I see you getting downvoted, but I don't think that's fair. Whether people like it or not this is almost certainly how ADP views the situation. The term "disintermediation" used to be tossed around 10-15 years ago, to describe the process of upstart tech companies getting between older, slower moving companies and their customers. ADP is definitely in the older, slower moving category. Defense is probably the only real offense they can bring to bear. I know they do business as a back office provider to various resellers who target segments they aren't particularly good at servicing. They probably don't view the Internet as a candidate for this, though.
It's been a long time since I heard the term, probably late 90's or somewhere in that timeframe. At the time I was in the banking business and there were various services that were launching with the idea of aggregating bank accounts, rolling up loan offers into portals, etc. The term "disintermediation" was used as a label for what happened to you if you let someone else capture your customer's attention and just treat you like a supplier. I'm sure there were other uses at the time, and later.
"The term "disintermediation" was used as a label for what happened to you if you let someone else capture your customer's attention and just treat you like a supplier."
Banks, along with selling their own products, act as middlemen to sell other types of product (e.g. insurance). The only disintermediation I can think of in relation to retail banks, is the move for people to buy things like insurance from (i) web sites, who may kick back some of the commission that would otherwise go to the bank, or (ii) insurers who sell direct through their own channels.
