The age of the AI personal assistant is here, courtesy of Meta, and it could bring about a reckoning for the global financial system.
It’s the latest wake-up call for banks and their regulators about the dangers posed by a swiftly emerging wave of transformative technology.
The launch this month of Meta’s Muse has brought new attention to the possibility that people might use so-called AI agents to easily shift their money into competing lenders that pay more interest on deposits, draining a cheap source of funding for many banks. While that could be a boon for everyday people, it’s a potential stability risk for firms that sit at the center of the U.S. economy.