"The ordinary "brick and mortar" global banking sector will loose a huge size of its clientele once crypto, DeFi, blockchain switches from overdrive to hyperdrive mode. For purposes of this article, overdrive is my definition of the current stage of the crypto revolution, while hyperdrive will be that stage when roughly half of the global population will have decided to embrace it.
Given the great many merits crypto and DeFi have over banks, the only recourse for the banks is to immediately incorporate crypto services into their products pack (create in-house crypto departments) to gain a competitive edge over crypto exchange and DeFi platforms. With the advent of the metaverse, decentralised finance and banking is going to shift to a whole new level, a case in point is the recently launched first decentralised bank in the metaverse, The Metabank DeFi. https://Metabankdefi.com. The metabankdefi promises to be more than just a virtual bank but will provide a plethora of other services like healthcare, gaming, nftmarketplace, entertainment.
The kind of customer experiences that will be provided by decentralised financial institutions in the metaverse will render obselete all traditional banks, especially those that will fail to adapt to new ways of doing business. Crypto blockchain and the metaverse offer their clientele great new experiences, like entertainment-metaverse, convenience, fast transaction speeds, Virtual-learning, virtual interactions- AR and many more.
All the above are completely absent in the traditional banking sector. The recent removal of Russian banks from the SWIFT system brought to light the inherent weaknesses of centralised banks. When it attacked #UKRAINE, a sovereign state, Russia made a brazen mistake. So many Non Russians and Russians have been affected. Whatever happened last month to Russia's banking system could just easily happen to any bank and country and that's not so comforting. The immediate recourse for most people affected by the SWIFT system shut down was CRYPTO currencies, either through the P2P ( peer-to-peer) services offered by the different crypto exchanges like binance, coinbase, nexo or use of DeFi platforms like Uniswap, Compound, Pancakeswap, MakerDao
The fundraising efforts by the Ukrainian government and the army have all been done through crypto. A great number of people from all walks-of-life have contributed crypto funds to help support the Ukrainian people, their government and the army. With all these events at play in the world currently, soon and very soon banks will be replaced-OK not exactly moving out of business but they will lose a huge size of their business to the emerging Crypto, DeFi, Metaverse and blockchain sector.