How dangerous is disintermediation to the banking industry?

The more we talk to bankers the more it becomes clear that successful innovators have embraced the use of institution organic technologies and processes to improve efficiencies and capture market share. They outperform even as their peers flounder achieving that holy grail of all banking safety and soundness fundamentals, customer loyalty.

In parallel we also we waves of initiatives by entities seeking to disintermediate bankers from their customers. Most commonly, these parties seek to make money on transaction fees stemming by triggering switching cost events. For perspective, these activities do serve a systemic purpose in helping to ensure that institutions remain efficient enough to offer superior value even in the face of such probing.

So what examples have you seen of this phenomenon and what's your take on where the right balance is between institutional complacency and disintermediated chaos?