“Longer term, AI is likely to erode bank profitability as consumers start routinely using AI agents to optimize their finances (for example, automatically moving deposits into higher-yield accounts), which would reduce customer inertia and reshape industry economics. Agentic AI could disrupt deposits and credit card lending in particular by cutting through inertia. Today, $23 trillion of the global total of $70 trillion in consumer deposits sits in checking accounts with near-zero rates, while the remainder is parked in accounts that often pay relatively low savings rates, according to McKinsey Panorama data.3 If just 5 to 10 percent of checking balances migrated to top-of-market rates, an action that might be prompted by AI agents, that could reduce the banking industry’s total deposit profits by 20 percent or more.”