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Nitpick! It could make remote KYC effectively useless. Banks and other mainstream financial institutions can just make you visit a branch for them to open your

Nitpick! It could make remote KYC effectively useless. Banks and other mainstream financial institutions can just make you visit a branch for them to open your account and / or providing you new services. In turn, those institutions could provide federation of identification to smaller entities.

RandomLensman 3y ago
That federation kind of exists in some countries already (e.g., in some Scandinavian countries, I believe).
- kurthr 3y ago
  Exists for a lot of banks in the US as well. Many people had to go physically into a bank branch (half of them were closed) and show ID when BMO bought Bank of the West. Your cards and electronic banking didn't work until they were reissued, which required physical presence. God forbid, you were traveling out of country.
  - ghaff 3y ago
    A lot of financial institutions loosened up in-person requirements during COVID. But, at least in the case of my brokerage where I don't have an advisor I know, they've reinstituted going into an office for certain types of transactions. You can use a Medallion Signature as an alternative but you're still going into a bank branch, only certain branches can do it, and it didn't work the one time I tried and I ended up driving to a brokerage branch anyway.
  - ghaff 3y ago
    Yet another reason to travel with multiple credit cards not all issued by the same institution. ADDED: And there are a number of such reasons even if you consider this one an edge case. I have absolutely triggered fraud detection when traveling and most banks don't even want you to enter your travel plans any longer. (And I've even had a trivial purchase rejected in the US when traveling--admittedly this hasn't happened recently.)
- ratg13 3y ago
  The majority (all?) EU countries have a government sanctioned identity system. It’s always either a government approved agency or bank that does the initial identity verification. The EU will also eventually force all of them to be interoperable.
lxgr 3y ago
> Banks and other mainstream financial institutions can just make you visit a branch Most financial institutions I'm dealing with don't have branches. The ones that do are offering atrocious savings rates and charge high monthly fees for their zero-interest checking accounts. > In turn, those institutions could provide federation of identification to smaller entities. Do you seriously expect these same entities to willingly become federated identity verification providers for their direct competitors?
- harperlee 3y ago
  More by force of law than willingly, really. Similar to what PSD2 defined in Europe. If they can charge for it, then the financial institutions that you deal with have an economically interesting tool against GenAI!
EGreg 3y ago
Just wait until AI-powered android in the real world. We only need the movements to be simulated properly, the speech is already there.
grotorea 3y ago
What I find slightly weird is that this has been technically possible with a combination of modern cryptography and physical infrastructure for decades but it's still so incipient.

RandomLensman 3y ago

That federation kind of exists in some countries already (e.g., in some Scandinavian countries, I believe).

kurthr 3y ago
Exists for a lot of banks in the US as well. Many people had to go physically into a bank branch (half of them were closed) and show ID when BMO bought Bank of the West. Your cards and electronic banking didn't work until they were reissued, which required physical presence. God forbid, you were traveling out of country.
- ghaff 3y ago
  A lot of financial institutions loosened up in-person requirements during COVID. But, at least in the case of my brokerage where I don't have an advisor I know, they've reinstituted going into an office for certain types of transactions. You can use a Medallion Signature as an alternative but you're still going into a bank branch, only certain branches can do it, and it didn't work the one time I tried and I ended up driving to a brokerage branch anyway.
- ghaff 3y ago
  Yet another reason to travel with multiple credit cards not all issued by the same institution. ADDED: And there are a number of such reasons even if you consider this one an edge case. I have absolutely triggered fraud detection when traveling and most banks don't even want you to enter your travel plans any longer. (And I've even had a trivial purchase rejected in the US when traveling--admittedly this hasn't happened recently.)
ratg13 3y ago
The majority (all?) EU countries have a government sanctioned identity system. It’s always either a government approved agency or bank that does the initial identity verification. The EU will also eventually force all of them to be interoperable.

lxgr 3y ago

> Banks and other mainstream financial institutions can just make you visit a branch Most financial institutions I'm dealing with don't have branches. The ones that do are offering atrocious savings rates and charge high monthly fees for their zero-interest checking accounts. > In turn, those institutions could provide federation of identification to smaller entities. Do you seriously expect these same entities to willingly become federated identity verification providers for their direct competitors?

harperlee 3y ago
More by force of law than willingly, really. Similar to what PSD2 defined in Europe. If they can charge for it, then the financial institutions that you deal with have an economically interesting tool against GenAI!

EGreg 3y ago

Just wait until AI-powered android in the real world. We only need the movements to be simulated properly, the speech is already there.

grotorea 3y ago

What I find slightly weird is that this has been technically possible with a combination of modern cryptography and physical infrastructure for decades but it's still so incipient.