AI agents could move household cash from accounts paying 0.1% into accounts paying 3.3% to 5%.
JPMorgan Chase’s Smart Cash tool aims to move client money automatically between checking accounts and higher-yielding brokerage products.
Among AI power users, 37% rely on AI as their main tool for managing money, PYMNTS Intelligence found.
JPMorgan Chase, Bank of America and Wells Fargo hold about $1.6 trillion in deposits that pay no interest, the Financial Times reported. That money tends to stay put because moving it takes time. Artificial intelligence (AI) agents could remove that friction.
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Meta’s Muse and similar AI assistants could soon move household cash from checking accounts paying a national average of 0.1% into accounts paying 3.3% to 5%, Torsten Sløk, chief economist at alternative asset manager Apollo Global Management, wrote in a Sept. 27 note. Sløk framed the scenario as conditional. If every household used AI agents to optimize returns on cash, banks could lose a large share of the cheap deposits they rely on to make loans, he wrote.
Meta launched Muse on Sept. 8, and the agent passed ChatGPT to reach No. 1 on Apple’s App Store 10 days later, PYMNTS reported . Muse connects to bank accounts through Plaid , the financial data network, which said users can share balances, transactions, investment holdings and mortgage information with the agent. Plaid’s announcement does not describe Muse moving money between banks.
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