I suspect that the greater provision of informed analysis from central banks has led to an improvement. In the United States, we have some indirect evidence that crowding out of private views has not increased even as the Federal Reserve has become more talkative. Market interest rates have continued to respond substantially to surprises in economic data.
Although mature clients provide banks with stable sources of profit, with the development of the capital market, good businesses obtain financing by tapping corporate bond market and issuing commercial papers in a way to lower their costs.