Agentic AI is making waves in the financial world, but are banks truly ready to harness its full potential? According to Amir Wain, CEO of i2C, while many banks have started dabbling in AI, they’ve barely scratched the surface of what agentic AI can do. This advanced form of AI goes beyond just pattern recognition or isolated automation tasks. It’s capable of perception, reasoning, action, and most importantly, self-learning.

The Need for a Unified Approach

Wain emphasizes that for agentic AI to work its magic, it requires a unified view of data. Often, even the most sophisticated AI models falter when data is fragmented across different systems. A unified data approach means that all customer information—from checking accounts to loans—is accessible in one place. This comprehensive view allows AI systems to respond more intelligently to customer needs, rather than piecing together bits of information from various sources.

Customer-Centric Banking

The real power of agentic AI lies in its ability to transform customer interactions. Imagine a banking system that can automatically detect a potential shortfall in a customer’s account and offer solutions without the customer having to jump through hoops. Wain believes that risk management, credit underwriting, and customer service are areas where agentic AI can truly shine. By reimagining customer workflows with AI at the core, banks can offer what Wain calls "truly customer-centric" services.

Enhancing Fraud Detection

While fraud detection is a well-known application of AI, agentic AI takes it a step further. Instead of just identifying anomalies, it can manage the entire fraud detection process—from initial detection to resolution. This means that decisions about whether to decline a transaction or escalate an issue to a human analyst can be automated, making the process more efficient.

Personalization at Scale

For years, banks have promised personalized services, but achieving this at scale has been challenging. With agentic AI and a unified customer view, Wain envisions a future where every customer receives a high-touch, personalized experience. This level of service, once reserved for elite private banking, could become the norm, thanks to AI’s ability to continuously learn and adapt.

The Path Forward

So, who stands to gain the most from agentic AI? Wain suggests that the winners will be those institutions with a strong data infrastructure and leadership willing to embrace change. As consumers increasingly experience AI’s benefits in other areas of their lives, banks can’t afford to lag behind. Investing in flexible data architectures and robust AI systems is becoming essential.

For i2C, this means building a modern data model and embedding agentic AI into their operations, particularly in fraud prevention. Wain is optimistic that embracing agentic AI will bring significant benefits, from cost savings to strategic advantages. The message is clear: agentic AI is not just a passing trend. It’s a transformative force that could redefine the future of banking and payments.

In conclusion, the institutions that seize this opportunity and invest in the necessary infrastructure are likely to lead the next wave of innovation in the financial sector. As Wain predicts, this wave is approaching faster than many anticipated.