Old and clunky. Try setting up a multisig on the weekend with a few friends around the world, who all use different banks. It usually involves a lot of time, paperwork, lock-in to a single bank, monthly fees, sharing private data, and strict limitations on use.

In comparison you and several friends can set up a m-of-n account in a couple of transactions, closer to the flow and ease of setting up a new WhatsApp group.