If you think back to my introduction to Crypto, which is found here: https://infosecforhumans.com/crypto-for-humans-or-anyone-in-tech/ - You will remember that crypto is attractive because it is decentralized, not controlled by a central bank or government. This idea is responsible for launching other decentralized concepts, probably the largest is the decentralized finance space aka DeFi.
Whats the big deal about DeFi? I have worked in financial institutions, large and small, I can attest that the financial products offered by these organizations are designed to benefit them and not you, the consumer of these loan and savings products. Despite what the newest marketing slogan may say, they are looking out for #1.
With Defi, you remove the bank or credit union. They are replaced by a program (called a smart contract). Smart contracts are just like any other application, but instead of running on a server somewhere in Amazon (AWS) or a corporate data center, the smart contract runs on top of a distributed set of servers (aka decentralized network).
So what happens when the driver (the Bank in this example) of products and services being developed and offered?
You end up with a radically different experience from a traditional financial institution.
Ahh good question! Because DeFi is a replacement for traditional financial institutions, right now DeFi apps mimic what you find from a traditional bank.
Defi presents an exciting yet challenging opportunity. It takes a historically burden-laden industry and throws away all conventions. This has created radically different ways for individuals to leverage their money in ways previously only availably to institutions or high net-worth investors.
One thing is certain, its not too late to jump into the DeFi space.