Do you think opening a real bank account could be much easier using blockchain?

[creativeleading]

There are factors to consider like the required KYC documentation for the chosen bank account and AML stuff. Selfkey would be releasing their bank accounts marketplace though. It seems like it will make the application process more efficient and easy that it can be completed in a matter of minutes. What are your thoughts on this?

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[SirLancelot]

Well, it may make things more easy depending on the way it will be applies, and I don’t think blockchain technology will stop the issue of KYC, kyc will still be requested from majority of people that will still use the bank, but with blockchain technology applied to banks, I think It will still favor the bank users more than even the banks itself, especially the banks that will truly apply it, because when it comes to blockchain technology, it comes with decentralization and we all know the advantage of decentralization to people.

It will bring about transparency in the banking sector, secondly, it will make transactions faster and at the same time, eliminate anything third party that has always made thing quite cumbersome and more expensive for people.

[creativeleading]

Well, it may make things more easy depending on the way it will be applies, and I don’t think blockchain technology will stop the issue of KYC, kyc will still be requested from majority of people that will still use the bank, but with blockchain technology applied to banks, I think It will still favor the bank users more than even the banks itself, especially the banks that will truly apply it, because when it comes to blockchain technology, it comes with decentralization and we all know the advantage of decentralization to people.

It will bring about transparency in the banking sector, secondly, it will make transactions faster and at the same time, eliminate anything third party that has always made thing quite cumbersome and more expensive for people.

So true! I could imagine faster transactions and cheaper rates. I'm waiting for them to add more banks in their marketplace though. I can see that the team is delivering well according to timeline they've set so I'm hopeful this would work out well.

[Lantind]

So far I only use real bank accounts that I made through direct banks, and I never thought that creating a real bank account using a blockchain would be easier, because this Selfkey has not been implemented by banks in the country I live in, and myself also just heard about Selfkey yesterday, if Selfkey really helps bank customers, it's worth a try.

[Darker45]

There are factors to consider like the required KYC documentation for the chosen bank account and AML stuff. Selfkey would be releasing their bank accounts marketplace though. It seems like it will make the application process more efficient and easy that it can be completed in a matter of minutes. What are your thoughts on this?

Could you please elaborate more on the red and bolded text? Like how would they do that.

For now, I don't think the rules will change, not with the KYC and AML processes required from the banks. They cannot do away with it even if they are going to use the blockchain technology in their banking system. The KYC and AML are required by law. Duly registered banks are bound to stay within the existing legal policies and regulations. 

[aylabadia05]

Ease is a matter that is put forward in the use of the blockchain. My opinion about this is only limited to ordinary breakthroughs. Because the use of real banks is easier and more efficient in my opinion. Hopefully Selfkey who will release their account market really becomes a convenience.

[Herbert2020]

if it is centralized and an actual bank is involved then it doesn't make any difference whatsoever if they are using blockchain or not. everything will be the same as always for the customers, KYC, control over funds, services, corruption,... will be the same.
but if it is decentralized and no banks involved then what you open can no longer be called a "bank account". it is your keys in your wallet with you having the full control and not needing any third party's hand in your pocket.

[rosezionjohn]

I don't think it would be easier even with selfkey but it may be safer or secure. The problem is that most banks may not want to deal with other blockchain companies like selfkey.

everything will be the same as always for the customers, KYC, control over funds, services, corruption,... will be the same.

With regards to KYC, self-key claims the customer have full control over their data

[tabas]

I can't think on how the process will be. That means when you open a bank account which will be on the blockchain network, others may see it?

[slaman29]

if it is centralized and an actual bank is involved then it doesn't make any difference whatsoever if they are using blockchain or not. everything will be the same as always for the customers, KYC, control over funds, services, corruption,... will be the same.
but if it is decentralized and no banks involved then what you open can no longer be called a "bank account". it is your keys in your wallet with you having the full control and not needing any third party's hand in your pocket.

Exactly. People are really funny when they say they don't trust the banks and the government, and then they keep all their funds on an exchange where they don't even know the CEO or any of the management. And then they think they're using crypto and being in control of their own money. That's really silly, but whatever people think works for them I guess.

[creativeleading]

There are factors to consider like the required KYC documentation for the chosen bank account and AML stuff. Selfkey would be releasing their bank accounts marketplace though. It seems like it will make the application process more efficient and easy that it can be completed in a matter of minutes. What are your thoughts on this?

Could you please elaborate more on the red and bolded text? Like how would they do that.

For now, I don't think the rules will change, not with the KYC and AML processes required from the banks. They cannot do away with it even if they are going to use the blockchain technology in their banking system. The KYC and AML are required by law. Duly registered banks are bound to stay within the existing legal policies and regulations. 

From what I know, they are reliant to a 3rd party identity service to take care of any KYC/AML compliance needs, though most banks still need personal visits for you to officially open one. But they claim that they'll be adding banks that won't need personal visits soon. I hope it's true.
About the red bolded text, here's what I meant by that: https://selfkey.org/bank-accounts-marketplace/

[maartenhaha]

I am not yet familiar with SelfKey, the stages of making a wallet must submit KYC and it will take time for the identity verification process, it will take longer if verified manually. In contrast to making blockchain wallets that are very fast and even completed in one minute

[yazher]

I think its easier when going to KYC process on using blockchain than going personally on their office. because not all people are living in the city mostly in the rural area where the office of the bank is far away.

It is more convenience if they can minimize the struggle and make their clients more convenience when they want to open a bank account. by implementing blockchain technology this can be solved however there still be negative consequences but overall it gives us more convenience than going personally on their office.

[freedomgo]

People would prefer to do it online than going to the bank and fall in line.
The technology now offers us a chance to make our life easy so I think blockchain would be helpful enough for the banks to conduct a KYC process.
My personal experience tells me that opening a bank account online is easier and faster, although It was not done through blockchain but I know with blockchain it would be more safer and easier.

Bank has to adopt with this new method, they just have to ensure that this KYC won't leaked.

[Mianae]

Integrating real world banking on the blockchain. I have some worries where do one complain should they have a problem with their account on self key as selfkey is adding real world bank to its blockchain platform not creating its own banking system. Secondly will these banks also be accessible offchain or access is solely on chain on selfkey blockchain?

[suryapro]

yes I agree with your statement, because by offering all the facilities available, it will give freedom to a users in making every payment transaction,only by using an application. of course this will be very beneficial through the application of blockchain technology into banking.

[Cryptoheavy]

Open new banks account always takes less than a hour. Passing kyc may take more than a week. And there are always a risk of leaks of your data

[jumiapaul]

As far as am concerned, blockchain technology is here to make things easier and more efficient. With blockchain technology, the kyc needed by the banks could be carried out much faster and individuals could complete their kyc from the comfort of their homes.

[cudora]

It takes you the same time. I was yesterday in a bank and it took me roughly 30 mins to register and to get a bank account. With all MEW downloads, KYC verifications and all that stuff, if you have everything prepared it won't take long as well.

[creativeleading]

In my place you can create a bank account via online in just 5-10 minutes without going into physical bank location just using android/ios app and you can deposit instantly after creating of coures KYC must be submitted so whats the difference with this on Selfkey? Personally I dont know about it and how it applies blockchain and its usecase like bank.   

In their case, they created a marketplace for these banks to make it more convenient since they can all just be accessed through a single app. I guess their KYC process is much faster too since they're using their own decentralized identifier. In that way, you won't be needing to fill up your KYC info over and over again for any future applications.