In what aspects do you think financial services like banks could improve more?

[creativeleading]

Centralized entities have lots of bottlenecks in their processes as a first. KYC takes too long and sometimes redundant.
Aside from banks, financial services that crypto exchanges offer isn't reliable too since data breaches still happen despite their tight securities.
I'm sure there's still a lot more cons for the current system. I've recently heard of SelfKey and claimed that they aim to make a difference in those issues. What are your thoughts?

[1714951146]

1714951146

[1714951146]

1714951146

[jrrsparkles]

Security breaches is not the problem only for cryptos,in this world every other field also have such risk and also facing it from time to time so we can't simply deny the benefits of cryptos due to the data leaks on the exchanges,but there is no doubt in that it needs to be improved a lot.Decentralized exchanges could be the possible best solution to this and many people are working to bring one.

[GreatArkansas]

Banks become decentralized, is that possible?
YES. Just like what already created, use Bitcoin and you can be your own bank, that's it.

What I recently appreciate improvement of some banks are their convenient, like you can use your mobile phone w/out going to their bank or any branches, but still, that is very small, there are big problems we can encounter, like KYC or transaction fees.

[btc_angela]

Centralized entities have lots of bottlenecks in their processes as a first. KYC takes too long and sometimes redundant.
Aside from banks, financial services that crypto exchanges offer isn't reliable too since data breaches still happen despite their tight securities.
I'm sure there's still a lot more cons for the current system. I've recently heard of SelfKey and claimed that they aim to make a difference in those issues. What are your thoughts?

You should at least tell us what's SelfKey strengths are because I'm sure no one heard about this services though.

Centralised or decentralise will have issues no matter what. You talk about data breaches one of the biggest problems we have right now. Hackers are making tons of money, and it is a billion dollar industry. They are one step of the game, they always find exploits and as much as we wanted it to be lessen or eliminated it will be very difficult, just saying.

[knuckey]

Centralized entities have lots of bottlenecks in their processes as a first. KYC takes too long and sometimes redundant.
Aside from banks, financial services that crypto exchanges offer isn't reliable too since data breaches still happen despite their tight securities.
I'm sure there's still a lot more cons for the current system. I've recently heard of SelfKey and claimed that they aim to make a difference in those issues. What are your thoughts?

I am not very familiar with the project, but from what I read that SelfKey is an ecosystem that has a blockchain based identity management and they claim that their services have been widely used, such as KYC requirements in Polymath token sale and they also have many partners. I think it's good to visit their announcement thread, because there is a lot of information related to SelfKey there, hopefully it can help you.

[jrrsparkles]

What I recently appreciate improvement of some banks are their convenient, like you can use your mobile phone w/out going to their bank or any branches, but still, that is very small, there are big problems we can encounter, like KYC or transaction fees.

We will never have such banks for obvious reasons like governments need to regulate all the users who were using their service so it needs report of how many users and how much money they were making.Even private banks are under the control of central bank of respective country.If someone have their own banks then its against the law of most of the jurisdictions in this world.

[befriendmywater]

If selfkey can really handle transactions without KYC then I am sure it will be a successful project. Currently, there are many people wishing to transact without KYC.
they are afraid of providing KYC and their personal information and are afraid of being sold to terrorists. That is why the demand is very large.

[cytpoway121]

I think the best way for banking services is that they remain called banks; and should leave out blockchain integration

If you have to make urgent international transfers; use bitcoin or usdt
And if you have to use fiat; use

It’s Time to let the banking service and crypto currency fulfil their different roles

[creativeleading]

If selfkey can really handle transactions without KYC then I am sure it will be a successful project. Currently, there are many people wishing to transact without KYC.
they are afraid of providing KYC and their personal information and are afraid of being sold to terrorists. That is why the demand is very large.

Upon trying out their wallet, they still require KYC but the upside on this is you won't need to fill up KYC requirements over and over again of you'd like to apply for different financial services from their marketplace. Besides that, your data will be saved locally to your device so your data would be safe incase of data breaches on their servers. It's pretty cool actually. The problem is massive adoption for this kind of concept might be hard because most people find the current system as just 'okay'.

[X-ray]

crypto exchange site can be considered as a centralize entities too and i don't need to talk a lot about that. but you should not believe what already promised by selfkey. it was getting massive drop.
Im not even seeing an important or a good product that has already delivered. The only solution to fix this problem through implement what already called as decentralization and make the decentralized ecosystem.
The majority of the security branch and hacked cases happened with centralized system.

[VIP BTC]

If selfkey can really handle transactions without KYC then I am sure it will be a successful project. Currently, there are many people wishing to transact without KYC.
they are afraid of providing KYC and their personal information and are afraid of being sold to terrorists. That is why the demand is very large.

I think there is no centralized system that does not require KYC, selfkey also requires kyc, but the process may be faster, I think many centralized systems want to use a system without KYC in each of their entities, but we also have to understand, KYC is also important for building projects, apart from the KYC abuse problem.

[creativeleading]

If selfkey can really handle transactions without KYC then I am sure it will be a successful project. Currently, there are many people wishing to transact without KYC.
they are afraid of providing KYC and their personal information and are afraid of being sold to terrorists. That is why the demand is very large.

I think there is no centralized system that does not require KYC, selfkey also requires kyc, but the process may be faster, I think many centralized systems want to use a system without KYC in each of their entities, but we also have to understand, KYC is also important for building projects, apart from the KYC abuse problem.

Yes, selfkey still has KYC process but the processing would be so much faster. They have just actually added more banks in their marketplace. Imagine opening a real bank account overseas with just a few mouse clicks. I just hope more people would know about them though.

[Jating]

If selfkey can really handle transactions without KYC then I am sure it will be a successful project. Currently, there are many people wishing to transact without KYC.
they are afraid of providing KYC and their personal information and are afraid of being sold to terrorists. That is why the demand is very large.

I think there is no centralized system that does not require KYC, selfkey also requires kyc, but the process may be faster, I think many centralized systems want to use a system without KYC in each of their entities, but we also have to understand, KYC is also important for building projects, apart from the KYC abuse problem.

Yes, selfkey still has KYC process but the processing would be so much faster. They have just actually added more banks in their marketplace. Imagine opening a real bank account overseas with just a few mouse clicks. I just hope more people would know about them though.

Visited their website.

https://selfkey.org/

Looks very interesting specially for entities who wanted to open a real bank account offshore.

I don't know about the legal ramifications though, specially the there are a lot of regulations coming around, FATF, travel rule, FINCeN. They are all over the place now and I'm sure SelfKey will fall under the definition of VASP so they need to be updated as well.

[mirgo1791]

to deliver of more on service as use with the reference of access on connection to gains of users as experiencing use with work on finance from the team of development as the platform works on reference by the strategics decision of hacker and the inventor of projects as the platform on offers for the public audience.

[Decksperiment]

Based on your topic, I think banks could improve more on transparency but I doubt it will ever be implemented. Banks are viewed as some sort of entity that has ability to hide secrecy among its clients.

[Coltpython]

Security breaches is not the problem only for cryptos,in this world every other field also have such risk and also facing it from time to time so we can't simply deny the benefits of cryptos due to the data leaks on the exchanges,but there is no doubt in that it needs to be improved a lot.Decentralized exchanges could be the possible best solution to this and many people are working to bring one.

I tend to agree. First things first, fully decentralized exchanges do not require kyc, so that bottleneck is cleared
Decentralized exchanges are basically impossible to hack or breach. Another important factor to consider.
Both crypto and banks are susceptible to breaches but at least crypto has an option with dex. The big question is can banks fully go into decentralization?

[VIP BTC]

If selfkey can really handle transactions without KYC then I am sure it will be a successful project. Currently, there are many people wishing to transact without KYC.
they are afraid of providing KYC and their personal information and are afraid of being sold to terrorists. That is why the demand is very large.

I think there is no centralized system that does not require KYC, selfkey also requires kyc, but the process may be faster, I think many centralized systems want to use a system without KYC in each of their entities, but we also have to understand, KYC is also important for building projects, apart from the KYC abuse problem.

Yes, selfkey still has KYC process but the processing would be so much faster. They have just actually added more banks in their marketplace. Imagine opening a real bank account overseas with just a few mouse clicks. I just hope more people would know about them though.

Visited their website.

https://selfkey.org/

Looks very interesting specially for entities who wanted to open a real bank account offshore.

I don't know about the legal ramifications though, specially the there are a lot of regulations coming around, FATF, travel rule, FINCeN. They are all over the place now and I'm sure SelfKey will fall under the definition of VASP so they need to be updated as well.

I have read news about selfkey, I see the integration of one wallet with a bank will get problems, one of which is a problem when they want to build networks in countries that have not legalized cryptocurrency, for example Indonesia, can selfkey wallets be connected to banks there? Selfkey may be useful in the 10 countries they have mentioned, but we know that not all banks accept crypto, and not everyone uses a bank card that has a relationship with selfkey.

[ezeobulu007]

The key to their improvement is to accept and begin to implement the blockchain technology. It will see a huge progress merging a modern day tech with a traditional financial sector, that's some big hit!!

[salty]

The aspect in which banks could improve is the general approval of the adoption of cryptocurrencies.

[creativeleading]

If selfkey can really handle transactions without KYC then I am sure it will be a successful project. Currently, there are many people wishing to transact without KYC.
they are afraid of providing KYC and their personal information and are afraid of being sold to terrorists. That is why the demand is very large.

I think there is no centralized system that does not require KYC, selfkey also requires kyc, but the process may be faster, I think many centralized systems want to use a system without KYC in each of their entities, but we also have to understand, KYC is also important for building projects, apart from the KYC abuse problem.

Yes, selfkey still has KYC process but the processing would be so much faster. They have just actually added more banks in their marketplace. Imagine opening a real bank account overseas with just a few mouse clicks. I just hope more people would know about them though.

Visited their website.

https://selfkey.org/

Looks very interesting specially for entities who wanted to open a real bank account offshore.

I don't know about the legal ramifications though, specially the there are a lot of regulations coming around, FATF, travel rule, FINCeN. They are all over the place now and I'm sure SelfKey will fall under the definition of VASP so they need to be updated as well.

I have read news about selfkey, I see the integration of one wallet with a bank will get problems, one of which is a problem when they want to build networks in countries that have not legalized cryptocurrency, for example Indonesia, can selfkey wallets be connected to banks there? Selfkey may be useful in the 10 countries they have mentioned, but we know that not all banks accept crypto, and not everyone uses a bank card that has a relationship with selfkey.

I mean they have just launched it. I don't expect it to be widely used now especially that they're still starting out. Once people would be more open to this idea, i guess the effect would be massive.