Apollo Raises Specter of an AI Agentic 'Bank Run' Hitting Financial Industry
As if things couldn’t get worse for banks, artificial intelligence could present a problem for the group.
TL;DR
- The Invesco KBW Bank ETF (KBWB) has seen its longest losing streak since March.
- Goldman Sachs and Bank of America are among the worst performers in the fund this month.
- Rising U.S. Treasury yields are a key factor affecting banks.
- AI agents could lead consumers to move cash to higher-yielding fintech accounts.
- Deposits on platforms like SoFi Technologies offer significantly higher APYs than the national average for checking accounts.