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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2023-06-07T19:00:00
The Consumer Financial Protection Bureau (CFPB) flagged risks Tuesday regarding expanded use of chatbots by financial institutions, specifically for customer service purposes.
The agency said it has received numerous complaints from frustrated customers attempting to dispute transactions or resolve account issues, only to get stuck in endless “doom loops” caused by customer service automation.
“To reduce costs, many financial institutions are integrating artificial intelligence technologies to steer people toward chatbots,” said CFPB Director Rohit Chopra in a press release. “A poorly deployed chatbot can lead to customer frustration, reduced trust, and even violations of the law.”
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2023-09-20T18:57:00Z By Jeff Dale
The Consumer Financial Protection Bureau warned lenders using artificial intelligence in credit denials that consumers must receive accurate and specific reasoning—and not checklists—for why a credit request was denied.
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