Summary: <p></p> <p></p> <p>The Consumer Financial Protection Bureau, a federal watchdog agency for the banking sector, recently warned the industry about the use of artificial intelligence chatbots. Previous iterations of chatbots, which operate like automated decision trees, have long been used in banks’ customer service operations. But these new generative tools like ChatGPT are so good at imitating human communication, banks may be relying on them more than ever. While they can incorporate huge amounts of data, AI chatbots are prone to “hallucinating,” or making things up. Also, they’re not equipped to handle complex questions that can be involved in banking services, according to Erie Meyer, chief technologist at the CFPB, who discussed these issues with Marketplace’s Meghan McCarty Carino.</p> <p></p> <p></p>
