DeFi stands for “decentralized finance” and refers to the ecosystem comprised of financial applications that are being developed on top of blockchain systems.
DeFi may be defined as the movement that promotes the use of decentralized networks and open source software to create multiple types of financial services and products.
DeFi dApps may also be used for KYC AML , and other identity management services.
Decentralized finance brings numerous benefits when compared to traditional financial services.
For instance, many dApps are being developed on top of the Ethereum blockchain, which provides reduced operational costs and lower entry barriers.

Source - https://academy.binance.com/en/glossary/defi?utm_source=BinanceAcademy&utm_medium=Social&utm_campaign=Glossary

Image Source - https://blockchainsimplified.com/blog/all-you-need-to-know-about-decentralized-finance-defi/benefits-of-decentralized-finance.jpg

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