The Future of Agentic Commerce: A Closer Look at AI Shopping Agents
At the recent Money20/20 conference in Las Vegas, the topic of conversation around agentic commerce has piqued the interest of Sara Walsh, head of vendor, third party, and network management at Bank of America. Agentic commerce refers to the use of artificial intelligence shopping agents to find and purchase items online on behalf of consumers. Walsh expressed her fascination with the concept, citing an example where a consumer could simply tell the AI agent their shopping preferences, such as a white cashmere sweater in a specific size and price range, with delivery requirements. She described it as “very cool functionality” that could revolutionize the way we shop.
However, Walsh also acknowledged the complexity that comes with implementing agentic commerce in the payment industry. As more companies explore the use of AI in streamlining processes and enhancing customer experiences, there is a growing need to plan for and react to the challenges that may arise.
Bank of America’s Approach to AI in Payments
Walsh highlighted how Bank of America’s global payments solutions group is leveraging AI to streamline work functions within the organization. She described this initiative as just the “tip of the iceberg” in terms of the technology’s potential benefits for the company. By incorporating AI into their operations, Bank of America aims to improve efficiency, enhance customer service, and stay ahead of the curve in the rapidly evolving payments landscape.
Money20/20, the conference where Walsh shared her insights, is owned by Informa, which is also the parent company of Banking Dive, the source of this article.
For more information on Sara Walsh’s perspective on agentic commerce and the role of AI in payments, you can read the full article here.
