1. Wholesale borrowing markets.
The general process of cutting out of the financial intermediary by companies which are in a position to borrow and lend funds between themselves, or to directly access the capital market.
Disintermediation developed as consequence of the worsening credit quality of banks following the debt crisis in the 1980s, which resulted in many large companies commanding credit ratings that were as good as, or better than, the banks.
2. Other markets.
Similar processes in relation to other business transactions, including retail financial transactions.