JPMorgan Chase is reportedly developing plans to use ChatGPT and artificial intelligence to help customers pick appropriate investments. The CFPB estimates that roughly four out of every 10 Americans interacted with a bank chatbot last year, a figure they expect will grow.īanks are getting ready to roll out even more advanced AI-like services.
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But as banks have invested millions into these services, chatbots have gotten especially sophisticated, able to understand full sentences or even help a customer move money around or pay a bill. Initially bank chatbots were used to for basic inquiries, like changing a customers' address or phone number, or telling a customer where the nearest branch is or what the routing number might be on their account. Erica - the last five letters in America - now handles hundreds of millions of inquiries a year from BofA's customers. “If firms poorly deploy these services, there’s a lot of risk for widespread customer harm,” said Rohit Chopra, director of the CFPB, in an interview with The Associated Press.įor several years, banks have been handling more and more customer service requests with chatbots, often with female-sounding names like Sandi for Santander, Amy from HSBC, or Eno at Capital One.īank of America runs the biggest and most successful financial chatbot under the Erica brand. Further, the regulator says poorly designed chatbots could run afoul of federal laws that govern how debts are collected or how personal information is being used. The CFPB worries that banks or loan-servicing companies may cut back on human customer service employees and push an increasing number of routine tasks to AI.
That's what the Consumer Financial Protection Bureau is asking in a report released Tuesday, where the bureau lays out a number of concerns about the growing use of chatbots by banks to handle routine customer service requests. Specialized Loan Servicing LLC: NMLS ID 2168įor licensing information, go to: YORK (AP) - Can you trust Erica, or Sandi or Amy to increasingly control parts of your financial life without giving you inaccurate information or sending money to the wrong place? This statement does not apply if SLS is servicing your residential mortgage loan. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site or by calling 1-80.
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