瑞银发布欧洲平台行业首次解读报告，指出市场再次聚焦代理式人工智能/前沿模型对金融服务竞争与客户转换动态的潜在影响，且此次威胁更具紧迫性（尤其在美国）。Meta Muse等通用任务与比价代理已面世，未来AI代理或将执行受监管的金融操作，持续扫描交易与投资平台的新客激励、最优执行、产品范围与现金利息，并执行低摩擦的账户转换与资产转移。若AI代理成为消费者金融决策的主要入口，平台客户关系周期将缩短、获客成本上升、收入收益率可能下降，平台商业模式或被根本改变。报告还讨论了客户现金利息的"现金清扫"议题，AI代理或在投资账户与储蓄枢纽之间调度现金以追逐更高利率，并可能引发银行体系流动性与监管关注。由于欧洲监管门槛较高（GDPR、欧盟AI法案），欧洲所受冲击小于美国。
In February, we wrote "AI risk - Now it's the turn of..." Seven months later and the market is again focused on the potential impact of Agentic AI / Frontier models on competition and switching dynamics in financial services. This time the threat feels more immediate (at least in the U.S.), with the promise of AI to organise your life, track prices on products, audit your subscriptions etc. We wrote in the past about the long-term potential for AI to make it easier to compare broker pricing, facilitate 'cash sweep', and replicate simple investment advice. Recently launched in the U.S., Meta Muse so far is positioned as a general-purpose task and comparison agent. However, it is not too difficult to imagine a near future where AI agents can execute regulated financial actions. If AI agents become a principal route for consumers to make financial decisions, customer relationship lifetimes for platforms are likely to fall. Platform customer acquisition costs are likely to rise. Revenue yi