How is the rise of decentralized finance (DeFi) platforms impacting traditional banks' business models?

With the explosion of decentralized finance (DeFi) over the past few years, traditional banks face increasing pressure to adapt their business models. DeFi platforms leverage blockchain technology to offer financial services like lending, borrowing, and trading without intermediaries, potentially reducing costs and increasing accessibility for users. This shift raises critical questions about the future role of traditional banks and their strategies to integrate or compete with these emerging technologies. How are banks responding to this disruption, and what are the potential implications for the broader financial ecosystem and consumer trust in banking solutions?