'A multiyear evolutionary risk': BofA unpacks the threat Meta's Muse poses to banks

Bank of America has warned that agentic AI assistants like Meta's Muse pose a "multiyear evolutionary risk" to banks' business models. According to a client note, these AI tools could eventually manage and move money for people, automatically allocating funds to investments instead of leaving them in low-yield accounts. This could threaten banks' margins, which rely heavily on depositors leaving cash idle. BofA suggests banks may need to develop their own AI tools to retain customers' money.

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