Can You Be your own bank with Crypto?

Could you elaborate on the concept of "being your own bank" with cryptocurrency? I'm curious to understand how individuals can achieve financial autonomy through decentralized digital assets. Does this mean complete control over one's funds, without reliance on traditional banking institutions? What are the key benefits and challenges of this approach? Furthermore, how does the use of crypto wallets and decentralized finance protocols enable individuals to manage their finances independently? I'm interested in exploring the nuances of this emerging financial paradigm.