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Finance

BoA CEO says accuracy tops cost in finance AI

Bank of America CEO Brian Moynihan said accuracy is the top priority for artificial intelligence strategies in banking, rather than efficiency or cost cutting. He said mistakes in customer-facing answers can directly affect trust, leaving little room for error and requiring extensive system building and validation. The bank has invested about $250 million in new AI deployments this year and runs AI assistant Erica, used by millions of customers and employees.

Telecommunications & Media

Telecom operators\' user protection average score 873 points, down 13 points from year earlier

South Korea\'s Broadcasting Media Communications Commission said an assessment of user-protection work at 47 telecommunications operators showed overall performance fell or was flat from a year earlier. The average score for 39 companies, excluding eight pilot-assessment firms, was 873.3 points, down 13.4 points. Grades for large carriers generally declined. The regulator cited shortcomings among value-added operators and said it would withhold or delay penalty-reduction benefits for top-rated firms.

Telecommunications & Media

Six information security international standards finally approved, Korea speeds push to lead AI, 6G security standards

South Korea\'s Ministry of Science and ICT said 6 international standards and 2 technical reports proposed by Korea were finally approved at an ITU-T SG17 meeting in Geneva held from June 1 to 10. It said 14 new standardisation items were also approved and 7 international standards were pre-adopted. The approved standards include software supply chain security threats and security guidelines for digital collection services using distributed ledger technology.