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.