Major banks and retailers are beginning to restrict AI personal agents as consumers use them to search for deals, compare savings rates and cancel subscriptions. JPMorgan Chase, Charles Schwab, Amazon, Neiman Marcus and Kohl’s are among the companies that have moved to block tools such as Meta’s Muse.
The shift has opened a debate over whether businesses can protect customers and their systems without preventing them from using technology designed to reduce friction. JPMorgan CEO Jamie Dimon has said the bank blocks external AI agents from acting for retail customers because of security risks. Amazon has also asked Meta to remove the company from Muse’s experience, arguing that third-party applications making purchases for customers should respect a service provider’s decision about whether to participate.
Other companies are taking a more open approach. Walmart said AI agents would be allowed to access its virtual storefront, with the same prices, offers and fees shown to agents and human shoppers before a purchase.
An audit of access policies at 51 large U.S. retailers found that only 11 had deliberately addressed AI agents. Five, including Amazon, Kohl’s and Neiman Marcus, explicitly restricted them, while 37 blocked shopping agents indirectly through older rules designed for web scrapers. None of the retailers reviewed had a system allowing a verified agent to complete a purchase. The audit also noted that published policies do not necessarily demonstrate how restrictions are technically enforced.
Evin McMullen, co-founder and chief executive of Billions Network and AmanTrue, said most retailers had not yet made a clear decision about AI agents. Michael Abbott, Accenture’s global banking lead, said companies that rely on blocking them could struggle over time if customers authorize agents to act on their behalf.
Abbott said Accenture research found that 65% of consumers would consider using a GPT-like financial assistant through a generative AI platform or digital wallet, while 71% would welcome an AI assistant inside their main bank’s mobile application. He argued that customers generally favor services that save time and reduce effort, but still want control: 82% want to approve every AI action and 79% want the ability to pause or stop an agent immediately.
Security concerns remain substantial. Visa executive Michael Jabbara said fraudsters could create fake agents to steal login or payment information. Even legitimate agents might act beyond a customer’s intent, such as purchasing an item they were only asked to locate. He said businesses need to establish who an agent is, whom it represents and what permissions it has.
The potential volume of automated activity is another concern. Millions of agents could continuously query websites, negotiate prices or request refunds, putting pressure on customer-service and digital infrastructure. Abbott described this as an infrastructure challenge rather than an existential threat, saying companies will need systems that authenticate agents, verify permissions and handle machine-to-machine interactions efficiently.
Ed Felten, a Princeton professor emeritus and former U.S. government technology official, said agents could be difficult to block when they operate through a user’s own browser. In his view, restrictions may slow adoption, but websites that block useful agents too effectively could eventually lose business.
Some executives expect major incumbents to keep their restrictions in place while they assess the effect on their business models. Joseph Chalom, chief executive of SharpLink and a former BlackRock executive, said agents could reduce switching costs by moving money between accounts, rebooking travel at lower prices and comparing financial products. He therefore expects companies to be cautious about opening access.
Abbott said the market will likely contain both welcoming and restrictive institutions in the short term as companies address authentication, liability and governance. Over time, he expects consumers to delegate more administrative financial decisions to agents, meaning banks will need to develop strategies that go beyond defense.
Companies are also developing proprietary alternatives. Amazon CEO Andy Jassy has said Alexa for Shopping is intended to become the main shopping agent for Amazon customers, using information such as purchase history, delivery details and payment data to simplify buying.
The rise of agents could also weaken traditional forms of brand loyalty. Nikhil Behl, FICO’s president of software, said an AI agent is focused on outcomes rather than logos or long-standing customer relationships. Factors such as transparent pricing, consistent approvals, rapid resolution and terms that withstand comparison may become more important as automated tools make purchasing and financial decisions.
Sources: CNBC Markets.