![]() Common among them are complaints about the technical limitations of what a chatbot can do in response to a query customers feeling stuck or frustrated or simply thinking that their time has been wasted and consumers receiving inaccurate information or ending up having to pay “junk” fees because they didn’t get tailored support for their problem. The CFPB already has a treasure trove of chatbot-related complaints. The report also advised that financial institutions “should avoid using chatbots as their primary customer service delivery channel” when it is “reasonably clear” the bots are not meeting customer needs. ![]() The stakes for being wrong when a person’s financial stability is at risk are high,” the agency wrote.įor example, it said, if a chatbot gives you faulty or misguided information in response to a query, that can lead to inappropriate fees being charged, or a customer choosing an inferior financial product. “When chatbots fail in the markets for consumer financial products and services, they not only break customer trust, but they also have the potential to cause widespread harm. It also notes the top 10 US commercial banks all use chatbots to engage with customers. The agency said it will be paying close attention to customer experiences with chatbots to make sure they are not violating legal or consumer obligations. ![]() The CFPB, which has regulatory authority over financial products and services such as credit cards, bank accounts, loan servicing and debt collection, put out a new report this week that essentially puts financial industry players on notice. CFPB: What it does and why its future is in question
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