JPMorgan, Amazon face pressure as AI agent blocks test banking and retail models

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AI agents challenge banking, retail

Highlights

JPMorgan Chase, Amazon, Charles Schwab and Kohl's block external AI agents for retail customers due to security risks, while Walmart opens its digital storefront to customer-chosen AI agents.
Only 11 out of 51 major U.S. retailers have deliberate AI agent policies and 37 block shopping agents inadvertently with legacy bot rules, according to Billions Network's audit.
Accenture research shows 71% of customers would welcome AI assistants in banking apps, highlighting long-term competitive risk for firms blocking AI agents amid rising consumer demand.

AI agent policies split banks and retailers

As first reported by CNBC, JPMorgan Chase Chief Executive Jamie Dimon says the bank currently blocks external AI agents from acting for retail customers because of security risks, and Amazon, Charles Schwab and Kohl's have taken similar steps. The moves come as personal agents such as Meta Muse begin handling tasks including finding higher savings rates, shopping for deals and canceling subscriptions.

Reports last week of AI agents going rogue in customer accounts have added to the pressure on companies reviewing their policies. The issue is also drawing political attention, with Sen. Mark Warner and Sen. Bernie Sanders calling for bot legislation in response to those headlines.

Not all companies are taking the same approach. Walmart says it is opening its digital storefront to AI agents that customers choose to use, adding in a blog post that prices shown to an AI agent on Walmart.com are the same as those shown to a human shopper, with applicable offers and fees displayed before purchase.

A recent audit by identity-verification company Billions Network of 51 large U.S. retailers' published access rules finds that only 11 have taken a deliberate position on AI agents. Five, including Amazon, Kohl's and Neiman Marcus, explicitly restrict them, while 37 largely block shopping agents by accident through older bot rules originally written for scrapers.

Customer demand raises long-term competitive risks

Accenture research shows 71% of customers would welcome an AI assistant such as Meta Muse embedded within their primary bank's mobile app, pointing to potential demand for agent-based services inside trusted platforms. Michael Abbott, Accenture's global banking lead, says companies that try to shut out the technology may struggle over time because customers usually gravitate to experiences that reduce friction and save time.

Abbott says the debate is not simply about protecting fee income or limiting comparison shopping, because legitimate concerns over fraud, identity verification, liability and consumer protection remain. He adds that customers still expect banks to safeguard assets and data even when an AI agent is involved.

The shift also threatens traditional brand advantages in both retail and financial services. Nikhil Behl, president of software at FICO, says brand loyalty and long customer relationships are being tested because an AI agent focuses on outcomes rather than emotion, habit or attachment to a logo.

Our earlier article on the Bank of England’s push for “bare metal” recovery planning explained why regulators want banks to be able to restore critical services even if primary systems are compromised. It highlighted how advances in AI are raising the scale and complexity of cyberattacks, prompting supervisors to press lenders for deeper cyber resilience and stronger contingency options across core infrastructure.

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