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Ethiopia's largest bank hit by glitch that allows customers to withdraw over $40 million

TechSpot

By the time the bank realized what was going on and froze transactions a few hours later, more than 2.4 Read Entire Article According to local media, CBE didn't initially notice the technical issue that allowed customers to withdraw more money than they had in their accounts. billion Ethiopian birr (around $40 million).

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Two Singapore banks were unable to process transactions because of an overheating data center

TechSpot

Banking apps were down, servers could not be reached, and the two banks' customers were left with very few means to pay for their purchases or receive payments. Read Entire Article On October 14, DBS and Citibank suffered an IT outage that affected millions of payment transactions in Singapore. The city-state is heavily.

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Should finance organizations bank on Generative AI?

CIO Business Intelligence

As I work with financial services and banking organizations around the world, one thing is clear: AI and generative AI are hot topics of conversation. In the finance and banking industry, however, organizations are seeking extra guidance on the best way forward. Read my related article about accelerating generative AI here.

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Bank stops handling cash in some branches as more people go digital

TechSpot

The Australia and New Zealand Banking Group (ANZ), Australia's second-largest bank by assets, recently said that a significant drop in in-branch transactions has led it to stop handling cash at some branches. Read Entire Article

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Bank of Ireland "glitch" caused mad rush to ATMs for "free money"

TechSpot

On Wednesday, the Bank of Ireland stated that an "IT glitch" caused a malfunction that has since been remediated. However, that was well after a quasi-bank run in which some customers withdrew more money than they had in their accounts. Read Entire Article

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Microsoft's AI lists Ottawa food bank as a top tourist attraction

TechSpot

Tech author Paris Marx noticed that Microsoft had listed the food bank at number 3 on a list of top recommendations for Ottawa visitors, sitting behind the National War Memorial and attending an Ottawa Senators hockey game. Read Entire Article

Banking 98
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Silicon Valley Bank collapses in biggest American bank failure since 2008 financial crisis

TechSpot

Silicon Valley Bank failed on Friday after a massive run on deposits, putting almost $175 billion, including money from some of the biggest tech companies, under the control of the FDIC (Federal Deposit Insurance Corporation). The bank had been a significant venture capital funding source for technology companies, the New.

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