⚖️ Selective disclosure is the new step-up. 🥪 Composability is great, but so is stacking- VCs from multiple issuers for different levels of assurance.

🚪Not all auths are created equal - it's FIDO *+* OIDC *+* DIDcomm based on what you're trying to do. ⏳VCs don't have to be static — how we enable 2 way updates. 📵 Device agnosticism — ways to avoid mobile dependence . ♻️ "Someone else's data" & the 'always has been' meme.

Meant to post not reply. Played myself. Anyway, before I get to writing — what do folks want to dig in on? Here's where I'm going w/ this. 🧩 There's no such thing as "one ID" — attribute providers make more sense .🕳️ VCs vs ZK vs predicate proofs — what to use and when. .

RT @SportsCenter: 🔔 THE PHILLIES MOVE ON 🔔

Teamed up w long-time friend & collaborator @amiasmg over @ @QEDInvestors on the latest epi of @Fintech_Beat . Want to dive into thorny qs abt root-of-trust, authentication, and why #decentralization is poised to crack #openbanking wide open? . Listen in!.

Perpetual KYC is inevitable IF we put the user in the aggregation and management driver's seat. Learn more in my full post in @Forbes and follow @getportabl for more.

People become secure data feeds of themselves. This has huge ramifications for PKYC. Banks would have a guarantee that they are interacting with real customers on an ongoing basis with as little friction as possible.

What if a path to PKYC were facilitated by de-coupling identity from accounts?. What would it look like if a customer could perform and verify an update once and then publish that change to all of their connected accounts?.

That means when something changes, every one of those accounts needs to know, & that customer has to validate the same update 10 times 💀. 94% of the almost 600 people we interviewed named this as the No. 1 thing they wish they could solve. How about a different path?.

Those seeking PKYC solutions today are stymied by an overload of paperwork and legacy systems that are not natively interoperable. The status quo dictates that if a customer has 10 financial accounts, they also have 10 identities.

Unfortunately, most businesses are far from this ideal target state; automation, record reconciliation, coordinated data governance, and PII protections remain elusive.

✨ Enter Perpetual KYC ✨. PKYC turns the KYC & CIP checks performed at the beginning of a business relationship "on autopilot" and maintains dynamic customer profiles based on events and triggers.

Most resources are devoted to the riskiest folks, shortchanging routine maintenance and ongoing refresh for significant portions of the customer base. Because of this, businesses accumulate a ton of stale data. Plus latent risk and acute risk of fines along with it.

Addresses change, financial information changes, and people change. Keeping all of this customer data up to date is a tall order — expensive, tough to automate, & error-prone. Some of this is a screening matter, some tx monitoring, & some CIP. Let's talk about CIP:.

• 40%-60% of all users abandon account creation.• 89% of users have not had a good KYC experience.• 13% changed their financial institution as a result. And this is just onboarding. The work of knowing your customer is far from a one-shot deal.

KYC takes too long. Even the most modern fintech apps take 29 clicks and 16 fields to complete, which is over 5 minutes. Attrition rates remain at 5 in 10. This translates to major friction and cost:

Perpetual KYC is inevitable, but not how you think. 🙏 to the team @Forbes for the space to talk about how advancements to identity and credential management are prompting a full rethink about customer refresh. Want the TLDR? Keep reading 🧵 👇.

Mom, dad, @tessbern , Portabl team, friends, colleagues, peers, @whartonfintech fam, investors — thank you for the incalculable ways you shaped, supported, & sanity-checked the circuitous path to where I am today. My heart is full. 35 is going to be a hell of a year.

I realized I'd be happier if I said thanks instead.

I started this thread thinking I'd use it as a time to reflect on the past view years — traversing @Wharton, starting @getportabl, dealing with major intra-/post-pandemic ups & downs, and learning more in the past 2 years than I ever could have imagined. But—.