Where AI in banking is running into roadblocks
Banks face challenges in building interoperable agentic commerce payments despite AI growth, with only 3% having scaled AI in their organization. Companies like Mastercard and Visa have launched agentic payment technologies to bring AI together with payments.
Driss Temsamani, a Citi executive, says AI has evolved significantly, but current technology isn't designed to support sophisticated AI end-to-end. The concept of an 'agentic bank' involves people and AI agents working together to manage payments and financial services. However, the internet's design limitations and compliance issues hinder interoperability between databases. Mastercard and Visa have launched agentic payment technologies, including Mastercard's Agent Pay and Visa's Visa Intelligence Commerce. These technologies aim to bring AI together with payments outside of traditional use cases. Only 3% of banks have scaled AI in their organization, highlighting an 'execution gap'.
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