DeFi stands for Decentralized Finance. Well what is Decentralized Finance? It is a collective term for financial products and services who can utilize a computerized device (e.g., computer, phone or Ipad) and has access to the internet. Some unique features about DeFi is that the market is always open 365x24x7, there is also no centralized authority such as banks or brokerages.
Available to everyone
DeFi exists without having to perform any sort of identification and allows for the buying, trading, borrowing and other traditional bank features via the blockchain. This typically leads to less fees as there is no middle man, history of transactions are stored on the secure blockchain and is traditionally faster which leads to overall efficiency in cost such as fees.
Security in Defi
Processes and transactions that use to be handled by human individuals have now been automated to be processed through code on the blockchain. Some of the benefits of this include removing human error and also providing speed and safety.