2/4  BIS central bankers' speeches  In addition, rapid growth also required ongoing improvements in the public capital stock (especially transportation infrastructure and education) through an effective infrastructural investment programme, which was in part financially supported by the EU system of cohesion and structural funds. It also depended on improvements in locally-supplied business inputs, such as telecoms and energy.
By increasing competition, and unbundling banking services across a larger range of firms, it reduces the systemic importance of large banks. Greater sharing of customer data may also create opportunities for more personalised financial products and lower switching costs (which may promote market discipline). Open banking also presents risks, including making the banking sector more prone to cyber risk.