Without a doubt, DeFi will change the landscape of how we handle money... whether it's going to be an actual tsunami or just a gradually rising tide that drowns those who are not prepared to get onboard? That remains to be seen.
PayPal was deeply mistrusted when it first came to market. How can you have peer-to-peer money transfers without a bank to "trust" as an intermediary? "Must be" a scam and a ripoff... remember that?
I think banks will still exist, but the scope of what they do will completely change — eventually — to become more like "financial services aggregators" or something along those lines. And I don't see fiat currency going away until the cryptosphere solves its volatility issues. Nobody wants to sell a product today, only to discover that the buying power they just earned is worth 1/4 that tomorrow.
=^..^=
They will have a foothold since the older generations are not going to jump right into applications and peer-to-peer finance. So the banks will have the front end (due to their name) and the customer service to hold people's hands.
Over time, that will dwindle as ease of use increases and people become more technically advanced.
Banks customers will be like the nightly news: growing older by the day before dying off.
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