In an environment of low interest rates and low inflation conducive to higher asset valuations banks might have been tempted to take on additional risk. There is no sound evidence that one can disentangle empirically this channel from the more traditional balance sheet channel. So, it is premature to draw inferences on this dimension in any direction.
However, one might presume that such mechanism might contribute to making bank behaviour more pro-cyclical and less predictable than in the past. To sum up, financial innovation in the recent past has affected the various transmission channels of monetary policy in different ways, sometimes strengthening and sometimes weakening these channels.