The new Jamaica National Money Shop on Knutsford Boulevard, New Kingston, yesterday. - RICARDO MAKYN/STAFF PHOTOGRAPHER
WHEN THE sixth JN Money Shop is opened in New Kingston in less than two weeks, the office will be positioned to compete with Paymaster, Western Union and Bill Express.
The two-storey, 1,500-square feet office, located at the corner of Knutsford Boulevard and Trinidad Terrace, will offer a mix of services such as remittance services, cambio services, savings accounts facilities, bill payments, placing classified ads, phone card purchase, free ATM service and mortgage payments.
"What we are going to be offering is a wider mix of services than any of these (competing) places. Paymaster, Bill Express charge, or are going to charge eventually, for services such as paying your bills. We won't be charging - and an extension of this is that we have the free ATM service which they don't have," the general manager for business development and senior manager for community banking at Jamaica National, Philip Bernard, told the Financial Gleaner.
SERVICE ORIENTED
Two years in existence, the concept behind the Money Shop moves away from the traditional larger banking hall structure in favour of a compact, convenient and service-oriented community bank. In other words, it is designed to serve communities that are too small to justify large traditional 'brick and mortar' banking structures but which need essential financial services. Small, micro and cottage industry community-based businesses, in particular, benefit from this kind of arrangement. There are five existing Money Shops located in Whitehouse, Spanish Town Road, Gayle, Port Maria and AZMart in Barbican.
DRIVING LOANS AND MORTGAGES
"With the hotels, the restaurants, the financial district, we thought the concept was suitable to the surroundings," Mr. Bernard said, explaining why the New Kingston spot was chosen. "This location is supposed to help ease pressure off the JN branch we have around the corner, which will be focused on driving loans and mortgages. It will have extended opening hours because we want to provide an added element of service to our customers because everything is member-focused now - we have free ATM services, free money transfer cards. The key is to be open and awake to the community."
For this reason the New Kingston office will have extended opening hours, opening from 10 a.m. to 10 p.m.
"You can do all of your banking there. There will also be representation of subsidiaries such as JN Real Estate and JN Fund Managers, so when you come in you will have people who are trained and have knowledge of the subsidiaries."
