Emily Miller, Author at Riverdale Standard

Emily Miller

ACCC urges banks to make switching easier for customers

The Australian Competition and Consumer Commission (ACCC) has released a report on the retail deposit market, calling for reforms to improve competition and consumer outcomes. The report found that banks use pricing strategies and product design to reduce the cost of their deposit funding, while creating barriers for customers to switch to better deals. Banks exploit consumer inertia and biases The ACCC report, which was commissioned by Treasurer Jim Chalmers…

Food crisis looms in Gauteng as food banks run dry

The Gauteng Department of Social Development (DSD) has failed to replenish the food banks that provide essential relief to the most vulnerable residents of the province. This has sparked outrage and concern among civil society and opposition parties, who fear that thousands of people will face starvation and malnutrition during the festive season. DA slams DSD for incompetence and lack of planning The Democratic Alliance (DA), the official opposition party…

NLC suspends nationwide strike over cash crunch after meeting with FG

NLC demands CBN to end currency redesign policy The Nigeria Labour Congress (NLC) has suspended its planned nationwide indefinite strike over the scarcity of naira notes across the country. The NLC had threatened to shut down activities at all the branches of the Central Bank of Nigeria (CBN) and other banking institutions from yesterday over the CBN’s currency redesign policy that had inflicted pains on Nigerians and businesses. The NLC…

RBI Governor calls for higher penalties on erring banks

The Reserve Bank of India (RBI) Governor, Duvvuri Subbarao, has expressed his dissatisfaction with the current level of penalties imposed on banks that violate the central bank’s regulations. He said that the maximum penalty of Rs 1 crore is “peanuts” compared to the size and profits of the banks. Why are the penalties low? According to Subbarao, the penalties on banks in India are low because of the legal constraints.…

PM calls on banks to boost services for growth and poverty alleviation

Prime Minister Hun Sen has urged all banks in Cambodia to provide comprehensive and inclusive services to support the country’s economic growth and poverty reduction efforts. He made the remarks during the opening ceremony of the 23rd ASEAN Banking Conference and the 50th ASEAN Banking Council Meeting in Phnom Penh on Tuesday. PM highlights achievements and challenges of banking sector The PM praised the achievements of the banking sector in…

Unclaimed deposits in banks rise by 28% to ₹42,270 crore, Parliament data reveals

The amount of unclaimed deposits in both public and private sector banks has increased by 28% to ₹42,270 crore in the financial year 2022-23, according to the data presented by the Ministry of Finance in the Parliament. This is the highest amount of unclaimed deposits ever recorded in the history of Indian banking. What are unclaimed deposits and why do they matter? Unclaimed deposits are those deposits that have not…

How AI can lead banks to repeat old mistakes or avoid them

Artificial intelligence (AI) is transforming the banking sector, offering new ways to automate tasks, enhance customer service, and improve decision making. However, AI also poses new challenges and risks for banks, as they may end up repeating old mistakes or making new ones with the technology. AI can help banks improve efficiency and customer satisfaction AI can help banks improve their efficiency and customer satisfaction by automating various processes, such…

Philly Tech Week 2024: A partnership for a more equitable tech economy

Philly Tech Week, the annual celebration of technology and innovation in the city, will return for its 14th edition from May 3 to May 11, 2024. The event will be organized as a partnership between Technical.ly, the news organization that serves a community of tech professionals, and 1Philadelphia, the citywide initiative founded in 2021 to advance a more equitable tech economy. What is 1Philadelphia? 1Philadelphia is a coalition of public,…

FTC Bans Rite Aid From Using Facial Recognition Technology In Settlement

The Federal Trade Commission (FTC) has announced that it has reached a settlement with Rite Aid Corporation, one of the largest drugstore chains in the United States, over its use of facial recognition technology in hundreds of its stores. The settlement prohibits Rite Aid from using facial recognition technology without obtaining customers’ express consent and requires the company to delete any biometric data it collected from customers. Rite Aid’s Use…

Southeast Asia’s VC scene poised for a rebound in 2024

Southeast Asia’s venture capital (VC) industry has faced a challenging year in 2023, as the global economic slowdown and the Covid-19 pandemic have dampened investor sentiment and reduced deal activity. However, many VC firms in the region are optimistic that 2024 will bring a recovery and a resurgence of funding opportunities for startups. VC fundraising hit a record high in 2022 Despite the difficulties in 2023, Southeast Asia’s VC scene…