How banks increase profitability with self-service safe deposit boxes

Increasing demand for digitalisation and services available at all times is gradually transforming the relationship between banks and their customers. While safeguarding valuables is still a physical business, always-on availability is already a reality.
Although the safe deposit box sector is no longer considered to be a growth market in the banking industry, in recent years, the self-service safes niche has been expanding at double-digit rates.

By addressing the dual challenge of providing secure storage for valuables and offering always-on availability, self-service safe deposit boxes have enhanced both customer convenience and bank profitability.

Here are a few of the reasons why bank managers should look at self-service storage:

Enhance the customer experience

• Attract new customers by providing an innovative service that differentiates from the competition and modernises the bank's image
• Build customer loyalty by offering a value-added service that provides customers with 24/7 access to their valuables
• Become a "phygital" bank, as now even a digital bank can provide its customers with self-service safes. All that is required is a secure space located outside a bank branch, in a wall or lobby, or even in a drive-thru facility
• Collect new data on customer behaviour and use it to deliver personalised next-step insights
  
  

Increase profitability

• Take advantage of a new opportunity for return on investment as 24/7 availability allows for increased rental fees
• Optimise branch space allocation by opting for a modular and flexible solution, which allows to downsize the space dedicated to safes, making it available for other purposes
• Save valuable employee time as customers no longer need to be accompanied to the vault, making more staff members available for higher value-added activities
• Share a vault room with several local network bank branches
  
  

Deliver business impact

By taking safes from the Stone Age to the Digital Age, self-service safes have started a revolution that will benefit both banks and their customers. Some will see it as an opportunity of finding ways to increase revenue, others as improved ease of use combined with flawless security.

Self-service safes could be an important component in the new digital-physical mix

As consumers increasingly manage many of their banking tasks on their apps, banks are looking to create more customer-centric approaches to increase market share and build customer loyalty. Self-service safes could be an important component in the definition of their new digital-physical mix.

How Self-Service Safe Deposit Locker Systems Work

• Secure Area
  The customer enters a secured self-service area using an access control system. This ensures privacy and means safe deposit lockers (SDLs) can be used at any time of the day or night, without staff assistance.
• High-Security Identification
  High security standards prevent fraudulent access thanks to identification methods which include card readers, PIN codes and biometrics — such as fingerprint scans — which provide security for both customers and staff.
• Robot Retrieval
  Deposit boxes are brought to the customer using robotised technology, strengthening security and eliminating the need for staff presence.
  
  

SafeStore Auto: See how it works

Observe the complete process, watch the user authentication and the automated deposit box collection in action.

To find out more about how to increase revenue and attract new customers, explore the SafeStore Auto range of self-service safe deposit lockers today or contact us.