Meaning of “disintermediation” in the English Dictionary

"disintermediation" in Business English

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disintermediationnoun [ 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.

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.

(Definition of “disintermediation” from the Cambridge Business English Dictionary © Cambridge University Press)