the elimination of such financial intermediaries as banks and brokers in transactions between principals, often as a result of deregulation and the use of computers
disintermediation in American English
(ˌdɪsˌɪntərˌmidiˈeɪʃən)
US
noun
the withdrawal of funds from banks and savings institutions in order to invest them in government securities, commercial paper, etc. paying higher rates of interest