SAFE – Case Study
Leading Public Sector Bank transforming their locker management process
Solution Provided
SAFE - Locker Management System
An intuitive application designed with a precision that can be easily incorporated into locker management to ensure smooth flow of operations with minimal tasks.
KNOW OUR CLIENT
One of the largest government-owned public financial institutions and is a USD 6.8 billion (as per 2017) revenue-generating lender in India. The bank was established in the year 1906 which was later nationalized in 1969. The bank has a network of 6500+ branches, more than 10,500 ATMs and has offices across the world.
ISSUE FACED
Vault & locker services are crucial in today’s world and our client provides best locker facility to their customers for depositing their valuable possessions in a secure environment at competitive rental charges. Over a period, the institution found multiple challenges in managing their vault activities
Customer profiling, tracking locker access time, monitoring locker charges and managing waitlist are few of the key activities that our customer wanted to streamline and achieve business benefits. The institution required a fully-automated solution to completely remove manual intervention which resulted in high cost and a greater number of dedicated resources. The bank’s requirement was to bring down these overhead expenses and achieve higher business results through lockers.
HOW DID WE SOLVE THE ISSUE?
Understanding their need to fully automate their locker operations and gain complete control over the locker activities; we recommended SAFE to help them realise their expectations.
SAFE - Locker Management Solution, built from a banker’s perspective is specifically designed to automate every activity involved in the locker management process. SAFE is a digital locker management system enabling locker providers, especially bankers, to maintain a waiting list for locker allotment based on the customer request and to collect rent and other charges. Enable easy filing of customer details online or, through multiple interfaces, auto-capture customer details for profile creation. Our Customer can generate over reports and gain complete visibility over locker operations. Further, it allows locker providers get instant notifications on new requests, rent collections and arrears amongst other prompts through SMS or email.
Product Efficiency
Our customer has 6,50,000 active lockers spread across 6000 branches with 3000 concurrent users. Using SAFE the bank has successfully reduced their overhead expenses and increased their locker process efficiency. With a dynamic dashboard, our customer has complete control over the locker process generating multiple reports to assess the business growth. Our system enables biometric locker access which helps to track and monitor locker activity for enhancing locker security and help calculating locker access charges.
Received Rent Collections (in a day)
INR 120 crore
PROGRESS BY NUMBERS
RESULT
Our customer, before implementing SAFE, achieved 50%-60%of rent collection in a year. Whereas, after implementing our locker management product Canara Bank effortlessly reached 80% rent collection in first 11 hours of using SAFE i.e., our client received over INR 120 crore through easy collection of locker rents. At present, the system helps our customer attain 90% of locker rents and has eliminated the manual intervention in locker management process. With Biometric System, the bank is enabled with the facility to generate revenue through locker access charges as the system assists in tracking and monitoring the number of times a locker is accessed.