Many of us pay our bank a ‘lazy tax.’ AI could change this

March 2, 2026 — 5:00am

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Recent market jitters over artificial intelligence have centred on fears that entire industries could be upended, jobs destroyed, and company values slashed.

They’re all very legitimate worries. But there’s another important thread to the AI discussion that’s getting far less attention: how the rise of AI could change the way millions of people behave with their money (assuming they still have jobs, of course).

You see, AI isn’t only a cost-cutting tool for companies to ruthlessly exploit. It could also change the very markets into which big businesses sell their products, thanks to bots designed to help us make better financial decisions.

“Agentic” shoppers, as they’re known, are AI-powered bots that trawl through the prices and services offered to customers by just about any big business, such as banks, insurance companies, utilities providers, or online retailers. The idea is they look through the fine print, point you towards a better deal, or even complete a transaction on your behalf.

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Now, the idea of a bot that takes care of financial decisions on your behalf may sound far-fetched. It certainly won’t be every consumer’s cup of tea.

But there are already AI-driven price comparison apps on the market, and analysts and company bosses acknowledge these will become more common and advanced over the next couple of years.

Indeed, some analysts think these bots will become popular enough to eat into the profits that big corporations tend to make from customers’ inertia, sometimes dubbed a “lazy tax”.

It’s fair to assume financial services will be prime targets for these bots, simply because banks, insurance companies and others make a lot of money from customers’ inertia.

We all know there’s probably a more competitive interest rate out there, or we could get a lower insurance premium, but it’s too........

© The Sydney Morning Herald