AI Chatbots Are Causing Bank Customers Headaches - CNET

The Consumer Financial Protection Bureau issued a warning on Tuesday on generative AI chatbots being used by banks. The agency says it's received "numerous" complaints from customers who have interacted with the chatbots and have failed to receive "timely, straightforward" answers to their questions. "Working with customers to resolve a problem or answer a question is an essential function for financial institutions – and is the basis of relationship banking," the agency said in its press release. AI chatbots could run the risk of providing inaccurate financial information to customers or infringe on their privacy and data, CFPB said. Artificial intelligence chatbots could run the risk of providing inaccurate financial information to customers or infringe on their privacy and data, the CFPB said.