AI ChatBots Create Risks, Frustration for Bank Customers, Report Says

As AI chatbot usage rises among banks, risks to consumers rise as well, according to a CFPB report.

AI chatbot
(Image credit: Getty Images)

Many banks are introducing AI chatbots built to simulate humanlike responses, primarily to help cut the costs of human customer service agents. A new report from the Consumer Financial Protection Bureau (CFPB) raises red flags about how poorly implemented chatbots can create customer frustration, reduced trust, and even violations of the law. 

Bank AI chatbots: The state of play

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Ben Demers
Audience Engagement Manager,

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.