Disintermediation is the removal of intermediaries—such as brokers, retailers, or financial institutions—from a transaction or supply chain, enabling direct exchange between producers and consumers or buyers and sellers to lower costs, accelerate processes, and enhance efficiency.[1] The term originated in the U.S. financial sector in 1967, when federal regulations under Regulation Q capped interest rates on savings accounts at banks, prompting savers to withdraw funds and invest directly in higher-yielding securities like bonds and stocks, thereby bypassing traditional banking intermediaries.[1] This early phenomenon highlighted how regulatory constraints and market incentives could drive shifts away from established channels, a pattern that recurred in banking history whenever nonbank alternatives offered superior terms to borrowers or savers.[2]In the broader economic context, disintermediation encompasses the elimination of middlemen across industries, often fueled by technological innovations that reduce information asymmetries and transaction frictions.[3] The rise of the internet in the 1990s amplified this trend, allowing direct-to-consumer models in sectors like retail and travel, where consumers could bypass wholesalers or agents to purchase goods and services online.[1] For instance, in e-commerce, digital platforms facilitate seller-buyer connections that sometimes lead to circumvention of the platform itself for subsequent transactions, driven by economic incentives like avoiding commissions.[4] In finance, disintermediation has evolved through fintech developments, including peer-to-peer lending and blockchain-based cryptocurrencies like Bitcoin, which enable direct transfers without banks or clearinghouses.[1]Despite its benefits—such as reduced fees, greater pricing transparency, and empowered market participants—disintermediation introduces risks, including the loss of intermediary functions like credit assessment, dispute resolution, and economies of scale in