Data scientist, Gillian Jackson, sees the employment of smart technology as critical to advancing financial inclusion, particularly in the Caribbean, where micro and small businesses continue to lag in their adaptation of digital technology and the population still has a high percentage of adults without bank accounts.
Ms Jackson, who leads data analytics at the JN Group and is a well-known financial blogger, underscored that financial institutions not using smart tech may find themselves at a severe disadvantage in the near future.
“Your processes will be slower. Your customers will be less satisfied, and you will generally not have the benefits that banks using smart tech have and are seeking to improve on,” warned Ms Jackson.
Against that background, Ms Jackson, who is the smart data and analytics stream lead of a project to simplify JN’s credit processes, pointed to the JN Group’s recently introduced ONE JN Passport, which uses smart technology, as an important move on the part of the financial organisation. The app uses smart technology strategically to significantly quicken the credit decisions, improve convenience and customer experience, while strengthening risk management.
The ONE JN Passport currently facilitates digital onboarding and opening regular bank accounts in local currency or any of the three major foreign currencies (US, Canadian, British pounds sterling). Persons can also apply for unsecured loans completely using the app, which means the entire process is digital and does not require visiting a branch. And the entire process can be completed in minutes.
Importantly, onboarding through the app eliminates the need to provide basic identity information when doing business with a new company in the JN Financial Group. That makes product acquisition fast and easier.
“The app has financial inclusion at the heart of its engineering,” she said, pointing out that with the app it means that persons without a relationship or limited access to financial services, can, as long as they have a smart device and access data services, easily access financial products and do so at their own convenience and quickly.
