Sagicor Group Jamaica is forging ahead with its five-year plan to enhance user experience for both customers and team members across all touchpoints through digital transformation.

This was a key highlight at the company’s annual general meeting (AGM) last Wednesday (May 22), held at the AC Marriott Hotel.

Group president and CEO Chris Zacca emphasised that Sagicor’s digital transformation initiative is not merely about adopting new technologies but rather about reimagining every aspect of the business to meet the evolving needs and expectations of customers in today’s digital age.

“We’ve laid out a comprehensive five-year plan which covers all our lines of business. Our digital transformation strategy is more than just a technological upgrade; it’s a fundamental shift in how we serve our customers and operate as a business,” said Zacca. “We are dedicated to creating a seamless and intuitive experience for our clients across all touchpoints, whether they prefer online, mobile, or in-person interactions,” he added. 

Pioneering ‘phygital’ branches

Already, the company has started integrating features within its business lines, aligning with its “future-ready” approach. Its most recent upgrade was the launch of Sagicor Bank Jamaica’s first ‘phygital’ branch at New Brunswick Village in Spanish Town, St Catherine.

With a focus on efficiency and convenience, the branch was designed to save clients valuable time and streamline the account opening process through state-of-the-art interactive automated banking machines (iABMs) and self-assist kiosks. By leveraging cutting-edge technology, Sagicor Group aims to provide customers with seamless and hassle-free processes, setting a new standard for banking convenience.

“Our goal is to continue fostering an inclusive environment for all our stakeholders. For us, going digital means that we will open our doors to those customers who prefer face-to-face interactions at branches, to those who opt for self-service kiosks within a branch, and even those who may not want to visit a branch at all and would prefer to do their transactions online,” said Zacca.  

“We are also committed to empowering our team members by providing opportunities for upskilling and transitioning into roles that align with our digital initiatives,” concluded the CEO.

Sagicor Group has also initiated plans for several innovative solutions to be launched in 2024. Chief among them is its loan origination system, which will streamline the lending process through automation, expediting loan initiation, review, approval, and disbursement. Additionally, the Money In/Out team is enhancing payment processes by automating manual tasks, particularly for recurring payments on insurance life policies, enabling more self-service functionalities for clients.

Sagicor’s prepaid card team is focused on improving security and convenience in prepaid solutions, making fund loading, balance checks, and card activation easier for customers, while the IPO and APO team is developing a user-friendly digital platform for applications, offering real-time updates on allocation and refunds.

Furthermore, much-anticipated is the digital wallet, which will facilitate seamless peer-to-peer and merchant transactions with digital currency. Sagicor Bank was recently added as the third wallet provider for Jam-Dex, Jamaica’s central bank digital currency (CBDC).

“Our digital transformation will also encompass our internal processes, streamlining them for our teams to work more efficiently. This will enable them to complete tasks quicker and align with various standards, including our cross-functional Data Protection Programme. This sort of internal transformation is what will seamlessly trickle down to our clients and customers and ensure a fully integrated digital ecosystem.”