The concept of the humble a safe deposit box has been around for over 150 years and from the very beginning, the service was provided by the banks and private security companies.

It was always seen by the banking sector as a service they provided to their most discerning clients. Indeed, its fair to say in the latter half of 20th century, the banking sector felt almost obligated to provide the service but it was never seen as a core product, instead a service they were expected to provide to their high net worth clients. In the aftermath of the global financial crash of 2008, as banks worked to redefine their business model, the unprecedented push to move the consumer to online banking platforms resulted in a dramatic reduction in bank branches across the world. One of the consequences of this new strategy was the decimation of locally provided safe deposit box services as bank branch after bank branch closed and clients were "invited" to remove the contents of their safe deposit box.

So imagine if you will, the dramatic reduction in capacity from an industry sector who never saw the product as core in the first place, rather a service they felt obligated to provide to the top 5% of their client base, then of course the perception is created that demand for the service is in decline.

Nothing could be further from the truth.

The consumer was never the driver of this strategy, instead, the consumer was the victim as bank branch after bank branch closed and /or banks disengaged from the service completely.

In some countries such as Ireland for example, every single bank in the country withdrew from providing the service over a matter of a few short years. To be fair, banks have also faced increasing pressure from regulatory bodies to significantly enhance their anti money laundering provisions and in a transactional business such as the banking sector, the storage and management of stored items on behalf of clients engaged in routine transactional business with the very same bank gave rise to ever increasing compliance burden.

As a consequence, less and less interest / investment in bank safe deposit box facilities gave rise to an ever increasing gap as demand far outstripped capacity. Go to any bank today as an "ordinary" client and explore the banks capacity to provide safe deposit box services. There are always exceptions but by and large, you will come to realize that the limited service is available and only to those discerning clients who meet a particular criteria and qualify to be placed on the banks waiting list.

As a consumer, you will be the first to appreciate that in the 21st century, its not logical to find that if you want to rent a small metal box, you must first have hundreds of thousands on deposit and if so, you win the right to be placed on waiting list that in some cases can be up to three years.... to rent a box !!

How can it be that a service so basic, (renting a small box), requires you to turn yourself inside out and then wait for a few years for a "Vacancy" to arise. Can't you see how that is simply illogical and yet we recently visited a safe deposit box center in Asia where the criteria required was to have 1 million USD on deposit and if you met that criteria, you could be placed on the waiting list !!

The ILLUSION of demand is fueled by this perception that the only people who need a secure offsite storage service are those ultra high net worth individuals dripping in gold and diamonds. Nothing could be further from the truth.

Likewise the movies create this perception of safe deposit box vaults filled with gold and boxes containing false passports, multiple different currencies. Boxes stashed with stolen cash or overflowing with the proceeds of some nefarious activity.</>

Sorry to break this illusion but nothing could be further from the truth. When you work in the industry you get to appreciate just how critical the service is to clients who use the facility every single day. Everyone has something of value, something they need to keep safe. Covid 19 has reminded people all over the world of the transient nature of our journey through life. Bad things happen to good people, we need to take reasonable precautions, We need to protect those we love and provide ourselves and our families with peace of mind. We need to protect our assets, ensure safe keeping for those things that people have worked their whole life to acquire. For sure there are people who store Gold and Diamonds, precious metals but the vast majority of safe deposit box clients are ordinary people who have acquired items of value (Financial, sentimental, academic) and they have a growing sense of the need to take reasonable precautions to protect these items.

Its that simple. Clients who don't have 1 million USD to deposit have title deeds to the family farm, they have a watch given to them by their father, they have some jewelry collected in their family over generations. Clients who are travelling and don't want to leave their documents, their spare cash, their cheque book, their car keys hanging around and prefer to take the simple precaution of renting a safe deposit box.

Clients who have lost a dear one and can't bear the thoughts of anything happening to the precious items they keep that once belonged to their loved one, photos, a watch, a certificate. That is the demand fueling the growth of the safe deposit box market worldwide. Tens of thousands of ordinary people with ordinary items of value and a realization that if we have the option to secure these items offsite, in an environment where we feel safe and we can access these items anytime we want 24/7 with absolute security and privacy.

That is why in the midst of a pandemic, companies like MySafe are opening our 6th MySafe safe deposit box centre , a fully automated 21st century safe deposit box center at the Dubai Airport freezone (DAFZA), just 7 minutes by taxi from DXB Terminal 3. We invest and work hard to meet the demand of the consumer, ordinary / extraordinary people who see the benefit in taking reasonable precautions and want to rent a simple box in a safe environment so they have be sure their items of personal value are safe.

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 terry@mysafeglobal.com

At MySafe, we continue to safeguarding our clients valuables. That is why we are excited to announce the completion of significant upgrades at our Village Market site in Kenya.

Our latest enhancements include a dual-layer security system featuring advanced face recognition and biometric authentication, ensuring that only authorized personnel and clients can enter. We’ve also integrated access scheduling and the ability to create temporary access credentials, offering flexibility for your security needs.

Featuring a standout upgrade which is our remote management capability, allowing us to monitor and control access from anywhere in the world. This ensures continuous, real-time protection of your valuables, providing you with peace of mind.

We continually strive to innovate and improve our services, ensuring that your assets are safeguarded with the latest technology.

What’s New?

• Upgrading Access Control System
• Features and Face Recognition
• Biometric authentication
• Access Scheduling
• Creation of temporary access
• Remote Management Capabilities

To express interest in reserving your safe deposit box in Kenya, simply call or WhatsApp +254 707 129324 or email book@mysafe.co.ke

Planting its first seed in Asia, MySafe chose to establish in Mumbai due to several compelling reasons.

Known as the financial capital of India, making it a strategic location for to establish the first automated safe deposit box company in the region. Mumbai's cosmopolitan nature and diverse population aligns with MySafe's commitment to serving a wide range of clients. Additionally, Mumbai is a hub for business and commerce, with a growing demand for secure storage solutions.

MySafe Dinner
Another success! The quarterly dinner and professional networking event buzzed with engaging and insightful conversations.

To express interest in reserving your safe deposit box in Kenya, simply call or WhatsApp +254 707 129324 or email book@mysafe.co.ke

MySafe kicks off its expansion and first site in the USA, right in the heart of Las Vegas, Nevada!

This launch marks a significant milestone for our company, setting the stage for MySafe to establish a strong presence in the USA. The choice of Las Vegas reflects our commitment to strategically positioning ourselves in key markets, ensuring that we meet the needs of a diverse and growing clientele against prominent safe deposit box companies established in the city.

Check It Out!
Visit MySafe Las Vegas

To express interest in reserving your safe deposit box in Kenya, simply call or WhatsApp +254 707 129324 or email book@mysafe.co.ke

Breaking Boundaries in Security!

The true quality of a leader is not perfection but originality, the opening of new frontiers for others. In an era marked by evolving security needs, the safe deposit box plays a pivotal role in safeguarding valuable assets. With a profound commitment to innovation and security, Terry Downes has revolutionized the security frontiers for everyone.

In this profile, we delve into Terry’s remarkable journey, his approach to leadership and decision-making, and his unwavering commitment to building a corporate culture rooted in respect and mutual success. Join us as we explore the life and insights of Terry, a leader who has bridged the worlds of security and entrepreneurship with innovation and resilience.

Here’s the story of the security leader:

The Journey of Terry

Terry, an Irish native, started his remarkable journey as an ex-Military Anti-Terrorist unit member. However, his heart was always set on entrepreneurship. Over the years, he has launched multiple exponential growth companies spanning various security sectors across Europe, the United States, Malaysia, East Africa, and the Middle East. His diverse portfolio includes specialized security services, VIP security services, logistics security services, oil and gas-related security services, manguarding, technology, remote visual and alarm management centers, training, cash in transit, and hospitality security services.

Inception of MySafe

Terry’s journey took an unexpected turn when he noticed a gap in the global retail banking sector. He realized that the traditional safe deposit box services offered by banks were no longer a strategic focus due to changing banking dynamics post-2008. The seismic shift to digital banking platforms left many clients without access to safe deposit boxes. Waiting lists for these boxes grew to years in some countries.

Launched in Dubai in 2018, MySafe disrupted the safe deposit box industry by providing a fully automated, Lloyds-insured, and convenient self-storage solution. Today, MySafe is the largest fully automated safe deposit box company in the Middle East, with a network of 10 sites spanning the Middle East and East Africa. The company is now on the verge of expanding its footprint to the Middle East, Southeast Asia, and the United States.

Nurturing Potential

Terry’s leadership style centers on creating an environment where individuals can aspire to their full potential. He believes in nurturing, empowering, and leading the team on a journey to achieve greatness. By focusing on this environment, he not only helps the team thrive but also achieves his own potential.

Decision-Making Style

Terry has a unique approach to decision-making. While he encourages participation in the decision-making process, he acknowledges that, as the CEO, the ultimate decision rests with him. Once a decision is made, he is unwavering in its execution, fostering a culture of decisiveness.

The Ultimate Challenge

For Terry, the greatest challenge is to build an exceptional team. He invests in his team members to instill cultural values that underpin the organization’s passion for its strategic agenda. His experience in diverse management structures allows him to appreciate and embrace cultural diversity, creating a rich tapestry within the organization.

Recognizing Unique Contributions

Terry believes that everyone has a unique contribution to make. His role is to respect and appreciate these contributions at every level of the organization. He encourages participation, acknowledges effort, and rewards success, fostering innovation and driving growth.

Corporate Culture

To be honest, Terry draws his experience from my days in the Anti-Terrorist unit he served with. In such a unit, respect is earned daily, not gifted, because you hold a particular status. Likewise, in the corporate world, you earn the respect of your team, your peers, and the market based on your capacity to manage complex and difficult decisions daily. Corporate culture is an extension of your own value systems and how you need to align those values with your strategic agenda.

Is that important? Terry believes it is the single most important investment you can make as the CEO of your company, not least because it is a differentiating feature that can’t be purchased in the open market. He thinks the concept of respect, or rather mutual respect, regardless of your status in the organization, is the force multiplier in building a corporate culture that sets you apart from your competitors.

Embracing Continuous Learning

The fundamental secret of a successful CEO is an absolute obsession with the concept of never quitting. Terry’s exact words are, “You really are the last man standing, and when all else fails, you are the one person expected to deliver the solution. To embrace that reality is quite a challenge, and it can only be done through experience at the coal face. You must be able to lead people on a journey and expect them to follow because you have been able to earn their respect. You must build a team and, in so doing, encourage/empower that team to build their own teams so you develop capacity in depth. Above all, you must have a temperament that allows you to show respect to earn respect.”

Decision-Making Style

Terry has a unique approach to decision-making. While he encourages participation in the decision-making process, he acknowledges that, as the CEO, the ultimate decision rests with him. Once a decision is made, he is unwavering in its execution, fostering a culture of decisiveness.

The Formula for Success

Terry encourages all to find a role model, people who inspire them, and find out what it is about that person that has made them stand out. You need to come to know who you are to appreciate whether the role of CEO is for you. It is an exhilarating ride, a roller coaster with bits sticking out; nothing works as it should, and yet there is a euphoric sense of achievement when you start to see the business building under your stewardship. A living, breathing vessel that hosts the hopes and dreams of so many different stakeholders, no more in focus than your own hopes and dreams for a better life for you and your family.

@Nelson Mandela said it best: “There is no passion to be found in playing small, in settling for a life that is less than you are capable of living.”

To express interest in reserving your safe deposit box in Kenya, simply call or WhatsApp +254 707 129324 or email book@mysafe.co.ke

REDEFINING SECURITY IN THE MIDDLE EAST & EAST AFRICA

MySafe Global Vaults proudly announces the launch of its most awaited mobile APP. This marks a milestone for the company, strengthening its position as the premier automated safety deposit box provider across the Middle East and East Africa.

One of the key highlights would be its limitless reach, a few taps on their phones, customers can securely manage their belongings regardless of their location. This seamless accessibility empowers the clientele with the flexibility to safeguard their valuables without constraints.

The launch of the MySafe Global Vaults App promotes the convenience and accessibility of client bookings for their safe boxes. It signifies not only a remarkable achievement for the company but also a promise of a safer, more empowered future for its valued clientele.

A Great Mobile App Designed for you!

To express interest in reserving your safe deposit box in kenya, simply call or WhatsApp +254 707 129324 or email book@mysafe.co.ke

Banks across the world have different views on the concept of Safe Deposit Boxes. Most view the service as a loss leader and frankly a service they might feel obliged to provide but strategically, perhaps they would rather not. In some markets the Banks have withdrawn from the service completely, in other markets, those who provide the service do so reluctantly and there are long waiting lists for clients to secure a safe deposit box service.

In the UAE, an estimated 5,000 eligible Banking Customers can wait many years to secure rental of a Safe Deposit Box. In Kenya, the service is also not readily available as new regulations kick in.

MySafe Vaults Kenya has launched a convenient, stunning branch at Sarit Centre, ground floor, availing a Global Standard Safe Deposit Box Rental service to residents and non-residents.

MySafe Global Vaults is a leading member of the prestigious Safe Deposit Federation, recognized world-wide as a world’s first that has revolutionized the industry.

To express interest in reserving your safe deposit box in Kenya, simply call or WhatsApp +254 707 129324 or email book@mysafe.co.ke