Apollo Chief Economist Warns AI Agents Could Drain Cheap Bank Deposits

Apollo Chief Economist Warns AI Agents Could Drain Cheap Bank Deposits

Apollo Chief Economist Torsten Slok argues in a new research note that as AI agents are increasingly used to manage cash and short-term assets, the banking system's lowest-cost checking and savings deposits could be shifted on a large scale into higher-yielding instruments such as money market funds or tokenized Treasuries. Slok points out that agents can scan accounts and move funds within seconds, significantly increasing deposits' sensitivity to interest rate changes and thereby raising banks' reliance on wholesale funding and their funding costs.

The assessment comes as AI agents accelerate their integration into payments and cash management. Machine payment protocols such as x402 and MCP are giving agents the ability to initiate payments and reallocate positions autonomously, while stablecoins and tokenized money market funds offer on-chain parking options for funds. According to the report, if agent penetration continues to rise, the traditional bank funding structure built on demand deposits will face repricing pressure.

Slok did not provide a specific timeline or size estimate, but stressed that the trend poses a medium-term challenge to net interest margins and liquidity management.

Source: https://www.coindesk.com/markets/2026/09/28/ai-agents-could-drain-cheap-bank-deposits-apollo-s-torsten-slok-warns