No, not completely, but it will brought many changes. Financial institutions, can either cooperate or compete by improving their services to cope up with the cryptocurrency exchanges and trades.
I agree, a still long way to go, but it is catching up though.
Yes, just like the
crypto exchange site I know where the transaction speed is very fast. The payment fee of this site is one of the cheapest site of exchange I know. You can even pay in online business, games or physical store a s the risk is very small. If financial institutions will not make any moves to cope up with it, then they will lose to these online exchanges.