高盛-商业领域迈入智能体AI时代-Entering the Agentic AI Era for the Commerce Landscape-20260901

GlobalInvestmentResearch

EnteringtheAgenticAIErafortheCommerceLandscape

September2026

EricSheridan

(917)-309-5193

eric.sheridan@

WillNance

(917)-217-1225

wi

ll.nance@

GeorgeK.Tong,CFA

(415)249-7421

george.tong@

KateMcShane,CFA

(646)-418-2578

kate.mcshane@

BrookeRoach,CFA

(917)-217-0117

brooke.roach@

LeahJordan,CFA

(646)-345-6301

leah.jordan@

BonnieHerzog

(646)-232-2848

bonnie.herzog@

GabrielaBorges,CFA

(917)-639-6085

gabriela.borges@

StephenLaszczyk

(646)-621-9943

stephen.laszczyk@

GlobalInvestmentResearch2

Overview–KeyTakeaways

EnteringtheAgenticAIErafortheCommerceLandscape

AIisreshapingtheconsumershoppingjourney.Thisreportframeshowthatshiftunfolds,wherevalueismigratingandwhocapturesit,andwherethedebatesare.

When?

Along-durationtransitionof3-5+years,analogoustothe

developmentofeCommerceitself.

Where?

Adoptioniscurrently

concentratedinproduct

discovery,research,and

recommendations,thoughweexpectsteady,measured

progresstowardend-to-endagenticshopping.

Why?

Implicationsspan

eCommerce/retail,payments,digitaladvertising,and

cybersecurity—raisingnew

debatesoncustomerownership,distributioneconomics,and

merchantmarginsandliability.

GlobalInvestmentResearch3

Overview–FramingFourImplications

HighComplexityLowComplexity

Furniture Apparel

LuxuryGoods

Travel

Electronics

43

LiveEvents Groceries

CPG/Staples2

Services

1

Ourcentralconclusion:valueshouldincreasinglyfollowconsumerintent

1

eCommerce.ExpectagenticcommercetodrivegradualincreasestoeCommercepenetrationrates.Weestimate$2.6tnofU.S.spendsitsinhigh-likelihoodcategories(i.e.,low-risk,recurringpurchasetypes)andevery2%ofagentic

penetrationofcard-presentspendcouldadd~1%toeCommercegrowth.

2

DigitalAdvertising.Paralleltothedesktop-to-mobileshift,expectadmonetizationtomigratewithcommercialintentratherthandisappearasdiscoverymovesinsideAIinterfacesanddollarsflowtoAI-nativesponsoredrecommendations.

3

Payments.Agenticpaymentsbuildoffexistingcardinfrastructure:protocolsfromGoogle,Stripe,VisaandMastercardarewiringagent-to-merchantauthorization,leavingcardnetworks(V/MA)wellpositionedasliabilityframeworksmature.

4

Privacy&Security.Thethreatenvironmentmayscalefasterthanlegitimateautonomouscommerceanddriveanincreasingamountofdemandforverifiedagentidentifyandfraudinfrastructure.

TransactionComplexity/Personalization

SignificantconsequencesLowconsequences

Consequence/ToleranceforTransactionMistake

ConsumerAgenticFrameworkExplanation

Quadrant

Explanation

Examples

1

Demonstratesignficantvaluepropformerchants;consumerscould

facemajorconsequencesiftransactionsdonotmeetexpectations

oraremadeincorrectly

Airlines,hotels,etc.

2

Lowlikelihoodoftransactionfailureandlikelyreflectslowercost

items

Toiletpaper,cleaningsupplies,packagedfoods,groceriesetc.

Personalizeditemsthatmaynotrequireurgency,butarespecifictouserpreferencesandlikelytobereturned(shoes,jewelery,etc)

Longesttoseeadoptionduetohighrelativecoststoconsumersiffailureoccurscombinedwithhighconsumerpreferences

4

Specificconsumerpreferencescombinedwithrelativleylowconsequencesiftransactiondoesnotmeetcriteria

Car-hailing,dining/reservations,delivery

3

Source:GoldmanSachsGlobalInvestmentResearch

GlobalInvestmentResearch4

WhoOwnstheConsumer?

Largeretailersmayresistcedingdiscoveryandthecustomer

relationshiptohorizontalagentsduetorisksofweakeningfirst-partydata,loyalty,cross-selling,andretail-mediaeconomics

DoesAgentic

CommerceDemocratize

DiscoveryorReinforce

Scale

Agentscouldimprovediscoveryofsmallermerchants(SHOP)

Optimizationaroundprice,availability,deliveryspeed,andtransactionreliabilitycouldsimultaneouslyfavorscaledplayersAMZN&WMT

DoesSearchDisruption

SimplyCreateaNew

TollCollector?

AIagentscouldinitiallyreducedependenceonpaidsearch,butscaledagentplatformsmayultimatelymonetizetheircontrolofconsumer

intentthroughvariousmethods

Likelythatevolutionofthetop/middleoftheadvertisingfunnelwillbeacriticalindustrydevelopment

CanTrustInfrastructure

KeepPacewithProduct

Innovation?

Thetechnologyenablingagentictransactionsisadvancingrapidly,butwidespreadadoptiondependsonclearrulesaroundintentverification,erroneouspurchases,fraudlosses,chargebacks,andreturns

KeyInvestorDebatesAcrossAgenticCommerce

MarketIntelligence

Wherewehaveseenthemostdebate

Beneficiaries

WebelievewinnerswillbedeterminedlessbyrawAIcapability

Whatqualitiesdowethinkwin?

Distribution

ConsumerTrust

MerchantParticipation

TransactionInfrastructure

AbilitytoCaptureCommercialIntent

Whatsectorsarebeneficiaries?

eComm&CommInfra

Payments

Identity

FraudPrevention

Cybersecurity

GlobalInvestmentResearch5Source:GoldmanSachsGlobalInvestmentResearch

Agenticcommerceaddsidentityandriskinputsaroundexistingpaymentcontrols

Upstreamonboardingandriskcontrols

monitoring

Borrowerverificationandcredit

decisioning

Merchantonboardingandmonitoring

Consumeridentityverification

Accountlinkageand

Identityproofing,documentverificationand

synthetic-identityassessment

Performedbywallets,banksandissuers,

includingforagent-platformworkflows

Accountownership,device,accessandfraud

assessment

Performedbywallets,banksandissuers,

includingforagent-platformworkflows

Businessidentity,ownership,taxpayerand

payment-accountverification

Performedbybanks,acquirers,processors

andcommerceplatforms

Identity,credit,income,affordabilityandfraud

assessment

Performedbylendersandfinancingproviders

Agenticcommerceandpaymentflow

ConsumermandateAgentauthenticationTokenizedcredentialTransactionauthorization

ConsentanddelegatedauthorityRegisteredandauthenticatedagentCredentialbindingandlifecyclecontrolsIssuer,networkandmerchantfraudcontrols

Decisionandexecution

Approve,declineorreferforadditionalreview

Traditionalfraudsignalsmaybecomelessreliableasagentsoperatethroughsharedinfrastructureandatmachinespeed

FraudSignal

StatusunderAgentic

Commerce

Rationale

ComplementarySignal

DeviceandNetworkSignals

Devicereputation

Potentiallymisleading

Originationdevicemaybecloudinfrastructuresharedacrossunrelatedusers

Verifiedagentcredentialandconsumer-agentlinkage

Deviceslinkedacrossaccounts

Potentiallymisleading

Sharedmodel-providerinfrastructuremayconnectunrelated

Persistentconsumer,accountanddevice

consumers

relationships

Proxy,VPNandhostingdetection

Potentiallymisleading

Hostinginfrastructuremaybethenormalexecutionpathforauthorizedagents

Agentregistrationandauthorizationcontext

IPgeolocation

Potentiallymisleading

IPaddressmaybelongtothemodelproviderandbesharedacrossusers

Consumer,accountandtransactioncontext

Cookieandsessionpersistence

Lessavailable

Agentsessionsmaybeephemeralandlackconventionalreturning-customerhistory

Persistentidentityandaccountrelationships

BehavioralSignals

Typingcadenceandcursormovement

Unavailable

Nodirecthumaninteractionexistsatthepointofexecution

Agentcredentialsandconsumerauthentication

Navigationpatterns

Potentiallymisleading

Navigationisprogrammaticandmoreuniformthanhumanbrowsing

Mandate,merchantandtransactioncontext

Sessionvelocity

Potentiallymisleading

Authorizedtransactionactivitymayexceednormalhumanspeed

Real-timetransactionanomalydetection

Demandforfraudpreventionisbroad-basedandincreasingasmerchantsfacegrowingfraudrisks

AgenticCommerceExpandstheNeedforIdentity,FraudandDecisioningInfrastructure

KeyTakeaways:

•Agenticcommerceaddsnewidentityandrisk

decisionsaroundtheconsumer,merchantand

borrower,complementingtheauthentication,

tokenizationandauthorizationcontrolsprovidedbypaymentinfrastructure.

•Legitimateagentsmayweakentraditionalfraudsignalsasactivityincreasinglyoriginatesfrom

sharedcloudinfrastructure,followsprogrammaticnavigationpatternsandoccursatmachinespeed.

•Consumerverificationshouldremainrisk-based,withadditionalchecksconcentratedaroundnewaccountlinkages,materialidentitychanges,unfamiliar

devicesandbroaderdelegatedauthority.

•Agent-leddiscoverycouldincreasetheimportanceofmerchantmonitoring,particularlyforunfamiliar

counterparties,mismatcheddigitalstorefrontsandchangesinmerchantownershiporpayment

accounts.

•Agent-ledfinancingcouldmoveeligibilityandpricingdecisionsearlierinthepurchasejourney,increasingdemandforborrowerdataandreal-time,governeddecisioninginfrastructure.

•Paymentsfraudremainsakeyadoptionrisk,with

disputeabuseandcardtestingcitedmorefrequentlythanrefundabuse,instant-paymentsfraudand

phishing-relatedattacks.

•Agenticcommercecouldacceleratecybersecurity

investmentaslegitimateautomationbecomeshardertodistinguishfrommaliciousactivity,increasing

demandforAIandpre-authorizationdetection.

6

StakeholderImplications

GlobalInvestmentResearch7

DigitalAdvertising|ValueMigrateswithCommercialIntent

Ourview:Advertisinghistoricallyfollowscommercialintent.Nearterm,AImainlyenhancesefficiency(creativecost,optimization,ROAS);overtimeagreatershareofcommercialintentoriginatesinsideAIinterfacesratherthansearchorretailersites.

ValueMigration:Desktop-to-MobileParallel

DesktopWebMobileAppAIAgent

AnonymousTrafficInstalledUserDefaultPick

Valuepercustomerrelationshiprisesasthetiedeepens;undifferentiatedtrafficcommoditizes

eCommerce

AMZN

Intentclosesttothetransaction

Retailmediasitswherepurchaseintentalreadyresides;offercompetitiveprices,availabilityanddelivery

reliability-whatconsumers(andincreasinglyagentswill)optimizefor.

StockHighlights|PositivelySkewedtotheShiftinCommercialIntent

DigitalAdvertising

META

PersonalAI&adsinsideAI-nativesurfaces

Leadingconsumer-facingpersonalagentofferingswithmonetizationpathsacrossbothcommerceand

advertising.

GOOGL

Ownsdiscovery

AIinterfacesextenddiscoverybeyondtraditional

search,whileemergingagent/paymentprotocols

positionitintheinfrastructureconvertingintentintotransactions.

Source:GoldmanSachsGlobalInvestmentResearchGlobalInvestmentResearch8

Retailers&Marketplaces|Hardlines:Walmart

Agenticshoppingtoolsforcustomerexploration

■

Sparky:Walmart’scommerceagent

LaunchedinJune2025

PartnershipswithGenAIplatforms

■Potentialgrowthopportunity:1)positionsWalmartwelltoservecustomerswith

■

Capabilitiesincludecustomerservice,buildingacartwiththesameitemsa

customerfrequentlypurchases,synthesizingreviews/offeringrecommendations,andhelpingcustomersplan,compare,andpurchaseitems

itscombinationofassortment,price,andspeed,2)aWalmart-powered

experienceshowsupwithintheseagents,andWalmartreceivescustomerswhoareinthemidstofplacinganorder,and3)Walmartcanservecustomersfor

occasionsthatdonotbeginwithcommercialintent

■

Sparkyhasseenrapidadoption(weeklyactivecustomersdoubledy/y,with60%growthq/q)anddrivesa40%higherAOV

■Walmartcouldseeasalesliftfromthesepartnershipsgivenlargeuserbases(potentialnewcustomers)andabilitytoservecustomersonnewoccasions

■

CustomersareusingSparkytosolvecomplex,multi-itemshoppingjourneys(e.g.,partyplanning)

■Weexpecttoseeincreasedpersonalizationovertime,whichcouldleadtoincrementalsalesfromexistingcustomers

■

Weexpectanotablechangeincategorieswithroomforinspirationthatbenefitfromconversation(e.g.,fashion,baby,beauty,autocare,andelectronics)

Fourprimaryusecasesforagent-basedshopping:replenishment,mission-based,spearfishing,andinspiration/discovery

HowwillAIimpactWalmart’sadvertisingbusiness?

AdvertisinggrowthatWalmart,y/y

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

■Sparky:ForWalmart’shyper-users,theadloadisless,whiletheadvalueis

higher,andAIisadriverofadgrowth(i.e.,ratherthanasearchquerythatleadstoplacement,contextualsignalsleadtoactivation,andtheadshowsupasa

solutionversusjustanadvertisement)

■WalmartispartneringwithAIplayerstocapturetop-of-funneldiscoveryand

customeracquisition;thirdpartyagentsareoftenprogrammedtooptimizefor

retailmetricssuchaslowestprice,fastestspeed,andbroadestassortment,andWalmartoftenwinsonthesemetricsandemergesastherecommendedsolution

■Walmartmaintainsstrictboundaries,sharingonlyperishabledata(i.e.,realtimepricingandavailability)whilekeepinglongtermcustomerdatasecure

■Omnichannelbenefits:Walmart'slargestorenetworkactsasfulfillmentnodes,allowingforquickdelivery;digitallyengagedcustomercohorts(suchasGenZ)oftenstillprefertocompletepurchasesinstore

Retailers&Marketplaces|ConsumerStaples

PotentialImpact|Bifurcatedbycategoryinvolvement

Consumerinvolvementrises—impactshiftsfromdisruptiontowardresilience

Personalized/high-involvement—relativelymoreresilient

■Agentsrecommend,consumersstilldecide—e.g.,prestigebeautyandskincare

■Higherpricepointsandefficacyclaimssustainbrandpreferenceoverprivatelabel

■Brandattributesmustansweragentqueries,e.g.,bestfacecreamfordryskin

■LoyaltyandDTCinvestmentkeepconsumersengagedinthefinaldecision

■Consumerscanoverrideagentrecommendations,preservingthepayofffrombrandbuilding

EL—PartnershipswithShopifyforDTCexperience;Profound

forAI-nativebranddiscovery

Wellpositioned

Atrisk

Commoditized/low-involvement—moretangibledisruption

■Agentscanownthefullpurchasecycle—papergoods,cleaners,center-of-storefood,apparelstaples

■Onout-of-stocks,agentsswapSKUorbrand;privatelabelwinsonvalue

■Reordersrunoffpriorpurchasehistorywithminimalhumaninvolvement

■Lowerbrandloyaltymeansvalueandavailabilitydrivetheagent’schoice

■Consumerinvolvementlikelyfallsfurtherasagentstakeoverroutinereplenishment

CLX,KHC—privatelabelexposure;ODD—relianceonfirst-partydata

Fewerslotsthanpage1ofsearch:agentssurfaceonlyahandfulofoptions,makingmachine-readablebrandattributesparamount

KeyFocusAreas|HowbrandsoptimizeforagenticAI

FromSEOtoGEO

EnsureAIsystemscaningest,understandand

recommendyourproducts

Shiftthemarketingmix

Budgetstilttowardpersonalizedcategorieswhereconsumersstilldecide

ScaleAIacrossoperations

Campaigns,innovationandsupplychain(PG,

HSY)

Machine-readablecontent

Attributeson-site,notburiedinPDFs.MDLZ:

Oreosinonly10%ofAIcookierecs;PG

pursuingGEO

Source:GoldmanSachsGlobalInvestmentResearchGlobalInvestmentResearch9

GlobalInvestmentResearch10

BrandDifferentiationMattersMore

Webelieveagenticcommercewillincreasetheimportanceofbranddifferentiationandstorytelling

Weexpectmarketingfocusandin-personexperiencestobeincreasinglyimportantinsoftlines

Bifurcatingoutcomesbasedonconsideration

Weexpectbifurcationinoutcomesbasedoncommoditizedvs.consideredpurchases;debateswillremainhighinbasicsandprice-drivenretail

Productinnovation,differentiatedfeatures,andrecommendation-leddiscoverycaninfluencethepurchasedecision

OptimizingforAIDiscovery

Asshoppingshiftstoagentic,brandsmustmakeproductattributesanddifferentiationeasyforAIenginestounderstandandrecommend

Thisshouldfavortechnology-forwardbrandsthatpairagenticoptimizationwithcontinuedinvestmentinbrand-buildingandcustomerengagement

Retailers&Marketplaces|Apparel&Softlines

FactorstoConsiderforSoftlinesRetail

WhatWinsinAgenticDiscovery

WebelievewinnerswillbebrandsthatAIagentscaneasilyunderstandand

recommend

Whatbrandattributeswin?

ProductInnovation

DifferentiatedFeatures

BrandStorytelling

AIEngineOptimization

Top-of-MindAwareness

Whichcategoriesscreenbest?

ConsideredPurchases

ProductInnovation-Led

HigherInvolvement

Recommendation-Led

RepeatEngagement

StockRecommendations:SharkNinja(SN)&Tapestry(TPR)

.SNparticipatesinmoreconsidered,innovation-ledcategorieswithlowersubstitutionriskasAInarrowstherecommendationset

.TPR'sbrandequityandcustomerengagementsupportpreferenceincategorieswhereagentscaneasilysurfacesubstitutes

.Bothhavebeentechnology-forward,positioningthemaheadoftheaveragebrandinagenticdiscovery

GlobalInvestmentResearch11

Vhasshowntheabilitytoshiftawayfrommanualentrycheckouttotokenizedtxns

TokenizedTxns:Non-TokenizedTxns:

96%93%87%74%64%55%46%

4%7%13%26%36%45%

2019202020212022202320242025

54%

""

Note:ReflectsCNPtxns,includingbothbottomcheckoutandcard-on-file

Wherefraudliabilityfallswithinthepaymentsecosystemstillneedstobefiguredout

FraudLiabilitybyTransactionType

Typicalpartyresponsibleforfraudlosses

TransactionType

Card-PresentTransaction

Card-Not-PresentTransaction

Non-Card

Payments

(varies)

AgenticCommerce

ResponsibleParty

IssuingBank

Merchant

Consumer

TBD

FraudRiskDependsontheSeveralKeyFactorsoftheTransaction

VAS,includingcyber-related,actasasymmetricalgrowthenginesforitsbusinesses

MARevenues,net(2024)VRevenues,net(2024)

Payments

Revenue,net

79%

Risk&

Security

Solutions

4%

OtherVAS

17%

Payments

Revenue,net

62%

Security

Solutions

16%

Other

VASS22%

Payments&FinancialTechnology|ConstructiveonNetworksandModernCreditIssuers

WeviewagenticcommerceasapotentialcatalysttoaccelerateeComm

1)CardNetworkspotentiallybenefittingfrom:

FastereCommercegrowth

Yieldenhancementfromhighervalue-addedservices(VAS)attach

Yieldenhancementfromconsumerbasketfragmentationasaresultofthedistributionofagenticvolumesacrosssmallermerchant

2)Agenticcommerceraisethetechnicalbarforpaymentprocessing

3)Modernconsumerfinance(BNPL)issuersbenefittingfromconsumerschoosing:MoreFlexibleCheaperSimpler

Protocols,NetworkRisk,andCybersecurityProductPortfolios

Weviewexistingpaymentecosystemplayersasbestequippedtoprovideleadinginfrastructureintoashiftingconsumerbehaviorenvironment

WebelievethescaleofthenetworkspositionsVandMAwelltosellproductsinthesemarketsandprovidesanoptimalsolutiontotheiracquiringandissuingclients,creatingasuiteofstickymissioncriticalproducts

Weestimatethata5%accelerationofV/MA’scybersecurityrelatedvalue-addedserviceswoulddrivea90bps/200bpsaccelerationVASgrowthand20bps/80bpsaccelerationintotalnetrevenue

respectively

ExistingEFX,TRUandFICOcapabilitiescouldextendintonewagenticverificationanddecisioningworkflows

KeyTakeaways:

•Agenticcommercecouldcreateverificationand

decisioningopportunitiesacrossfourareas:

consumeridentity,merchantlegitimacy,transactionfraudandfinancingeligibility.

•EFXhasthebroadestverificationcoverage,

combiningconsumeridentityandsynthetic-risktoolswithbusiness,principal,taxpayer,payment-account,credit,incomeandemploymentdataacrossthe

transactionlifecycle.

•TRUisdifferentiatedinpersistentidentityresolutionandnetworkintelligence,linkingconsumerswith

accounts,devicesanddigitalactivitywhiledetectingconnectedrisksacrosstransactionsinrealtimeandatscale.

•FICOisprimarilypositionedatthedecisioninglayer,withScoressupportingborrower-riskassessment

anditsSoftwareportfoliosupportingcredit

optimization,transaction-frauddetectionandenterprisefrauddecisions.

EFX,TRUandFICOaddressdifferentlayersofagenticidentity,fraudandcreditdecisions

PotentialdecisionTRUEFXFICOPotentialbuyer

Istheconsumerlegitimate?

Identitygraph,

document,device

andIPintelligence

Identityproofing,

syntheticidentity

andKountdigital-

risksignals

Frauddecisioning

usingclientand

third-partyinputs

Issuer,wallet,

agentplatformor

lender

Isthemerchantlegitimate?

Device,IPand

relationship

analysisacross

storefronts

Business,

principal,taxpayer

andpayment-

account

verification

Limiteddirect

exposure

Acquirer,network,

platformoragent

operator

Isthetransactionanomalous?

Persistentidentity

Consumer,

Falconand

Issuer,processor

andnetwork

accountanddigital

EnterpriseFraud

orfinancial

context

risksignals

decisioning

institution

Shouldfinancingbeoffered?

Credit,

affordability,

identityandfraud

data

Credit,income,

employment,

identityand

affordabilitydata

Scores,Platform,

rules,pricingand

governance

Lenderor

financingprovider

Business&InfoServices|PositiveonIdentity,FraudandCreditDecisioningSolutions

Companyandcapability

Existingfunction

Potentialagenticapplication

TransUnion

TRUIdentityVerification

Verifiesconsumer-providedinformationusingcredit,non-credit,publicanddigitalidentitydata

Assesstheconsumerbehindanagentcredentialwhenhigher-riskchangesoccur

TRUIdentityGraph/NeustarOneID

Connectsphysicalanddigitalidentifiersintoapersistentidentityview

Linkconsumerswithaccounts,devicesanddigitalactivitysurroundingagent-ledtransactions

TRUDocumentVerification

Authenticatesgovernment-issuedidentification

Supportstep-upverificationforhigher-riskchangesorfinancingrequests

TRUSyntheticFraud

Model/FraudAlerts

Identifiessynthetic,alteredorhigh-riskidentities

Detectsynthetic-identityriskinagentprovisioning,accountlinkageorfinancing

TRUDeviceRisk/IPIntelligence

Assessesdevicereputation,accountlinkagesandnetworkcharacteristics

Providecontextwhenlegitimateagentsoperatethroughsharedcloudinfrastructure

TRUFraudAnalytics

Identifiesrelationshipsacrossidentities,devicesandtransactions

Detectconnectedrisksacrossconsumers,accountsanddigitalstorefronts

Equifax

EFXKount360

Combinesidentity,payment-frauddata,analyticsanddecisionworkflows

Supportidentityanddigital-riskassessmentaroundagent-ledactivity

EFXIdentityProofing/DigitalIdentityTrust

Assesseswhetheridentityinformationbelongstotherepresentedconsumer

Evaluatetheunderlyingconsumerbehindanauthenticatedagent

EFXDocumentVerification

Authenticatesgovernment-issuedidentification

Supportselectivestep-upverification

EFXSyntheticIdentityRisk

Identifiessynthetic-identityriskacrossthecustomerlifecycle

Assesshigher-riskaccountlinkagesandfinancingrequests

EFXDigitalRiskScreening

Usesdevice,emailanddigital-interactionsignals

Identifyaccount-opening,accessandaccount-takeoverrisk

EFXBusiness/AccountVerification

Validatesbusinesses,principals,taxpayerinformationandcommercialaccounts

Assessunfamiliarmerchantsandmatchpaymentdestinationstoverifiedentities

FairIsaac

FICOScores

Standardizedmeasuresofconsumercreditriskusedbylenderstosupportunderwriting,pricingandaccount-

managementdecisions

Supportborrower-riskassessmentwhenagentsinitiatefinancingcomparisonsorapplications

FICOPlatform

Enterpriseplatformcombiningdata,predictivemodels,

businessrules,optimizationandorchestrationacrosscreditandfrauddecisions

Governandexecutealargernumberofreal-timefraud,eligibility,pricingandofferdecisions

CreditDecisioningandOptimization

Automateseligibility,underwriting,pricingandoffer

decisionsunderlender-definedpoliciesandconstraints

Evaluateandoptimizelender-approvedfinancing

alternativesgeneratedthroughagent-ledcommerce

FICOFalconFraudManager

Providesreal-timefrauddetection,behavioralprofilingandcasemanagementacrosscards,account-to-account

paymentsandothertransactionchannels

Identifyanomalousautomatedpaymentactivityusingtransaction,customerandchannelcontext

FICOEnterpriseFraudSolution

Connectsfraudintelligenceacrosscustomerinteractions,accounts,productsandchannels

Assessagent-ledactivityusingabroadercustomerviewinsteadofevaluatingeachtransactionindependently

GlobalInvestmentResearch12Source:GoldmanSachsGlobalInvestmentResearch

GlobalInvestmentResearch13Source:GoldmanSachsGlobalInvestmentResearch

ExistingNETandOKTAcapabilitiescouldextendintoagenticworkflows

KeyTakeaways:

•Agenticcommerceincreasessecurityrequirementsaroundverifyingagentidentity,confirmingconsumerauthorizationandprotectingmerchantsfrom

mal