AI assistants helping people maximize their cash could trigger a bank run, Apollo’s chief economist warns

The chief economist at the giant private equity firm Apollo says your AI assistant could trigger a deposit exodus in traditional banks.

In a nutshell, Torsten Slok’s theory goes like this: You ask an AI agent like Meta’s Muse for ways to max out your cash. The agent sees that your money is sitting in checking or savings accounts, which offer national averages of 0.1% or 0.4% a year in returns, respectively.

Your assistant diverts your money (or tells you to move the cash) to a higher-yield account run by a fintech firm, like Adelphi, which offers up to 5% a year for some accounts.

The problem starts when everyone’s AI agent does the same thing…

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