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.