Based on 24/7 service and API based withdrawal access, banks will need to a) create new business models, b) rewrite customer disclosures, and c) work with insurance companies to protect against market swings
Discussion
Yea that's a good assessment. I'd argue they've been working on that already.
Do keep in mind that central banking and the federal reserve will find ways to make decentralized currency a difficult process for those that engage in it. Besides making it illegal and shutting down exchanges, they will probably offer an alternative.... but THEIR OWN alternative..
It will look like decentralized in that it's digital but it'll be centralized...welcome in the CBDC of the future 🙃