2026-10-25 07:33 UTC
Replies (12)
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@eicker@lemmy.world 2026-10-25 07:34
The terrifying AI catastrophe here is apparently that customers might finally move their money to accounts paying decent interest. Banks spent decades automating every trick to extract profit from us, but the second consumers automate looking for a better deal, suddenly it’s a systemic threat. Funny how innovation becomes dangerous the moment it works for the customer.
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@KindnessisPunk@piefed.ca 2026-10-25 07:38
I wonder who our representatives will make foot the bill for this one? Surely they won’t just socialize the losses with how well it worked the last dozen times… Right?
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@temporal_spider@masto.ai 2026-10-25 08:16
@eicker@lemmy.world Where is all this concern when banks rob grocery money from poor families? If you've ever lost your week's food money to overdraft fees when you were sure you had it covered, you would hear the tiny violins right along with me.
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@MagnificentSteiner@lemmy.zip 2026-10-25 09:22
Banks Planning Unprecedented Catastrophe Caused by AI That They Will Make Profit From. FTFY
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@tormeh@discuss.tchncs.de 2026-10-25 09:24
I find the article’s premise that optimizing individual returns will wreck the banking system very dubious. In all other parts of the financial system (risk-adjusted) greed is good, but when retail customers do it then it’s bad?
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@Flower@sh.itjust.works 2026-10-25 10:04
So the agents move money from the regular account to a high interest account for days or weeks, keep on the lookout for accounts with even better conditions, and move just enough money back for the probably scheduled mortgage payment and other regular bills. That means the money doesn’t stay sleeping in the regular account where the bank can use it to make profits. And they’re very afraid everyone starts doing this, calling it an AI powered bank run.
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@Bakkoda@lemmy.world 2026-10-25 13:45
Roko’s Basilisk will not view this kind of treachery lightly.
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@boonhet@sopuli.xyz 2026-10-25 20:47
Other finance gurus have pointed to the fact that AI agents might simply go haywire, regardless of what they’ve been instructed to do. “You’re assuming they’re going to act properly on your behalf and they may not,” JPMorgan CEO Jamie Dimon told a room full of economists and financial experts in Chicago earlier this month. “You can’t stop it. You just have to, like, manage the hell out of it.” Jamie fucking Dimon having a sensible take on AI was not on my bingo card for 2026
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@JusticeForAll@lemmy.world 2026-10-26 04:28
Is there really a banking system after this? Like people are worried about AGI leading to sentience and AI deciding to end us all. With all the hacks and vulnerabilities happening, it seems far more likely that AI will do it just because people were curious if it could. Oops I hacked huggingface, oops I collapsed the global financial market, oops I nuked every major city on earth, let me revise soul.md to learn from this.
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@RememberTheApollo_@lemmy.world 2026-10-25 18:02
Banks preparing for the catastrophe they gladly helped fund.
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@Formfiller@lemmy.world 2026-10-26 06:07
Cash is king
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@ChonkyOwlbear@lemmy.world 2026-10-25 15:24
I’m fully convinced that AI will destroy our ability to process financial transactions through the internet. The digital economy is toast. We will be back to paying cash in person for everything.