Banking industry pushes back on CFPB's warning over use of AI chatbots

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The Consumer Financial Protection Bureau's latest advisory warns of potential problems with the use of artificial intelligence bots for customer service in banking.

Beyond the Screen co-founder Frances Haugen discusses the emergence of ChatGPT and the ethical trap of advanced artificial intelligence on The Claman Countdown.

The CFPB issued an advisory Tuesday warning about the risks associated with financial institutions using AI chatbots for customer service. COURSERA CO-FOUNDER ANDREW NG ARGUES AI POSES NO ‘MEANINGFUL RISK’ OF HUMAN EXTINCTION: ‘I DON’T GET IT' The CFPB's latest issue spotlight focused on potential"challenges" with the use of AI chatbots in the banking industry.

The October survey found 95% of Americans with a bank account rated their bank's customer service as "excellent," "very good," or "good," and 9 in 10 said they were "very satisfied" or "satisfied" with their primary bank. John Berlau, the Competitive Enterprise Institute's director of finance policy, says the CFPB's latest issue spotlight could be a sign it is trying to wade into AI regulation, which is beyond its authority.

 

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