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Dallas Fed survey finds 11.4% of banks restrict customers' AI agents, 22.9% plan to

Dallas Fed survey finds 11.4% of banks restrict customers' AI agents, 22.9% plan to
Image: PYMNTS

Among 70 bankers in the Eleventh District, 27.1% did not know whether their institution limits AI agent activity on online banking.

7:03 pm ET

Source: PYMNTS

A survey of 70 bankers by the Federal Reserve Bank of Dallas found that 11.4% said their institution or service provider had taken steps to restrict existing or prospective customers' AI agent activity on online banking platforms, PYMNTS reports. Another 22.9% said they planned to introduce restrictions within the next six months.

Another 27.1% said they did not know whether their institution had restricted agent activity, and 38.6% said no restrictions were in place or planned. In the same survey, 44.3% named cybersecurity and 41.4% named fraud among their institution's three leading concerns for the next six months. The Dallas Fed collected responses between October 27 and November 4 from bankers in its Eleventh District and described the results as a regional snapshot, not a measure of US banking policy overall.

PYMNTS reported in October that major US banks are detecting and deleting unauthorized third-party AI agents acting within customer accounts, some of which tried to take actions users had not requested. A separate PYMNTS report said JPMorganChase, Citigroup, Bank of America and Charles Schwab all said AI agents will not be allowed to move customer money.

Read the full article at PYMNTS

Our take

PYMNTS reports that banks are beginning to consider how much access customers' AI agents should have to online banking accounts, weighing authentication, fraud and security concerns.

The Dallas Fed calls its 70-banker survey a regional snapshot, not an industry measure. PYMNTS says banks may need to distinguish agents acting with explicit customer permission from other automated activity, and 22.9% of respondents plan restrictions within six months.

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Key takeaways

  1. Dallas Fed: 11.4% of 70 surveyed bankers say they already restrict customers' AI agents
  2. 22.9% plan agent restrictions within six months, and 27.1% don't know their policy
  3. JPMorganChase, Citi, BofA and Schwab said agents won't move customer money, per PYMNTS

PYMNTS

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