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.