Banks are raising concerns about the potential risks of using artificial intelligence agents to shop online, warning that the emerging technology could create new opportunities for scams, fraud and data-privacy violations.
NatWest and Bank of America were among a group of financial institutions that outlined principles for the development of AI-powered shopping tools on Tuesday. The banks said consumers are showing strong interest in letting AI systems handle parts of the purchasing process, but safeguards and industry standards need to develop alongside the technology.
Major technology companies including OpenAI, Anthropic, Google and Meta are increasingly positioning AI assistants as digital shopping companions. These systems are being developed to search for products, compare options and potentially complete purchases on a customer’s behalf. Retailers are also adapting to the trend, with companies seeking ways to ensure their products appear prominently in AI-generated recommendations.
Evidence of growing adoption is already emerging. British retailer John Lewis reported in September that website searches originating from AI agents had increased to 2.5%, compared with just 0.3% a year earlier. The retailer said the increase was accelerating.
The banking group behind the report also includes ING, New Zealand’s ASB Bank, Capital One and Australia’s Commonwealth Bank. Together, the institutions said consumers are interested in the convenience offered by so-called agentic commerce and are increasingly willing to allow AI systems to act for them.
