How Will DeFi Change Banking? | Crypto, Wallets, DApps



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Decentralized Finance (or DeFi) is changing finance. More specifically, it's changing banking. So, what will banking of the future look like with DeFi? In this video, we recreate an ideal financial infrastructure from traditional finance to decentralized finance.

What this video covers:
00:00 - Bank of the future
01:12 - What do Banks do today?
03:50 - What will Banks of the future do?
08:30 - Individual Functions
13:30 - Will everything be on Ethereum?
15:40 - Cross chain and cross-function banking

In the original sense, a bank provides two functions savings and spending. But over the years, banks have diversified into a range of functions including investments, insurance, borrowing, lending, and more. Each of these functions are replicated in decentralized finance.

Using Ethereum as the settlement layer, DeFi can replicate and provide traditional banking services. This can be centered through an income wallet, divided between various functions like payment, investments, and transfer.

Each of these functions can be integrated with other ancillary forms of finance, like identity management, mortgages, and insurance. There are already protocols for each of these financial functions in DeFi. These are built on Ethereum and can be used to create more financial efficiency.

What do you think the bank of the future will look like?

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Category
Cryptocurrencies
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