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

[Red-Apple]

you can't change anything about the centralized services such as banks, etc. all these new names that keep popping up and claiming they are making a difference are just lying because they are trying to only take a piece of the pie and make themselves richer by fooling people.
the problem is the fiat system that gets involved and brings with it all these KYCs and the nonsense of regulations that slow everything down. the only way to change it is to kill KYC and regulations which is impossible.

[coaprotet]

There are security issues in every industry, but it takes another level in crypto currency. I never hear that 10 companies that went to the stock market fooled investors and ran away with money. We need to integrate regulations to stop such issues.

[lixer]

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?

If they are advised about how their system can be improved, would they take it? There is no single way except they are ready to leave that line of centralization to decentralization and that is how their services can really be of immense benefit to people, but it will indirectly cut their income rate a little which they don’t want because that is what all these financial service operators like banks are all about, which is the main reason why they don’t want to hear about cryptocurrency.

But, I believe that some blockchain experts would still be able to find a way where the interest of the banks can be protected while at the same time running a decentralized system that would make their users quite have the power over their money with them.

[EmmaBen]

In terms of verifiable financial data which can be accessed by stakeholders/shareholders publicly at all times. This is where blockchain comes in and I believe having the utilization of blockchain in banking will offer far better transparency as well as ease of operation and improved productivity. It is only going to offer much more resources and better turn around time if introduced into the financial system.

[Mrsparks]

I am trying to find the linkage between the title and the body of this post but nevertheless i must confess alot of improvement needa to be made mostly in terms of transparency of data. Most financial details in the traditional finance system are not verifiable hence the need to properly incorporate blockchain technology.

[sodiik]

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?

Violations that occur in the crypto industry often occur. And if talking about a security issue of course the Bank is the best because it already works with the government. Indeed this security problem should not be ignored. If cryptocurrencies are safer it may work with Governments, but it certainly won't be easy to happen. The government is still conducting a review of this technology.

If Crypto is able to work with the government, security for people using KYC procedures will be safer and have a guarantee.

[creativeleading]

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!!

True. And in order for them to be more accepting to this idea, the blockchain company that harnesses this use case must slowly build their track record for added trust to both banks and customers as well.

[bgaf]

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?

Its not like crypto has been breached in the way they like it. This is a tech and every tech has its own limitation. The one created blockchain is also human which I think can be also breach by another entity that knows how to do it.  Banks are more secured due to its system accuracy, blockchain however is being breached since some of the crypto enthusiast know some way to handle it. So people also might need to keep safe what sensitive data such as ptivate keys to their own cause it really can lose youre funds once fall into a wrong hands.

[mersal]

Privacy is one of the backlog of centralized system like banks and of course if someone has high authority and wants to see our personal info and transaction its definitely possible officially or unofficially that is why people preferring decentralized system.