disintermediation
noun [ U ]
uk/dɪsˌɪntəmiːdiˈeɪʃən/ us FINANCE
the situation in which sellers and buyers of financial products deal directly with each other, rather than using banks, etc.:
The internet is, potentially, the greatest force for disintermediation the banks have ever had to tackle.
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intermediation
COMMERCE
the situation in which manufacturers sell directly to consumers, rather than through stores, etc.:
Throughout Europe, governments are anticipating a devastation of the retail sector workforce caused by 'disintermediation': the elimination of the middleman.