Mark D. Mailman of Francis Mailman Soumilas. Courtesy photo CFPB Explores AI's Impact on Consumers' Relationships With Financial Institutions
A key pillar of the relationship between consumers and their financial institutions is effective customer service. We consumers expect that the financial institutions we trust to hold our money will provide us with prompt and responsive assistance when we ask for it.
July 27, 2023 at 01:16 PM
8 minute read
A key pillar of the relationship between consumers and their financial institutions is effective customer service. We consumers expect that the financial institutions we trust to hold our money will provide us with prompt and responsive assistance when we ask for it.
In recent years, financial institutions have increasingly turned to advanced chatbot technologies, frequently marketed as "artificial intelligence," as a new customer service tool. By allowing consumers to type questions into chat windows on their websites 24 hours a day, seven days a week, 365 days a year, financial institutions believe chatbots and other AI customer service tools can answer consumers' questions more efficiently and cost-effectively than humans can.
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