• About Us
  • The Publisher
  • Our Mission
  • Archive Gallery
  • Advertise
  • Contact Us
  • Privacy & Policy
Friday, June 6, 2025
  • Login
The Corporate Guardian
Advertisement
  • Home
  • Oil and Gas
  • Human Resource
  • Banking
    As 2024 unfolds, the Bank of Ghana continues to prioritize economic stability, risk management, and innovation. The bank’s proactive stance on monitoring inflation trends and its commitment to enhancing financial inclusion through digital platforms are expected to play crucial roles in the nation’s economic development.

    Navigating through economic turbulence with prudent policies and strategic recapitalization

    As 2024 unfolds, the Bank of Ghana continues to prioritize economic stability, risk management, and innovation. The bank’s proactive stance on monitoring inflation trends and its commitment to enhancing financial inclusion through digital platforms are expected to play crucial roles in the nation’s economic development.

    Standard Chartered Bank accused of helping fund terrorists

    Dr Da Costa Aboagye appointed new CEO of NHIA

    Dr Da Costa Aboagye appointed new CEO of NHIA

    RightCard (LemFi) doubles down on Bank of Ghana Approval with Nsano partnership

    RightCard (LemFi) doubles down on Bank of Ghana Approval with Nsano partnership

    Nigeria clamps down on forex traders amid persistent naira woes

    Nigeria clamps down on forex traders amid persistent naira woes

    Banks to blacklist defaulters, borrowers with bad credit history to mitigate rising NPLs

    Banks to blacklist defaulters, borrowers with bad credit history to mitigate rising NPLs

  • Law
    World Law Congress 2025: Morocco highlights its legal model and its Autonomy Plan

    World Law Congress 2025: Morocco highlights its legal model and its Autonomy Plan

    HM the King Receives Foreign Ministers of Three Countries of Sahel States Alliance

    HM the King Receives Foreign Ministers of Three Countries of Sahel States Alliance

    Over 78K Illegal Migration Attempts Aborted in 2024 (Interior Ministry)

    Over 78K Illegal Migration Attempts Aborted in 2024 (Interior Ministry)

    Court to deliver judgment on J.B. Danquah Adu’s murder Dec 4

    Court to deliver judgment on J.B. Danquah Adu’s murder Dec 4

    Does the Police law empower police to run a broadcasting service?

    Does the Police law empower police to run a broadcasting service?

    Improving Women’s Participation in the 2023 District Level Elections: The Role of the Media, Jeorge Wilson Kingson

    Improving Women’s Participation in the 2023 District Level Elections: The Role of the Media

    Trending Tags

  • Mining
  • Politics
  • Real Estate
  • Insurance
  • On the marble
  • Special Projects
No Result
View All Result
  • Home
  • Oil and Gas
  • Human Resource
  • Banking
    As 2024 unfolds, the Bank of Ghana continues to prioritize economic stability, risk management, and innovation. The bank’s proactive stance on monitoring inflation trends and its commitment to enhancing financial inclusion through digital platforms are expected to play crucial roles in the nation’s economic development.

    Navigating through economic turbulence with prudent policies and strategic recapitalization

    As 2024 unfolds, the Bank of Ghana continues to prioritize economic stability, risk management, and innovation. The bank’s proactive stance on monitoring inflation trends and its commitment to enhancing financial inclusion through digital platforms are expected to play crucial roles in the nation’s economic development.

    Standard Chartered Bank accused of helping fund terrorists

    Dr Da Costa Aboagye appointed new CEO of NHIA

    Dr Da Costa Aboagye appointed new CEO of NHIA

    RightCard (LemFi) doubles down on Bank of Ghana Approval with Nsano partnership

    RightCard (LemFi) doubles down on Bank of Ghana Approval with Nsano partnership

    Nigeria clamps down on forex traders amid persistent naira woes

    Nigeria clamps down on forex traders amid persistent naira woes

    Banks to blacklist defaulters, borrowers with bad credit history to mitigate rising NPLs

    Banks to blacklist defaulters, borrowers with bad credit history to mitigate rising NPLs

  • Law
    World Law Congress 2025: Morocco highlights its legal model and its Autonomy Plan

    World Law Congress 2025: Morocco highlights its legal model and its Autonomy Plan

    HM the King Receives Foreign Ministers of Three Countries of Sahel States Alliance

    HM the King Receives Foreign Ministers of Three Countries of Sahel States Alliance

    Over 78K Illegal Migration Attempts Aborted in 2024 (Interior Ministry)

    Over 78K Illegal Migration Attempts Aborted in 2024 (Interior Ministry)

    Court to deliver judgment on J.B. Danquah Adu’s murder Dec 4

    Court to deliver judgment on J.B. Danquah Adu’s murder Dec 4

    Does the Police law empower police to run a broadcasting service?

    Does the Police law empower police to run a broadcasting service?

    Improving Women’s Participation in the 2023 District Level Elections: The Role of the Media, Jeorge Wilson Kingson

    Improving Women’s Participation in the 2023 District Level Elections: The Role of the Media

    Trending Tags

  • Mining
  • Politics
  • Real Estate
  • Insurance
  • On the marble
  • Special Projects
No Result
View All Result
The Corporate Guardian
No Result
View All Result
Home Banking

Bank customers ill-served by poorly deployed chatbots – UK Regulator

The CFPB says that when customers interact with their bank they can struggle to get the response that they need and instead can face repetitive loops of unhelpful jargon.

Jeorge Wilson Kingson by Jeorge Wilson Kingson
June 11, 2023
in Banking, Business News, Foreign
0
Bank customers ill-served by poorly deployed chatbots – UK Regulator
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

The Consumer Financial Protection Bureau (CFPB) is monitoring banks’ increasing use of AI-powered chatbots amid a surge of complaints from frustrated customers trying to receive straightforward answers from their financial institutions or raise a concern or dispute.

The consumer protection watchdog says working with customers to resolve a problem or answer a question is an essential function for financial institutions – and is the basis of relationship banking.

“To reduce costs, many financial institutions are integrating artificial intelligence technologies to steer people toward chatbots,” says CFPB Director Rohit Chopra. “A poorly deployed chatbot can lead to customer frustration, reduced trust, and even violations of the law.”

Among the top ten commercial banks in the country, all use chatbots of varying complexity to engage with customers. Much of the industry uses simple rule-based chatbots with either decision tree logic or databases of keywords or emojis that trigger preset, limited responses or route customers to Frequently Asked Questions (FAQs). Other institutions have built their own chatbots by training algorithms with real customer conversations and chat logs, like Capital One’s Eno and Bank of America’s Erica.

The CFPB says that when customers interact with their bank they can struggle to get the response that they need and instead can face repetitive loops of unhelpful jargon.

“Financial products and services can be complex, and the information being sought by people shopping for or using those products and services may not be easily retrievable or effectively reduced to an FAQ response,” states the agency. “Financial institutions should avoid using chatbots as their primary customer service delivery channel when it is reasonably clear that the chatbot is unable to meet customer needs.”

The CFPB says it is actively monitoring the market, and expects institutions using chatbots to do so in a manner consistent with their customer and legal obligations. It is also encouraging people who are experiencing issues getting answers to their questions due to a lack of human interaction to submit a formal consumer complaint.

Source: techfocus24

 

 

Tags: Bank customerschatbotsFinancial institutionsRohit ChopraUK Regulator
Jeorge Wilson Kingson

Jeorge Wilson Kingson

Jeorge Wilson Kingson is the Managing Editor of ArtCraft Media Consult (Publishers of GhanaNewsOnline.com.gh and BusinessweekGhana.com), and a consulting Editor for The Corporate Guardian Magazine. He is the Chairman of the Media Alliance in Tobacco Control and Health (MATCOH). He is also the National Coordinator for the International Standards Journalism Association (ISJA) and the National Online Newsportals Coordinator for the Private Newspaper and Online Newsportals Publishers Association of Ghana (PRINPAG). He is a senior member of Ghana's Parliamentary Press Corps. He is the ACS Global Cancer Ambassador for Ghana and a Peace Advocate

Related Posts

MATCOH Congratulates Labram Musah for Winning 2025 WHO World No Tobacco Day Award
Africa Means Business

MATCOH Congratulates Labram Musah for Winning 2025 WHO World No Tobacco Day Award

June 1, 2025
Africa Means Business

MATCOH Joins Global Call to Action on World No Tobacco Day: Demands Ban on Flavored Products, Youth Marketing

June 1, 2025
Moroccan Sahara: UK Considers Morocco’s Autonomy Proposal as Most Credible, Viable & Pragmatic Basis to Settle This Dispute, Intends to Act Bilaterally, Regionally & Internationally in Line with This Position
Collaborations

Moroccan Sahara: UK Considers Morocco’s Autonomy Proposal as Most Credible, Viable & Pragmatic Basis to Settle This Dispute, Intends to Act Bilaterally, Regionally & Internationally in Line with This Position

June 1, 2025
Morocco’s Top Police Chief Attends 13th International Meeting of High Representatives for Security Issues in Moscow
Foreign

Morocco’s Top Police Chief Attends 13th International Meeting of High Representatives for Security Issues in Moscow

May 29, 2025
Kenya Considers Morocco’s Autonomy Plan as Sole Sustainable Approach to Resolving Sahara Issue
Collaborations

Kenya Considers Morocco’s Autonomy Plan as Sole Sustainable Approach to Resolving Sahara Issue

May 27, 2025
UNTWO election: PABF urges Africa to back UAE’s Al Nowais bid to be first Female Secretary-General 
Africa Means Business

UNTWO election: PABF urges Africa to back UAE’s Al Nowais bid to be first Female Secretary-General 

May 25, 2025

Recent Publications

JICA Signs Grant Agreements for the “Project For Human Resource Development Scholarship (JDS)”

JICA Signs Grant Agreements for the “Project For Human Resource Development Scholarship (JDS)”

June 5, 2025
MATCOH Congratulates Labram Musah for Winning 2025 WHO World No Tobacco Day Award

MATCOH Congratulates Labram Musah for Winning 2025 WHO World No Tobacco Day Award

June 1, 2025

MATCOH Joins Global Call to Action on World No Tobacco Day: Demands Ban on Flavored Products, Youth Marketing

June 1, 2025
Moroccan Sahara: UK Considers Morocco’s Autonomy Proposal as Most Credible, Viable & Pragmatic Basis to Settle This Dispute, Intends to Act Bilaterally, Regionally & Internationally in Line with This Position

Moroccan Sahara: UK Considers Morocco’s Autonomy Proposal as Most Credible, Viable & Pragmatic Basis to Settle This Dispute, Intends to Act Bilaterally, Regionally & Internationally in Line with This Position

June 1, 2025
Load More
  • Trending
  • Comments
  • Latest
CSOs welcome suspension of Agyapa Royalties IPO

CSOs welcome suspension of Agyapa Royalties IPO

October 7, 2020
Judge complains over slow pace of uniCredit case

Judge complains over slow pace of uniCredit case

October 8, 2020
Asantehene urges chiefs to abstain from partisan politics

Asantehene urges chiefs to abstain from partisan politics

October 8, 2020
Absa Bank engages fresh graduates and youth with ‘ReadytoWork’ virtual sessions

Absa Bank engages fresh graduates and youth with ‘ReadytoWork’ virtual sessions

October 27, 2020
World Wellbeing Week: Self-Care and its Global Impact

World Wellbeing Week: Self-Care and its Global Impact

4
2023: Proactive and determined Royal action in favor of strengthening the Welfare State

2023: Proactive and determined Royal action in favor of strengthening the Welfare State

1
QNET's Amezcua Bio Light 3 and Bio Disc 3: Cutting-Edge Recovery Tools for Peak Athletic Performance

QNET’s Amezcua Bio Light 3 and Bio Disc 3: Cutting-Edge Recovery Tools for Peak Athletic Performance

1
France reaffirms Support for Morocco’s Sovereignty over its Sahara – French FM

France reaffirms Support for Morocco’s Sovereignty over its Sahara – French FM

1
JICA Signs Grant Agreements for the “Project For Human Resource Development Scholarship (JDS)”

JICA Signs Grant Agreements for the “Project For Human Resource Development Scholarship (JDS)”

June 5, 2025
MATCOH Congratulates Labram Musah for Winning 2025 WHO World No Tobacco Day Award

MATCOH Congratulates Labram Musah for Winning 2025 WHO World No Tobacco Day Award

June 1, 2025

MATCOH Joins Global Call to Action on World No Tobacco Day: Demands Ban on Flavored Products, Youth Marketing

June 1, 2025
Moroccan Sahara: UK Considers Morocco’s Autonomy Proposal as Most Credible, Viable & Pragmatic Basis to Settle This Dispute, Intends to Act Bilaterally, Regionally & Internationally in Line with This Position

Moroccan Sahara: UK Considers Morocco’s Autonomy Proposal as Most Credible, Viable & Pragmatic Basis to Settle This Dispute, Intends to Act Bilaterally, Regionally & Internationally in Line with This Position

June 1, 2025
  • About Us
  • The Publisher
  • Our Mission
  • Archive Gallery
  • Advertise
  • Contact Us
  • Privacy & Policy
No Result
View All Result
  • Home
  • Oil & Gas
  • Mining
  • Politics
  • Human Resource
  • Business News
  • Real Estate
  • Special Projects
  • Insurance
  • On The Marble

© 2020 The Corporate Guardian - The Corporate Guardian.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version