A 21st Century Solution

Across the world, the banking sector continues their withdrawal from the provision of the humble safe deposit box service. For a decade or more we have been told there is no demand, the service is no longer required, nobody physically stores anything anymore.

Let me be frank, nothing can be further from the truth. This is a spin executed by a global banking sector who never had any real interest in providing a storage service. The humble safe deposit box has always been considered a "loss maker", a service the banks felt they had to provide to the small percentage of their client base. The traditional safe deposit box service was difficult to manage, and it took up space and management time. The contents were not insured under FDIC and clients were often forced to work around banking hours when it came to access.

It was tolerated at best but after the financial crash of 2008, banks across the world were forced to strategize, reengineer their business model and the "great migration" from bricks and mortar bank branches to online digital banking platforms began. Therein lies the trigger that has led to the decimation of bank safe deposit box services at an ever-increasing rate.

In one country in Europe, over a 3-year period, every bank in the country took the decision that they would no longer provide the service and tens of thousands of clients were left with no alternative. The exact same dynamics played out at different speeds across the global banking sector.

In the USA one of the largest safe deposit box providers in the world JP Morgan Chase announced their withdrawal from the provision of services to new clients in January 2022 and existing clients in branches across the USA have been receiving letters in the post to say come collect the contents of your box as we can't renew the contract.

It is so ironic then to read that the logic presented by the banking sector is a lack of demand when even a superficial check will uncover the fact that banks experience waiting lists to access a safe deposit box that can extend for years. Indeed 3 year waiting lists are "common" and in many countries, securing a place on that coveted 3 year waiting list is considered quite an achievement.

Let me be clear, that's a 3-year waiting list to rent a BOX.

Of course, this has led to a massive increase in capacity within the private sector. Across the world, the private industry has stepped up to the plate and tried to respond. There are many examples of wonderful private safe deposit box centers opening in some of the major capital cities around the world and for sure that has provided a welcome relief for disgruntled clients who live close to those facilities. They are purpose built, highly secure and most offer a traditional but highly professional service.

That said: One company stands out in that it has developed a concept so unique, it has been described as the most innovative development in the industry in 150 years.

In much the same way, the concept of a "Convenience ATM Network" sought to take the ATM out of banking halls and position them into the shopping malls changing the way society manages personal cash, MYSAFE ( MySafe Dubai Mysafe Kenya MySafe India MySafe USA.) set out to create the same level of convenience by lifting the "Vault out of the Dungeon" and positioning the humble safe deposit box it in the high street.

MySafe realized that the nature of the service had to be aligned with the demands of a 21st century consumer. They recognized that despite the best efforts of traditional safe deposit box companies to expand their Network, the industry had never embraced the technological developments such as advanced safe robotics, integrated privacy pod, future proof integrated security features, multi layered access control to include bio metric verification technology.

MySafe pioneered the concept of the private automated safe deposit box. Just like the convenience ATM Networks brough the ATM into heart of the community, MySafe took the vault of out the dungeon and in so doing, elevated the humble safe deposit box into the 21st century.

A secure storage solution that embraced technology to create a fully automated and convenient concept with a multi layered access control systems. The design was predicated on it being the most advanced technology of its kind in the world, insurance underwritten by one of the largest insurance markets in the world, and now already located in the high street in Offices, shopping malls, the retail Lobby of 5-star hotels, in Airport freezones and retail parks.

Headquartered in Dublin Ireland, MySafe has expanded exponentially launching multiple sites in 2017 across the United Arab Emirates, East Africa, India and now with 5 new sites launched in the United States since January this year, MySafe is determined to lead the industry in developing a 21st century service that sets global standards of security and insurance and at the same time, a service that is consumer orientated, accessible to all and convenience.

It's profile is self-explanatory with MySafe Safe Deposit Box centers in locations such as the Dubai Airport Freezone, across the Boulevard from the Burj Khalifa /Dubai Mall (Largest shopping mall in the world and the tallest building in the world) , in the retail lobby of the Kempinski Hotel on one of the most iconic locations in Dubai, the Palm Jumeirah and their most recent launch on Wilshire Boulevard Beverley Hills in the USA.

Ours is to focus on a particular market segment but MySafe can never fill the gap in consumer demand that will emerge once the concept of availability and convenience becomes clear.

As you travel the journey through life, everyone accumulates something of value. That definition of value varies hugely, and it was always illogical to believe that only the top 5% of bank clients had "something of value" and would benefit from access to a secure storage solution. The scope of the real demand for secure storage facilities will be driven by the capacity of the industry to be brave and step up to the plate to create the capacity the bank branch network once provided.

The 21st century demands / expects global standards in security, insurance, service. That's the basics but that alone does not define the potential. The industry must also reflect consumer demand for convenience, automation, innovation and above all the development of a concept aligned to their needs.

Further information available from the Author [email protected]