Affin Bank’s automated safety deposit locker has enhanced accessibility for consumers and proven highly profitable for the bank
The rising demand for digitalisation and round-the-clock accessibility is reshaping the interaction between banks and their customers. While the protection of valuables remains a physical aspect, the expectation of continuous availability has become a tangible reality.
A decade or so ago, the safe deposit box sector was no longer seen as an expanding market in the banking industry. This looks to have changed substantially, with the demand for self-service safes in particular witnessing significant expansion in recent years; some banks have even recorded double-digit growth rates.
By addressing the dual challenge of ensuring secure storage for valuables while guaranteeing continuous accessibility, self-service safe deposit boxes have enhanced both customer convenience and the profitability of banks.
Efficient banking
To stay abreast of the dynamic trends in the banking industry and deliver efficient solutions, Malaysia’s Affin Bank has introduced the automated safety deposit locker (ASDL), paving way for better self-service solutions.
The ASDL is designed to provide customers control over their valuables, eliminating the need for traditional safety deposit boxes.
By offering a user-friendly, accessible self-service solution, the bank has expanded its reach to a wider demographic. This innovation ensures even individuals who may have hesitated to use traditional banking services now have a convenient and secure avenue to manage their finances.
Through the automation and streamlining of safe deposit transactions, Affin Bank has optimised resource allocation, minimised manual intervention and established a more efficient operational model.
Within a span of less than six months since its launch, more than 15% of the bank’s ASDLs were occupied, indicating customer acceptance of the service and a positive return on investment.
Elevating security standards
Affin Bank has prioritised security through a commitment to technological innovation within the self-service banking realm.
The bank’s ASDL system is a testament to this commitment through the seamless integration of cutting-edge technologies to fortify security measures. This innovation aligns with consumer preference for self-directed banking experiences, enabling secure and convenient access to their belongings at all times.
Equipped with the latest technology and advanced security measures such as RFID access cards, biometric authentication, PIN codes, locker keys, artificial intelligence-driven security protocols and real-time monitoring, the ASDL ensures optimal security in self-service transactions.
The bank has added an extra layer of vigilance through real-time monitoring, thereby ensuring that customers can partake in self-service transactions with confidence in the system’s security and integrity.
Affin Bank has been recognised as the winner for the Best ATM and Self-Service Innovation award at the Annual Retail Banker International Asia Trailblazer Awards 2024.