Apollo Chief Economist Warns: AI Agents May Trigger a "Slow-Motion Bank Run"

Apollo Chief Economist Torsten Slok has warned that as AI agents begin autonomously managing household finances, they may shift low-interest demand deposits into higher-yield accounts, potentially triggering a "slow-motion bank run." Slok stated that the average interest rate on U.S. demand deposits is currently only about 0.1%, while platforms such as Revolut, SoFi, Varo, LendingClub, and Wealthfront offer deposit APYs ranging from 3.3% to 5%.If households broadly adopt AI agents to automatically optimize cash yields, banks could lose the low-cost deposits used to fund lending, posing risks to the financial system. Slok also noted that AI agents can monitor balances in real time, compare yields across different institutions, and automatically move idle funds. (CoinDesk)