In what aspects do you think financial services like banks could improve more? - page 2.

creativeleading

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Quote from: befriendmywater on September 11, 2019, 02:05:38 AM

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'.

cytpoway121

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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

befriendmywater

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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.

jrrsparkles

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Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: GreatArkansas on September 11, 2019, 12:17:44 AM

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.

knuckey

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Quote from: creativeleading on September 10, 2019, 10:34:16 PM

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.

btc_angela

hero member

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Quote from: creativeleading on September 10, 2019, 10:34:16 PM

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.

GreatArkansas

legendary

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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.

jrrsparkles

sr. member

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Hire Bitcointalk Camp. Manager @ r7promotions.com

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.

creativeleading

newbie

Activity: 32

Merit: 0

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?

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