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Consumer Reports memo to CFPB on customer service and digital chatbots at financial institutions

Consumer Reports memo to the Consumer Financial Protection Bureau on the Bureau’s plans to initiate a rulemaking to address the obstacles and “doom loops” that many consumers face with customer service at financial institutions. CR’s memo highlights recent trends in the use of chatbots by financial institutions; potential risks to consumers arising from digital chatbots; consumer challenges with interactive voice response (IVR) customer service menus; and recommendations for strengthening standards for customer service.

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