Banks Need to Take Extra Caution Before Implementing AI Customer Service Solutions: CFPB Report

The Consumer Financial Protection Bureau (CFPB) has published a report cautioning financial institutions on the potential pitfalls of using artificial intelligence (AI) for customer service. The report warns of issues such as algorithmic bias, glitches in programming, and inadequate responses from AI-driven chatbots. Businesses looking to implement AI-driven customer service should take extra precautions to ensure accuracy and limit bias in order to protect the rights of their customers.