What is Centralised Finance and Decentralised Finance?

Could you please explain the difference between Centralised Finance and Decentralised Finance in simple terms? I've heard about them but I'm still a bit confused about the key distinctions. Centralised Finance seems to involve intermediaries and traditional financial institutions, while Decentralised Finance seems to be more about peer-to-peer transactions and blockchain technology. Could you elaborate on these concepts and their implications for the future of finance?