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Increased demand for safe deposit boxes
17/08/2010
Mellon Technologies is witnessing a significant sales hike for one of its more traditional products, the safe deposit box
Mellon Technologies, one of the largest Greek IT companies with a leading role in the electronic transactions market, reports a notable turn in the demand for and usage of safe deposit boxes for the first half of 2010. Following several years of contained use, safe deposit boxes are becoming once again a -much needed- revenue stream and customer retention tool for financial institutions in Greece.
More specifically, starting in 2009, demand for safe deposit boxes has increased significantly as consumers look for safer ways to protect their cash and valuables. The main reasons behind this renewed interest are the increased number of robberies but also the climate of uncertainty caused by the financial crisis. According to the Bank of Greece, household cash deposits have declined in excess of 5% since the beginning of 2010, out of which about 10% is said to be kept in safe deposit boxes.
Accordingly, orders for safe deposit boxes, one of Mellon’s more traditional physical security products, rose by 12% since the beginning of the year. The increased use of safe deposit boxes is also confirmed by the increase in maintenance and repair requests received by the company’s technical support department.
“Safe deposit boxes are part of Mellon Technologies physical security portfolio since 1994, and up to now we have installed more than 150,000 units in the majority of banks in Greece. With the recent renewed interest for safe deposit boxes, banks benefit from the additional revenue stream, but also from the fortification of their customer relationships since it has been noticed that consumers take the majority of their transactions to the bank where they keep their safe deposit box,” commented Fotini Kafiri, Bank Security Systems Business Unit Manager, Mellon Technologies.
Following the increased demand, banks face the challenge of how to best manage their safe deposit boxes population. Mellon Technologies has developed a software application that enables central management and monitoring of the entire safe deposit boxes population of a bank, regardless of their technology –conventional, electronic and/or robotic. With this application the bank receives real-time information about the operation status of its safe deposit boxes, the number of new rentals and/or renewals, usage ratings, adapting their pricing policy in full compliance with the apposite legislation.
About Mellon Technologies
Mellon Technologies is one of the largest Greek IT companies with a leading role in the electronic transactions market, for financial institutions and increasingly for the retail and public sectors. Today, Mellon Technologies has an excellent record of performance in virtually all major electronic transactions projects that can no longer take place without novel and complex technology infrastructure and support. Mellon Technologies is the parent company of Mellon Group of Companies with subsidiaries in Albania, Bulgaria, Cyprus, Egypt, FYROM, Poland, Romania, Serbia, Egypt, Ukraine and Turkey.
More specifically, starting in 2009, demand for safe deposit boxes has increased significantly as consumers look for safer ways to protect their cash and valuables. The main reasons behind this renewed interest are the increased number of robberies but also the climate of uncertainty caused by the financial crisis. According to the Bank of Greece, household cash deposits have declined in excess of 5% since the beginning of 2010, out of which about 10% is said to be kept in safe deposit boxes.
Accordingly, orders for safe deposit boxes, one of Mellon’s more traditional physical security products, rose by 12% since the beginning of the year. The increased use of safe deposit boxes is also confirmed by the increase in maintenance and repair requests received by the company’s technical support department.
“Safe deposit boxes are part of Mellon Technologies physical security portfolio since 1994, and up to now we have installed more than 150,000 units in the majority of banks in Greece. With the recent renewed interest for safe deposit boxes, banks benefit from the additional revenue stream, but also from the fortification of their customer relationships since it has been noticed that consumers take the majority of their transactions to the bank where they keep their safe deposit box,” commented Fotini Kafiri, Bank Security Systems Business Unit Manager, Mellon Technologies.
Following the increased demand, banks face the challenge of how to best manage their safe deposit boxes population. Mellon Technologies has developed a software application that enables central management and monitoring of the entire safe deposit boxes population of a bank, regardless of their technology –conventional, electronic and/or robotic. With this application the bank receives real-time information about the operation status of its safe deposit boxes, the number of new rentals and/or renewals, usage ratings, adapting their pricing policy in full compliance with the apposite legislation.
Mellon Technologies is one of the largest Greek IT companies with a leading role in the electronic transactions market, for financial institutions and increasingly for the retail and public sectors. Today, Mellon Technologies has an excellent record of performance in virtually all major electronic transactions projects that can no longer take place without novel and complex technology infrastructure and support. Mellon Technologies is the parent company of Mellon Group of Companies with subsidiaries in Albania, Bulgaria, Cyprus, Egypt, FYROM, Poland, Romania, Serbia, Egypt, Ukraine and Turkey.
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