NEW YORK — A selloff in financial stocks is drawing attention to a question for credit unions that has been previously raised in the CU Daily: What happens when a member can ask an artificial intelligence assistant to compare accounts, find better terms and help make a switch?
Shares of major banks and insurers fell after investors weighed the potential effects of personal AI agents, including Meta Platforms’ new Muse app, the Los Angeles Times reported. The S&P 500 Financials Index lost nearly 2% and closed at its lowest level since July, while the broader market was roughly flat. The decline reflects concern about a possible shift in consumer behavior, rather than evidence that AI agents have already caused customers to leave financial institutions.
Muse can carry out digital tasks for users by connecting with third-party services, according to the Times. As tools like Muse improve at comparing prices and handling service requests, they could reduce the time and effort that keeps consumers with a provider out of habit, Goldman Sachs’ trading desk said in a note cited by the newspaper. Goldman identified insurance, telecommunications and utilities as industries particularly exposed to easier switching.
Cutting Both Ways
For credit unions, the potential effect cuts both ways. An assistant that makes it simpler to compare deposit rates, loan offers, fees and account features could help a credit union win members from larger institutions. It could also make it easier for existing members to spot a better offer elsewhere.
AI agents could also change how a prospective member first encounters a financial institution. If consumers increasingly ask an assistant to research products and complete tasks for them, the quality of the information an agent can find and use may influence which providers appear in its recommendations. That possibility extends beyond banking: Bloomberg Intelligence analysts said in a note cited by the Times that personal agents could steer transactions away from established online platforms and potentially collect revenue from activity conducted through AI apps.
