Women dominate JMMB client base
JMMB Group has launched a suite of products designed especially for women in response to a trend observed over the years where a greater number of its clients are female.
Its client base is currently 59 per cent female, according to JMMB country manager for Jamaica Kisha Anderson at the unveiling of a new product, JMMB Her Wealth, at an event in New Kingston.
Under the new offerings, women will be able to access insurance, investments, loans and savings accounts, the company said, "from a financial institution that has sought to customise some of its financial solutions to empower women to achieve their financial goals", JMMB said in a statement.
By tailoring products for women, JMMB said it positions the company to attract even more business from the demographic.
"Research indicates that women represent a huge potential market opportunity for growth across many industries, including finance where there are gaps perceived in the way financial institutions cater to women and their unique needs," Anderson said in the company release.
PROFIT NOT MAIN OBJECTIVE
Speaking with Financial Gleaner at the launch, Anderson said that while JMMB anticipates a wide take-up of the new products, profit was not the primary objective.
"As we were thinking about this campaign, we weren't necessarily thinking about a dollar figure. The objective of the campaign is us being intentional about reaching out to women," she said.
"If you think about our revenues and profit, it's a near 60/40 split in terms of the revenue we make from women," said the JMMB Jamaica head.
JMMB Her Wealth will also feature a rewards programme for services typically utilised by women. The company has partnered with merchants who offer medical care, beauty, auto, and home and garden services to provide five to 20 per cent discounts, among others benefits for women.
To design JMMB Her Wealth, Anderson said focus groups and surveys were conducted over a 12- to 18-month period.
"Before we started the study, we had several focus groups where we asked the women about their needs and expectations of a financial house. We found out what their dreams are so we could figure out how we will help them towards those things," she said.
"You find that women don't generally trust themselves when it comes to financial products, so improving their financial literacy is something that we want to focus on."
JMMB says it will be hosting quarterly financial education sessions aimed at women.