How will the rise of decentralized finance (DeFi) platforms impact traditional banking systems?

In recent years, decentralized finance, or DeFi, has gained significant traction by offering financial services through blockchain technology, bypassing traditional banking intermediaries. This emerging sector has the potential to disrupt conventional banking by providing faster, cheaper, and more transparent services. As DeFi platforms continue to evolve and attract more users, questions arise about how traditional banks will adapt to these changes. Will banks integrate DeFi into their systems, create new models to compete, or resist and lobby for regulatory barriers? Understanding the potential impacts on both consumer banking and the wider financial ecosystem is crucial for stakeholders in the finance industry.