AI Chatbots Causing Headaches for Bank Customers

Artificial intelligence (AI) chatbots, designed to assist bank customers, are causing headaches for some consumers, according to the US Consumer Financial Protection Bureau (CFPB). The agency has identified possible problems like the transmission of inaccurate financial information, privacy intrusion, fears of service trust and customer dissatisfaction in relation to the AI programs provided by financial institutions. Among the chatbots mentioned by the CFPB are Bank of America’s Erica and Capital One’s Eno, both of which are part of seminal offerings targeted at waning customer interactions through AI technology integration with banking systems. The CFPB has warned providers about the dangers of faulty chatbots, as they can ultimately lead to trust between the bank and its account holders. The organization added that it would continue to monitor the situation.