What distinguishes direct-to-consumer from intermediary distribution?

Direct-to-consumer focuses on self-service, seamless onboarding, user experience, and digital trust. Intermediary channels, such as advisors or brokers, emphasise relationships, suitability, and regulatory compliance. Banks and wealth managers often maintain hybrid models, balancing digital and human touchpoints. Insurance is more broker-dependent due to risk evaluation and commission structures. Fintechs typically leverage digital-only channels to scale rapidly. Strategy must consider cost structures, customer lifetime value, and regulatory risk. References: Bain, 2021; European Banking Institute, 2020; Oliver Wyman, 2022.