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CFPB Issue Spotlight Analyzes “Artificial Intelligence” Chatbots in Banking
Posted: Jun 8, 2023 | Author:
CFPB
AI
CFPB
chatbots
The Consumer Financial Protection Bureau released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions. Chatbots are intended to simulate human-like responses using computer programming and help institutions reduce the costs of customer service agents. These chatbots sometimes have human names and use popup features to encourage engagement. Some chatbots use more complex technologies marketed as “artificial intelligence” to generate responses to customers.
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