(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

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States Sue TikTok, Claiming Its Platform Is Addictive And Harms The Mental Health Of Children

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The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP

More than a dozen states and the District of Columbia filed complaints against TikTok on Tuesday, claiming that the popular short-form video app is damaging teenage mental health by creating its platform to be addicting to children.

The cases originate from a national TikTok investigation begun in March 2022 by a bipartisan coalition of state attorneys general, including New York, California, Kentucky, and New Jersey. All of the allegations were filed in state court.

At the center of each case is the TikTok algorithm, which determines what users view on the site by populating the app’s primary “For You” stream with content suited to their preferences. The claims also highlight design aspects that they claim cause children to become addicted to the platform, such as the ability to browse endlessly through information, push alerts with built-in “buzzes,” and face filters that create unrealistic appearances for users.

States Sue TikTok, Claiming Its Platform Is Addictive And Harms The Mental Health Of Children

In its pleadings, the District of Columbia referred to the algorithm as “dopamine-inducing,” and claimed it was designed to be purposely addictive so that the corporation could ensnare many young people into excessive use and keep them on its app for hours on end. TikTok engages in these actions while knowing that they will cause “profound psychological and physiological harms,” including anxiety, sadness, body dysmorphia, and other long-term issues, according to the lawsuit.

“It is profiting from the fact that it is addicting young people to its platform,” District of Columbia Attorney General Brian Schwalb stated in an interview.

“We strongly disagree with many of these allegations, which we believe are false and misleading. In response to the lawsuits, TikTok spokesman Alex Haurek stated, “We are proud of and remain deeply committed to the work we’ve done to protect teens, and we will continue to update and improve our product.” “We’ve endeavored to work with the Attorneys General for over two years, and it is incredibly disappointing they have taken this step rather than work with us on constructive solutions to industrywide challenges.”

The social networking company does not let minors under the age of 13 sign up for its main service, and some content is restricted to anyone under the age of 18. Despite the company’s assertions that its platform is safe for children, Washington and several other states stated in their petition that children may simply bypass those limits, allowing them to access the services that adults use.

“TikTok claims to be safe for young people, however this is far from accurate. In New York and across the country, young people have died or been injured while participating in deadly TikTok challenges, and many more are feeling sad, frightened, and depressed as a result of TikTok’s addictive elements,” New York Attorney General Letitia James said in a statement.

Their complaint also targets other aspects of the company’s business.

The district claims TikTok is functioning as a “unlicensed virtual economy” by allowing users to buy TikTok Coins, a virtual currency within the platform, and send “Gifts” to TikTok LIVE streamers, who can then cash out for real money. TikTok charges a 50% commission on these financial transactions but has not registered as a money transmitter with the United States Treasury Department or district authorities, according to the complaint.

Officials claim that minors are routinely exploited for sexually explicit content via TikTok’s LIVE streaming feature, which has enabled the app to function essentially as a “virtual strip club” with no age limitations. They argue that the cut the corporation receives from financial transactions allows it to benefit from exploitation.

The 14 attorneys general say their lawsuits aim to stop TikTok from employing these features, impose financial penalties for suspected illegal actions, and recover damages for aggrieved users.

Many states have filed lawsuits against TikTok and other internet companies in recent years, as concern rises over prominent social media platforms and their ever-increasing impact on young people’s lives. In some cases, the challenges were coordinated in a manner similar to how states had organized against the tobacco and pharmaceutical companies.

States Sue TikTok, Claiming Its Platform Is Addictive And Harms The Mental Health Of Children

Last week, Texas Attorney General Ken Paxton filed a lawsuit against TikTok, alleging that the firm shared and sold children’s personal information in violation of a new state law that bars such operations. TikTok, which denies the charges, is simultaneously battling a similar data-related federal case launched in August by the Department of Justice.

Several Republican-led states, including Nebraska, Kansas, New Hampshire, Kansas, Iowa, and Arkansas, have previously sued the company, some unsuccessfully, over claims that it harms children’s mental health, exposes them to “inappropriate” content, or allows young people to be sexually exploited on its platform. Arkansas has filed a lawsuit against YouTube and Meta Platforms, the parent company of Facebook and Instagram, which is being sued by dozens of states on allegations that it is damaging young people’s mental health. New York City and certain public school districts have filed their own cases.

TikTok, in particular, is encountering additional hurdles at the national level. According to a federal rule that went into force earlier this year, TikTok might be outlawed in the United States by mid-January if its Chinese parent firm ByteDance does not sell the site by that time.

TikTok and ByteDance are both appealing the statute in Washington’s appeals court. A panel of three justices heard oral arguments in the case last month and is anticipated to announce a decision that might be appealed to the US Supreme Court.

SOURCE | AP