Self-sovereign Identity and Online Banking go together like bread and butter, and within four or five years you will not be able to bank online without SSI but the two processes are inextricably connected due to Millennials and how they bank online.
According to Visa, in the next four years, Millennials will become the customer segment with the greatest personal income, growing to an aggregate $8.3 USD trillion by 2025. At that time, Millennials will represent 75 percent of the workforce and 46 percent of total US income.
This growing segment of people aged 19-35, known as the Millennials will increase their use of cards and related technologies as they grow older—and their expectations around how card programs should work for them differs from previous generations’ expectations.
Millennials rely heavily on digital channels. More than 90 percent are active users of online banking, and they prefer to use digital channels to reach quick and easy resolutions to problems.
Online Banking for Millenials will drive the adoption of SSI faster than anything. Recently, SelfKey announced ten new jurisdictions where SSI is instantly recognized, which essentially means that Self-sovereign Identity pre-qualifies the owner for Online Banking.
How To Open A Bank Account Online Through SelfKey
The SelfKey Bank Accounts Marketplace is a milestone in the blockchain space and for the first time, allows you to set up a foreign bank account from within a cryptocurrency wallet. Corporate and Personal Bank Accounts in Hong Kong and Singapore are already available, and we will be adding more jurisdictions in the near future.
The Bank Accounts Marketplace is particularly user friendly, as everything is done through the SelfKey Wallet and the KYC process our expedited by the SelfKey ID. It may well be the world’s fastest application for a bank account ever!