2. The Idea
An on-demand service for your security deposit box to come to you:
People want to securely store their valuables (passports, legal documents,
jewellery etc.) outside of their home in case of fire of burglary
Safety deposit boxes in banks are rare and inconvenient
Other private alternatives are expensive and lacking in customer service
3. The Idea (Continued)
Have a secure location out of town where safety deposit boxes are stored,
and then bring the individual box to the customer, instead of the customer
visiting the entire collection of boxes
Offer 24/7 service for an on-demand visit to the customers current location
Double locking system between driver and customer (two keys need to be
turned simultaneously) ensures security
Customers access the box privately and in the comfort of their own home
4. The Demand
Safety deposit boxes are increasingly hard to get in Dubai – some branches
have a five year waiting list, some are raising minimum AUM with the bank
to AED 1,000,000
Huge concentration of wealth in Dubai – and lots of expats lack home
stability to comfortably secure sensitive/valuable items
Other private safety deposit box companies exist (not on-demand) –
validation of the concept
http://gulfnews.com/your-say/complaints/safe-deposit-lockers-rare-and-expensive-in-uae-residents-say-1.1394829
http://www.emirates247.com/news/emirates/shortage-of-bank-lockers-in-dubai-2012-05-17-1.459140
5. Target Customers
The wealthy – Dubai is the perfect place to start due to the high
concentration of wealth in the city
Expats – many don’t have a true home so want somewhere to securely
store critical items
Those in transit – travellers and businesspeople can leave valuable items in
Dubai to pick up next time, DXB a major international hub
Technology can make what was niche more mass; before Uber, only the
wealthy could afford a private driver. Today, only the wealthy have access
to safety deposit boxes at their banks – there could be much untapped
potential lower down the wealth spectrum
6. The Competition
Banks
Inconvenient - limited opening hours and have to visit the location
Limited availability of boxes (up to five year waiting list at some branches)
Must be a client with the particular bank to get a safety deposit box
AUM requirements rising to AED 1,000,000
JFT
Opaque pricing and poor customer service
Inconvenient – have to visit the location
Personal Safe
Risk of losing critical items to fire and/or burglary
7. The Business Model
SaaS – charge a monthly fee (approx. AED100 a month) to retain box
securely and safety each month
Charge a delivery fee when customers request a box (approx. AED50)
each time
Transparency – free to sign up, no minimum length of contract, the app
shows costs for each month etc.
Lower fixed costs as vault facility outside of central area
8. Risks (addressed)
AML/Regulation
No regulation seemingly required? JFT operating without any problems
Safety of boxes during transit
Double locking makes the box worthless if it was stolen in transit
Discrete service so people not even aware of what is being transported
Strong box that is highly resistant to damage etc.
Safety of boxes at remote location
Ensure facility is secure with 24/7 private guards and cameras etc.
9. How is SafelyHome better?
Convenient – SafelyHome is available 24/7 at your location
Peace of mind – boxes are secured safely in a remote location
Accessible – no minimum wealth requirements needed to utilise
SafelyHome, available to anyone
Customer Service – SafelyHome has clear pricing plan
10. The Team
Ben Kinnard
Founder of SafelyHome – passionate about all things tech, startups and VC
Consultant at Wealth-X, a successful startup focused on wealthy individuals
MSc in Finance & Investment, 1st Class Honours at Bristol University
Bela Hamid
CMO –
Led marketing strategy at VaultDragon in Singapore. Currently marketing and biz
dev lead at app development company
