Is there not a substantive step we can take to rethink the approach where it is all about the bank and put the customer, wherever they may be in the world, more in control of their data and who has access to it.

There are already issues of trust between banks, who would carry the can if the information shared is wrong and had been acted upon for example. There are also issues about the use (misuse) of personal, or indeed corporate, information and its sharing for gain.

Such a rethink could be delivered via verified Self-Sovereign Identity systems, such as the system from ObjectTech Group. This outs the individual in control and allows them to decide who gets what information and when. This in turn, in agreement with the regulator, allows an institution of any description to hold very much reduced amounts of data.

Such systems do need to be able to be transferred across jurisdictions and regulatory frameworks for sure but as they are verified they will bring down the costs of CDD and KYC/AML exponentially.
In addition to improving current services, such a system is also a gateway to services for those currently excluded from financial processes and products. So, when combined with pro-poor products (the costs of delivery of such products are also substantially reduced) and financial literacy, Self-Sovereign Identity systems play the pivotal role of key enabler with the potential to boost economic activity and resilience globally.