What are we to make of disintermediation of financing in the euro zone?

In the euro zone there is a gradual disintermediation of financing due to the weakening of banks and the reduction in their size. Companies are substituting bonds for bank credit; households can (or will be able to) substitute crowdfunding platforms for bank credit. Is this development positive in terms of well-being? What are the different arguments? With disintermediation, the risk is borne directly by end-investors, while banks absorb risks (in their capital); the flipside of this contribution by banks is the risk of a liquidity crisis (a bank run); Banks diversify risks, which is one of the advantages of bank intermediation, which makes it possible to lend more than if there is no risk diversification; We can assume that banks have be t ter information on borrowers than retail investors, particularly because they follow borrowers over time; But, conversely , banks have been criticised because they continue to support inefficient companies to avoid losses; There is also criticism of the fact that, as investors do not have access to information on borrowers or on banks’ behaviour if there is disintermediation, disintermediated financing leads to competition for obtaining capital.