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The Biden administration is asking the Consumer Financial Protection Bureau to look at banks’ use of chatbots and to address customer service “doom loops” as part of a wider effort to prioritize customers’ time. Among the pillars of the initiative, the White House said the CFPB is planning to issue guidance meant “to crack down on ineffective and time-wasting chatbots used by banks and other financial institutions in lieu of customer service.”
“Companies often deliberately design their business processes to be time-consuming or otherwise burdensome for consumers, in order to deter them from getting a rebate or refund they are due or canceling a subscription or membership they no longer want — all with the goal of maximizing profits,” the White House wrote in introducing what it dubbed the “Time Is Money” initiative. “Americans are tired of being played for suckers.”
