Backbase’s acquisition of Kasisto — a long-standing provider of AI-driven virtual assistants in banking — underscores a broader market shift. Banks must rethink the role of conversational AI within the Intelligent Finance architecture: The battleground is no longer the interface; it is the orchestration layer that executes customer and employee journeys end to end.

A growing set of transactions — including Salesforce–Fin, NICE–Cognigy, and ServiceNow–Moveworks — reflects a common strategic priority. Technology providers are moving to control the “agent runtime”: the layer that interprets intent, determines next best actions, and coordinates workflows across systems. This elevates conversational AI from a front-end capability to a core execution layer.

For banks, the implication is clear: conversational banking is no longer a channel choice. They are becoming the primary mechanism through which customer requests are fulfilled across products, channels, and back-end environments.

Agentic AI Moves From Interaction To Execution

These acquisitions also signal the transition from “chatbots” to agentic AI. The focus is shifting from answering queries to delivering outcomes.

Agentic platforms are designed to:

• Execute multi-step processes, not just single interactions
• Integrate with core systems to complete transactions
• Orchestrate journeys across channels with minimal human intervention

This aligns with our Intelligent Finance vision: systems that combine data, decisioning, and orchestration to deliver context-aware, automated financial outcomes. In this model, conversational AI becomes the access point to an underlying execution fabric.

Many banks will not build this fabric entirely in-house. Instead, they will increasingly rely on externally sourced orchestration capabilities embedded within CRM, digital banking, and contact centre platforms.

Value Is Moving Up The Stack

Another consistent signal from these deals is where vendors are placing their bets. None focus on owning data platforms or foundational models. Instead, they target the application layer that activates data and decisions in real time.

This shift has direct implications for banks:

• Access to models will not be a sustainable differentiator
• Data alone will not create competitive advantage
• Execution capability — the ability to turn insight into action — will become the primary source of value

Intelligent Finance will therefore be defined less by who owns the data, and more by who controls the logic that operationalizes it.

Orchestration Becomes A Strategic Control Point

This market consolidation creates a new architectural decision for banks. Who owns the orchestration layer?

As vendors expand from point solutions to end-to-end “agent platforms”, the risk increases that banks cede control of customer journeys to external providers. At the same time, building orchestration capabilities internally requires significant investment in integration, governance, and model coordination.

Banks must therefore:

• Define clear ownership of orchestration across business and technology teams
• Avoid over-dependence on a single vendor’s execution layer
• Establish governance models that span data, decisioning, and orchestration

The key question shifts from “Which chatbot should we deploy?” to “Who governs the execution of customer journeys across our ecosystem?”

From Feature To Infrastructure

These acquisitions mark a structural transition. Conversational AI is no longer a discrete feature; agentic orchestration is becoming foundational infrastructure.

This layer will determine how banks:

• Deliver outcomes, not just interactions
• Differentiate customer and employee experiences
• Retain control over journey design and execution

Firms that treat orchestration as a strategic capability — rather than a vendor feature — will be best positioned to compete in the Intelligent Finance era.

Forrester clients can schedule an inquiry or guidance session with me to explore this topic further and discuss implications for their own strategy.

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