Agentic AI Regulation: Banks vs. Big Tech Clash in Australia

Major banks and big tech companies are clashing over how to regulate agentic AI. Three of the big four banks, including Commonwealth Bank, Westpac, and ANZ, are pushing the Reserve Bank of Australia to regulate this technology now. However, NAB, credit card providers like Visa and Amex, and tech giants such as Apple, argue that regulation would be premature. Agentic AI is autonomous software that can execute multi-step processes, like finding and purchasing a flight or an ETF. Its applications in finance are significant, impacting areas like fraud prevention, compliance, and credit underwriting. This debate highlights a new fault line in financial and tech lobbying as the RBA considers payment system reforms. The outcome of this debate could significantly shape the future of financial technology and consumer protection.