Chatbots in consumer finance
Working with customers to resolve a problem or answer a question is an essential function for financial institutions – and the basis of relationship banking. Customers turn to their financial institutions for assistance with financial products and services and rightfully expect to receive timely, straightforward answers, regardless of the processes or technologies used.
This report highlights some of the challenges associated with the deployment of chatbots in consumer financial services. As sectors across the economy continue to integrate “artificial intelligence” solutions into customer service operations, there will likely be a number of strong financial incentives to substitute away from support offered in-person, over the phone, and through live chat.
Deficient chatbots that prevent access to live, human support can lead to law violations, diminished service, and other harms. The shift away from relationship banking and toward algorithmic banking will have a number of long-term implications that the CFPB will continue to monitor closely.