MONTEGO BAY, Jamaica — Digital banking tools are helping more Jamaicans overseas begin the process of buying homes in Jamaica by reducing the need for in-person visits. This technology decreases paperwork, JN Bank mortgage executive Dave Hanson said.
Investing in Jamaica’s Property Market
Hanson, senior manager and chief product officer for mortgages at JN Bank, made the remarks during a panel discussion titled “Investing in Jamaica’s Property Market: Opportunities for the Diaspora”. The event took place at the 11th Biennial Jamaica Diaspora Conference, held June 15 at the Montego Bay Convention Centre. The conference is being held under the theme “Diaspora Partnerships: Rebuilding a More Resilient Jamaica.”
The session was moderated by Lisa Rutty, who is a member of the Global Jamaica Diaspora Council in Canada. Presentations came from Dwayne Berbick, assistant general manager for corporate communications and public affairs at the National Housing Trust. Also, Leighton Smith, vice president of VM Building Society Overseas Offices and chief executive officer of VM Finance Ltd took part.
Seamless Process
Hanson said JN Bank has streamlined its mortgage process to create a more seamless experience for clients in the diaspora.
“At JN Bank, we understand that homeownership continues to be an elusive commodity for many aspiring Jamaicans living here and abroad, and we try to simplify our processes in that regard,” Hanson said.
He said prospective homeowners can now begin the mortgage process remotely, including applying for pre-approval online, reducing the need for repeated travel to Jamaica.
“We have created digital footprints in terms of your ability to get a remote pre-approval online,” Hanson said, adding that applicants can use the bank’s website to access an online pre-approval portal.
Customers also can open accounts remotely through the ONE JN Passport app. This allows them to complete key steps in the mortgage process from anywhere in the world, he said.
Hanson said the bank’s digital systems are built to process applications faster. He said they help customers move into their homes sooner.
“Our endeavor in the entire process is to have you within the confines of your new home within 30 days,” he said.
Mortgage Financing
He said technology is changing how Jamaicans overseas access mortgage financing. JN Bank uses digital mortgage applications, video conferencing and online chat to support clients remotely.
“Digital mortgage applications is one way that we have leveraged technology, also providing enhanced customer support through video conferencing and online chat,” Hanson said.
Secure digital platforms also allow customers to submit documents electronically, reducing paperwork and improving convenience. This is especially helpful for applicants abroad.
“We’re looking at cloud-based solutions or secure digital platforms that provide opportunities for you to upload your personal documentations,” he said. He also added that data privacy remains a priority.
Hanson said additional support is available through JN Properties, the real estate arm of the JN Group, which helps clients identify suitable properties and provides services for those purchasing real estate as an investment.
“If you decide that you don’t necessarily want to come to Jamaica to stay, we can also provide property management services,” Hanson said. “If you want to rent a property, we’ll work out the dynamics as it relates to getting tenants for you, we’ll collect the rent, and we’ll remit the funds to you.”
Jamaica Diaspora Conference
The diaspora conference is organized by the Ministry of Foreign Affairs and Foreign Trade. This is done in collaboration with conference chair The Jamaica National Group. The event is Jamaica’s premier platform for engaging its global community and encouraging participation in the country’s development agenda.
The conference ends on June 18. It brings together Jamaicans living abroad and government officials. In addition, it also includes private sector representatives, academics, and civil society stakeholders.. They examine opportunities for advancing national development and strengthening resilience.
