AI Assistants Might Trigger Bank Run, Economist Warns

A prominent economist from the major private equity firm Apollo has issued a caution regarding the potential for artificial intelligence assistants to precipitate a substantial withdrawal of funds from conventional banking institutions. This warning highlights a potential disruption to the financial landscape.
Details of the Economic Forecast
On Sunday, September 28, 2026, Torsten Slok, the chief economist at Apollo, a firm with an $849 billion credit division, presented a compelling hypothesis. He posited that as individuals increasingly leverage AI agents like Meta's Muse or Instinct to manage their personal finances, these digital advisors would inevitably guide users towards optimizing their cash returns. Given that traditional checking and savings accounts typically offer meager annual returns of 0.1% to 0.4%, AI assistants would recommend transferring these funds to higher-yield alternatives, such as fintech platforms like Adelphi, which can provide returns up to 5% annually.
The core of Slok's concern lies in the collective action this would entail. If a large segment of the population simultaneously utilizes AI to relocate their deposits, it could result in an unprecedented and rapid outflow of capital from banks. This mass exodus of 'cheap deposits,' which banks rely upon for their lending operations, could severely impact their ability to issue loans, potentially triggering what is colloquially known as a 'bank run.' Slok underscored this risk in an insightful post, emphasizing the profound implications for financial stability. Notably, Apollo Global Management is a significant player in non-bank lending and aims to expand its private credit portfolio to $1.2 trillion by 2029.
The rise of personal AI agents has been a recent phenomenon, with users deploying them for diverse daily tasks, including grocery shopping and ticket purchasing. However, this growing reliance on AI extends to financial optimization, where people are increasingly seeking to maximize their monetary returns through these digital tools. This trend has not gone unnoticed by businesses, with some, like Amazon, already implementing measures to block AI agents due to concerns over data privacy and terms of service violations. Amazon specifically cited that Muse, an AI agent, was scraping account data without proper identification, raising critical questions about the security and ethical boundaries of AI in personal finance.
The emergence of AI assistants as financial advisors presents both opportunities and significant challenges for the global banking sector. While these technologies promise to empower individuals with better financial management, their widespread adoption could reshape the foundational structure of traditional banking. Policymakers and financial institutions must consider proactive strategies to mitigate potential risks, such as sudden deposit shifts, and to adapt to an evolving financial ecosystem where AI plays a central role in consumer decision-making. The future of banking may hinge on how effectively these disruptive technologies are integrated and regulated.