Benjamin Kinnard proposes an on-demand safety deposit box service called SafelyHome. It would store boxes in a secure off-site location and deliver boxes to customers on demand for private access. This addresses the lack of convenient safety deposit box options in Dubai, as banks have long waitlists and high requirements. The business model would charge monthly fees for storage and a delivery fee per use. The service aims to be more accessible, convenient and provide better customer service than existing bank and private options.

1. Benjamin Kinnard
@captainkinnard benjamin.kinnard1@gmail.com
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2. The Idea
 Security deposit boxes on demand:
 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
@captainkinnard benjamin.kinnard1@gmail.com
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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
@captainkinnard benjamin.kinnard1@gmail.com
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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
 Storage on demand (for lower value items) is increasingly popular around
the world, e.g. Makespace (US), Vault Dragon (Asia) – consumers value
convenience
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
@captainkinnard benjamin.kinnard1@gmail.com
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5. The 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 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 is much untapped potential lower
down the wealth spectrum
@captainkinnard benjamin.kinnard1@gmail.com
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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)
 Inflexible - 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
@captainkinnard benjamin.kinnard1@gmail.com
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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
@captainkinnard benjamin.kinnard1@gmail.com
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8. The Risks (Addressed)
 AML/Regulation
 JFT operating in Dubai without any regulatory 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 guards and cameras etc.
@captainkinnard benjamin.kinnard1@gmail.com
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9. The Future
 Offer different size boxes
 Greater flexibility for clients
 Lower costs through economies of scale
 Expand the potential market size by lowering costs
 Expand one city at a time
 Focus on centres of wealth in emerging markets
 Develop a playbook to speed up expansion
@captainkinnard benjamin.kinnard1@gmail.com
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10. How is SafelyHome better?
 Convenient – SafelyHome is available 24/7 at your location
 Peace of mind – boxes are secured safely in a remote location
 Customer Service – SafelyHome has clear pricing plan
 Accessible – no minimum wealth requirements, not tied to any one bank –
SafelyHome is available to anyone
@captainkinnard benjamin.kinnard1@gmail.com
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11. Me
 Ben Kinnard
 Founder of SafelyHome – passionate about all things tech, startups and VC
 Consultant at Wealth-X, a successful startup focused on wealthy individuals
 British national, lived in Netherlands and Singapore previously
 MSc in Finance & Investment, 1st Class Honours at Bristol University
 https://twitter.com/captainkinnard
 http://captainkinnard.com/
@captainkinnard benjamin.kinnard1@gmail.com
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