DeFi still has a long long way to defeat the current financial institution because it's still a fairly new concept but, if the DeFi keeps booming the way it is now then I say why not in the next few years DeFi can definitely replace traditional banking.
Defeat can, but replace Im not sure. Traditional bank has always been part of every country. Yes cashless through cryptocurrency is very efficient means especially right now but defi is a new concept that has been introduced lately. I know it may be hard to implement this and explained clearly on the community on such ease that they can grasp it. But I am looking forward for banks to adopt the blockchain and stop refusing its technology, cause be honest it will ease every transaction. The only concern here is the tax system wherein blockchain is not really into it. Though its required people kove decentralized.