The Consumer Financial Protection Bureau (CFPB) have warned about banks’ growing use of generative artificial intelligence (AI) chatbots to handle routine customer service requests.
The CFPB is worried that banks or loan-servicing companies may cut back on human customer service employees and push increasing routine tasks to AI.
The agency said in a June 6 press release that it had received numerous complaints from customers who have failed to receive “timely, straightforward” answers when interacting with the chatbots.
“Working with customers to resolve a problem or answer a question is an essential function for financial institutions–and is the basis of relationship banking,” the agency said….