AI Catches the Auto-Payments You Forgot About
AI is now catching the auto-payments that even users have forgotten about. The feature is gaining popularity in the United States. By reviewing monthly subscription fees and recurring payments, it can help cut unnecessary spending, making it noteworthy for those looking to manage their consumption.
CNBC reported on the 27th (local time) that Meta Muses, the personal AI agent Meta launched earlier this month, is becoming popular among users for its subscription cancellation feature. Once users grant access to their bank account and credit card information, Muses finds automatic transfers and payments and helps cancel them.
Neil Mahoney, an economics professor at Stanford University, cited related data, explaining that "people are about four times more likely to cancel a subscription when they are pressed to make a decision."
According to ScribeUp, a company that integrates AI-based subscription management technology into financial apps, subscription cancellation requests from its members have grown roughly 1.8 times compared to a year ago, with the average monthly subscription fee canceled at $17.39 (about 24,000 won). Cancellations rose most sharply in health and fitness, up 3.8 times year over year, followed by video streaming (2.2 times), news and media (2.1 times), and music streaming (1.9 times).
Torsten Slok, chief economist at Apollo, noted in a recent analysis that "AI assistants similar to Muses can automatically move idle cash sitting in checking accounts paying a mere 0.1% interest into high-yield accounts offering 3.3–5%." He added, "If everyone used such AI agents, banks could lose a substantial portion of the low-cost deposits that serve as the funding source for loans."
