Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, has praised the management of COK Sodality Cooperative Credit Union Limited for investing in technology designed to enhance the entity’s operations and client service delivery.
COK, which is headquartered in Kingston, has digitised all transactions, installing the new Universa Premier Digital Core Banking Suite, which is a modern browser-based platform with advanced visual interface that can be accessed by the entity’s 270,000 members on mobile and desktop devices.
The facility was established in partnership with Canadian technology firm, Smart Solutions.
Speaking during the platform’s virtual launch at The Courtleigh Hotel in New Kingston on Wednesday (August 12), Dr. Clarke said COK’s undertaking, particularly during a “time of uncertainty” as the country grapples with the coronavirus (COVID-19) pandemic, “is a testimony to your long-term confidence in Jamaica and commitment to providing your customers with A-Class service”.
“It speaks to your confidence in your business and in the future that you see for your business,” he added.
He said that investing in technology helps to improve competitiveness, which leads to enhanced output and economic expansion.
“So, if all businesses across Jamaica were doing what you are doing, which is investing in technology, our rate of expansion would be far in excess of what it is,” he argued, noting that Government is committing to “creating an environment where competition can flourish”.
Dr. Clarke, in highlighting the long history of the credit union movement in Jamaica, said that the sector, with a membership of approximately two million and assets totalling some $130 billion, remains an “indispensable pillar” of the economy that must be preserved.
In her remarks, COK’s Chief Executive Officer, Ambassador Aloun Ndombet-Assamba, said the Universa Digital Core Banking Suite marks a very important milestone in the company’s history.
She said that in launching the platform, which has been in use since August 2, “we make a giant step into the future”.
“By partnering with Smart Solutions, we have made the investment with a firm belief that it will not only improve our internal operations but, more importantly, provide added value to… all 270,000 members [of COK],” she said.