HSBC joins EPAA agentic AI working group as founding member

AI is moving beyond simple chatbots to 'agentic' systems that can actually complete transactions for customers. HSBC has joined a new global working group to set the standards for how these AI agents will handle payments and consumer credit. For retailers, this represents a shift toward a world where a customer’s AI assistant might negotiate financing terms, apply for a loan, and authorize a purchase without the customer manually filling out a form. The group is focusing on making these automated transactions safe and scalable. While currently focused on the Asia-Pacific region, these standards will likely dictate how global lenders like HSBC integrate AI into their financing products worldwide. If your business relies on digital checkouts, you need to prepare for a future where your 'customer' is an algorithm authorized to spend money. This technology aims to reduce friction in the financing process significantly, potentially leading to higher conversion rates but also new challenges in verifying consumer intent and creditworthiness.

Source: Finextra — Lending

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