM brand.
to be among the best-in-class FIs - embracing digital technologies such as video and online banking, self-service kiosks and directto-account product offerings for improved customer service. We are meanwhile, committed to continuous improvement to enable the integration of digital technologies and data sharing across FIs for our mutual benefit and in a manner that fundamentally changes how we operate and deliver value to the customer.
As the VM family reflects on 144 years of giving back, our President & CEO took the time to share his perspectives on a range of topics.
How is VM ideally placed to lead digital transformation through its highly motivated and trained teams?
What are your thoughts on how VM is “Empowering the Transformation of a Nation”? We are committed to transforming the lives of our members and clients and the public in general, through our focus on providing Financial Education as a means of empowering them to make informed financial decisions to improve their status in life, not only for themselves, but for their families and loved ones for generations to come. We do this through one and one interaction with our Members, as well as through our various Financial Education sessions, such as seminars, webinars, podcasts, expos etc. which are held throughout the year and which we have been doing for several years now. These sessions address areas such as building positive savings habits, homeownership, wealth creation, the importance of having a pension, and a host of topics relevant to helping persons achieve financial well-being at every stage in their lifecycle. We are also committed to community development and is focused on cultivating meaningful youth participation in our financial systems. What is the single most important function of a building society in today’s turbulent economic conditions? We continue satisfying the needs of our members by providing bestin-class service, complimented by a focus on making these services affordable. We are also focused on providing support to those members facing challenges. This is particularly important given the challenges that we have faced with COVID 19 and since then, rising loan interest rates
Courtney Campbell, VM Group President and CEO
and inflation. What has made and continues to make VM a market leader in terms of great customer friendly experiences and improved business efficiencies? We are blessed to have a very dedicated and committed team working here at VM and we have a culture that actively promotes Customer Obsession, which means that everything we do is based on our commitment to delivering exceptional service to our Members and Clients at all our service points. VM dominates the market, leading on real estate mortgage loans and low or no fees product and service offerings that put our customers centre stage in advancing their financial well-being. We embrace the voice of the customer, taking customer feedback about their experiences with and expectations for our products or services into the heart of everything we do, including the policies, processes and procedures that support them.
The days of a limited online and mobile presence are gone. Societies must combine their core strengths of mutuality and trust with increased digital capabilities. To this end: Are building societies embracing digital transformation fast enough in Jamaica? The proliferation of online and mobile capabilities have placed us squarely in an arena where these capabilities are now the instruments used to battle for the business of clients and customers. VM’s digital strategy has as its driver, giving our members an exceptional customer experience at its digital channels. The benefits of mutuality and trust, coupled with this vision, we believe, will set us apart in terms of service to our members. VM remains the only mutual organization in Jamaica owned by its members. Compared to financial institutions (FIs) offering banking, pension wealth and money transfer services, VM continues
The focus of Digital transformation is not just around the implementation of cutting-edge technology to meet the changing needs of our customers and organisations. Digital transformation from the perspective of people/teams requires organisations to invest in building the resilience of the team to respond in times of uncertainty. The VM Group has placed great focus on the motivation and development of the Team Members by enabling the continuous learning and development of the skills and competencies required for the future of work. Organisations must have the ability to quickly change at scale and capitalize on new opportunities. What opportunities, in your estimation, exist for VM to thrive in the present marketplace? The local financial sector has progressed and developed materially over the years, and Jamaica is now known as the financial hub of the Caribbean. VM, can and is playing our part in many respects, by driving financial education towards accelerating financial inclusion; promoting the steps required for persons to start and afterwards accelerate their financial journey; and providing new products to serve the varying needs of Jamaicans, locally and in the Diaspora. We also assist businesses with raising debt and equity capital to grow their enterprise; and getting listed on the Jamaica Stock Exchange. This includes the traditional but also creative structure based on the unique needs of various groups. Its worthy to note that, we have also launched a private equity fund to transition companies from private ownership.
Transform Your Everyday