Apollo Economist Warns AI Agents Could Shift Deposits Away From Banks
(4 days ago) · 1 source · Summarized by CryptoBipto
Torsten Slok, chief economist at Apollo Global Management, has warned that AI agents acting on behalf of consumers could move money out of traditional bank deposits and into higher-yielding alternatives. The concern is that automated financial agents could rapidly compare rates and reallocate funds, reducing the cheap deposit base that banks rely on for lending.
WHY IT MATTERS
Banks make money partly by paying you very little interest on your savings while lending that money out at higher rates. Most people do not bother moving their money to get better returns — this laziness is actually a key part of how banks stay profitable. AI agents are like automated assistants that could manage your money for you. If these agents start automatically moving everyone's deposits to wherever the best interest rate is, banks could lose a major source of cheap funding. This discussion matters for the crypto world because decentralized finance (DeFi) platforms and stablecoins already offer alternatives to traditional bank deposits, and AI agents could accelerate the shift of money toward these newer options.
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- coindesk.com
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