Safe deposit boxes rare as banks in Finland adapt to digitalization

Safe deposit boxes are becoming increasingly rare in Finland. Once a common feature in banks, only a few major banks like Osuuspankki, Nordea, and Säästöpankki still offer these services. Banks such as S-Pankki, Danske Bank, and Aktia no longer provide safe deposit boxes.

According to Seppo Pölönen, Deputy CEO of North Karelia Osuuspankki, the need for these boxes has sharply declined due to digitalization. Many young people today aren’t even aware of what a safe deposit box is. Currently, North Karelia Osuuspankki has 2,400 safe deposit boxes, but only about half are in use. All boxes are set to be dismantled by the end of this year, with three months given to customers to settle their storage agreements, most of which have already been emptied.

The decline in the popularity of safe deposit boxes has surprised many in the banking industry. Pölönen recalls that less than ten years ago, when his bank moved to new premises in downtown Joensuu, it was not considered to eliminate these services. Safe deposit boxes once held various documents and small valuables.

As documents have increasingly transitioned to digital formats, the demand for physical storage has waned. Pölönen notes that banks do not have precise knowledge of what is stored in the boxes, as they are private spaces for customers. Estimates suggest that small valuables, such as jewelry and gold bars, are now more commonly kept in home safes. The only safe manufacturer in Finland, Kaso Oy, reports a slight increase in sales of home safes.

Transitioning away from safe deposit boxes does not save money for the bank; rather, the goal is to guide customers towards more modern storage solutions. While documents can be stored securely without a personal lock, one important item still requiring physical storage is a will, as it cannot yet exist in electronic form.