MySafe Group CEO, Terry Downes, along with the company’s Nevada Regional General Manager, Crystal Welsh, recently appeared on the Entrepreneur Showcase series podcast with host Patranya Bhoolsuwan to discuss the launch of the MySafe concept in Southern Nevada.
Kicking off the podcast, the conversation quickly centered on the revolutionary technology that Downes and his team have brought to the safe deposit box industry, which has been in decline since banks began shifting their business focus to digital offerings and away from real estate and bank branches.
This led to a decline in safe deposit lockboxes. With demand for the service still there, Downes felt the market needed to be re-envisioned, so he started MySafe in 2017.
“I wanted to take it out of the dungeon, out of the underground, and I wanted to position it on high street where it could become convenient, relevant and meaningful,” he said on the podcast.
MySafe offers a completely automated experience. Customers simply swipe a card, enter a passcode and insert their finger into a biometric reader. A robotic system then delivers the lockbox to the customer in a secure room. MySafe clients include everyone from high rollers to everyday locals.
Downes said through the years he has heard all kinds of stories about what clients consider valuable to store in a safe deposit box – jewelry, passports, heirlooms, keepsakes, personal items of loved ones.
“Each site only has a maximum of 300 boxes,” Downes added. “We deliberately created this [concept] for an intimate and personal experience. We want to know every client. Some want to come in for a chat others may not want to talk to you at all.”
In the podcast, Downes also said similarities between the Las Vegas and Dubai markets, where the company originated, made Southern Nevada the ideal place for its U.S. headquarters. Welsh also said the goal is to open 80 MySafe locations around the country.
To learn more about MySafe’s U.S. operations, visit MySafe-usa.com.
Dr Judy Pellatt says
Terry is my cousin and we are all immensely proud of what he has achieved. Well done Terry.. Going from strength to strength. He is also a lovely chap. I would say that of course but he truly is.