Slok added that Muse and other personal AI agents could soon “automatically” move people’s money into accounts paying 3.3% to 5%, a much higher level than the 0.1% paid on average for checking accounts.
American households had $5.4 trillion sitting in checking accounts and cash at the end of Q2 2026, according to the Federal Reserve Bank of St. Louis. That’s a huge sum that could in theory begin flowing through the financial system.
Using AI on lazy money
Inaction is a significant force in commercial banking, since it can be cumbersome for clients to determine whether they are truly getting the best deal and return on their investment. A growing share of Americans are turning to AI for financial advice and potentially leveling the playing field.
About 40% of consumers said they sought help from AI to assist in their personal finance decisions, according to an July survey of 4,000 U.S. adults from JD Power, a data analytics company.
Some researchers are already studying the quality of financial advice from AI chatbots. So far, it’s better than anticipated.
Taha Choukhmane, a finance professor at the Massachusetts Institute of Technology, co-authored a paper on the subject. The group found that following AI’s financial advice can lead to heftier savings for adults over the age of 30.
AI models consistently recommended that users put aside some of their wages into savings, assemble a diversified portfolio and begin shrinking stock market exposure once reaching the age of 45. Large language models were not as effective in helping users grapple with unexpected shocks such as job loss. In a potential boon for banks in this instance, AI models also didn’t actively restructure investment portfolios.
Could subscriptions be next?
AI chatbots could also target the soft underbelly of the consumer economy: subscriptions. A group of researchers at Stanford University found in a paper published last year that subscription sellers can double their revenue due to customers simply delaying or forgetting to cancel their service altogether. They dubbed it “consumer inertia.”
By enlisting an AI chatbot to weed out subscriptions that outlived their use, another revenue stream for companies comes under threat, particularly those offering digital services.
“Muse, Instinct, and Grok Bot can already go through your accounts, find every subscription you forgot about, and make you decide if you want to keep it,” Ole Lehmann, an AI analyst, posted on X. “Once personal AI agents are on everyone’s phone, a lot of subscription companies are going to really feel it.”
Joseph Zeballos-Roig is a policy and politics journalist based in Washington D.C with a focus on economics. He is experienced in connecting the significance of events in the capital to the lives of everyday Americans whether its taxes, tariffs, interest rates or federal programs.
