Abstract

The emergence of Artificial Intelligence has disrupted the conventional ways of dealing with customers. Artificial Intelligence-powered chatbots are one of the outputs of this technological disruption. Although the capabilities of a chatbot have been widely recognised, its adoption in financial service institutions has caused arguments over data protection. Customers tend to become comfortable with the human-like chatbot due to it being non-judgmental. The research method used was secondary qualitative research techniques based on literature reviews. The objective of this investigation is to evaluate the rise of chatbot adoption in customer services in the financial service institutions of New Zealand. The findings of the research indicate a rise in chatbot adoption has also led to data privacy issues in customer services. The research intended to objectively evaluate chatbots, to determine their merit at the expense of data protection and recommend solutions to address data privacy problems with chatbots.

Keywords:
Artificial Intelligence, Financial Technology (FinTech), Chatbots, Data Privacy, General Data Protection Regulation, Personal Information.

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