He said modern financial system is broken. It is slow. It is expensive. There is nothing on the blockchain that can't be done better than the current financial institutions is working. Banks not working during weekends also not working more than 8am to 4pm which can be a disadvantage to those that is not able to pay money early before 4pm on Friday.
The banking system does have its weaknesses and they have a limited working system during holidays but banks are still needed by everyone today so it is difficult for them to go bankrupt. In a further stage banks are also starting to be integrated with exchanges where we can convert crypto on the exchange into fiat currency which is sent directly to the bank. This is also one of the innovations of a different form of system acceptance that is starting to be implemented by the government because they realize that the best way is to provide convenience rather than fight it.
This is nothing more than a hint about decentralized platforms and I think he is trying to give a slightly wrong view just because it is slow and expensive. Crypto will never replace fiat and I am not sure it can happen anytime soon because people still need fiat currency and banks as a place to transact.