Customer service

A new government effort intends to tackle unfriendly consumer practices. The CFPB is tasked with addressing chatbot misuse and customer service "doom loops."

Air Canada was penalized for misinformation generated by its chatbot; Patagonia has been accused of letting a vendor's AI model analyze customer service conversations without consent. These cases have parallels in banking, where many institutions use AI-based chatbots and contact center software.

Leaders that have created virtual "branches" weighed in at American Banker's Digital Banking conference on how to approach implementation and what results have been like.

Eras come and go, but the ongoing investments in developing, empowering, leading and retaining superior personnel will remain the highest priority of top-performing financial institutions.

Why banks believe fraud prevention and customer experience are both top priorities

The financial services industry has largely recovered from the negative shocks of the 2008 financial crisis. Still, the results from the most recent release of the Edelman Trust Barometer found that banks need to address a significant level of skepticism among consumers.

One year after it bought First Republic Bank, the largest U.S. bank by assets is launching J.P. Morgan Private Client, a new tier in its affluent-consumer services that brings together JPMorgan's brand with First Republic's concierge model.

Depositors are still flocking to online-only banking platforms offered by companies such as Ally, Capital One and Discover. But overall customer satisfaction took a "statistically significant" drop, according to a new J.D. Power report.