If the central banks do so, then I agree the smaller banks will be destroyed. I do believe the bigger banks will not be destroyed (as crooked as they are) because they are the ones that manage the bonds (at least in the US). So unless there are major changes to our financial systems, the bigger banks will probably not die. However, they will have to adapt to the new system and decentralize. The only thing I wonder is whether the fractional reverse banking system will stay or not. If we decentralize, I believe we would most likely get rid of it to an extent (can't transact with what you don't have).
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What if Big Tech starts to take over?
Also, we could well see Bitcoin operate as the foundation for bonds and other debt instruments.
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If big tech takes over, I do not think much will change. In fact they want things to be deflationary (borrow as much as they can at the lowest rates) to grow as big as possible. Maybe after they gain enough power, there will be a battle between the banks and the big tech corporations on who controls things. In the case the big tech corporations succeed, I believe they will introduce their own digital currencies and push them on the public as much as possible. Overall, not much will change in my opinion.