disintermediation

The removal of funds from a financial institution such as a bank for direct purchase of financial instruments.

Any disintermediation crisis, such as has occurred three times since 1966, causes mortgage money to dry up and slow down new housing construction which the country desperately needs.

The removal of an intermediary from a commercial transaction.

The news industry is undergoing a massive disintermediation due to the ubiquitous low-cost communication made possible by the internet.

New-media thinkers, with their appetite for disintermediation and creative destruction, implicitly endorse and advance this transformation.