Capital One and MIT Technology Review outline customer-back engineering strategy for AI-driven transformation, with agentic AI showing potential in fraud detection, security, and customer experience.

According to McKinsey research cited in the article, organizations capture less than one-third of the value expected from digital investments because they begin with technological capabilities rather than starting with customer needs and working backward to technology solutions.

Capital One built Chat Concierge, a multi-agent AI framework (a system where multiple AI agents work together to mimic human reasoning) that allows car buyers to compare vehicles, schedule test drives, and complete other tasks in a single conversation through participating dealer websites, with dealers able to access and take over the chat through Navigator Platform.

A MIT Technology Review Insights survey found that 70% of leaders say their firm uses agentic AI to some degree, with roughly half of executives saying agentic AI systems are highly capable of improving fraud detection (56%), security (51%), reducing cost and increasing efficiency (41%), and improving customer experience (41%).

More than half of banking executives surveyed expect agentic AI to continue improving fraud detection (75%), security (64%), and customer experience (51%) going forward.