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CFPB: ‘Poorly deployed’ AI chatbots harming banking customer service
By 
Jeff Dale2023-06-07T19:00:00
The Consumer Financial Protection Bureau (CFPB) flagged risks Tuesday regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
The agency said it has received numerous complaints from frustrated customers attempting to dispute transactions or resolve account issues, only to get stuck in endless “doom loops” caused by customer service automation.
“To reduce costs, many financial institutions are integrating artificial intelligence technologies to steer people toward chatbots,” said CFPB Director Rohit Chopra in a press release. “A poorly deployed chatbot can lead to customer frustration, reduced trust, and even violations of the law.”
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