The biggest names in banking and retail are clashing with tech giants over a new type of customer: the AI personal agent. Companies like JPMorgan Chase, Charles Schwab, Amazon, Neiman Marcus, and Kohl's are blocking AI agents like Meta Muse, citing security risks. Meanwhile, Walmart has decided to embrace these agents, arguing that it treats them the same as human customers.
A recent audit by Billions Network found that only 11 out of 51 large U.S. retailers have taken a deliberate stance on AI agents. Five, including Amazon, explicitly restrict them, while 37 block them accidentally through older bot rules. None have a system for verified agents to complete purchases.
Experts like Michael Abbott from Accenture argue that blocking AI agents may not be a winning long-term strategy. He points out that 65% of consumers are open to using AI financial assistants, and 71% would welcome an AI assistant within their bank's app. Abbott suggests that the real opportunity for banks is to become trusted providers of data and intelligence for these agents.
Security concerns are real, according to Visa's Michael Jabbara, who warns about fraud risks, including fake agents stealing credentials and legitimate agents acting unpredictably. He emphasizes the need for a foundational security layer to enable trust and scale, similar to past shifts in online and mobile banking.