Connect with us

Technology

Restricting Self-Preferencing in Digital Markets May Do More Harm Than Good: UMD Smith Researcher

Published

on

COLLEGE PARK, Md., Sept. 30, 2024 /PRNewswire/ — Self-preferencing (when a platform favors its own products or services over those of third parties) by large tech companies is scrutinized as anticompetitive in legislation proposed in Congress to restrict the practice. However, passage of the bills could unintentionally raise consumer prices by reducing competition between sellers, according to research co-authored by Associate Professor of Marketing Bobby Zhou at the University of Maryland’s Robert H. Smith School of Business.

The American Innovation and Choice Online Act (AICOA) restricts the nation’s largest tech companies from not only engaging in self-preferencing but also other acts, like limiting the number of products competing companies can put on large digital platforms. The Open App Markets Act keeps app marketplaces from engaging in self-preferencing and prohibits marketplaces with over 50 million users from forcing developers to use an in-app payment system owned or controlled by the app store.

“Regulatory agencies in the U.S. are worried that the fate of millions of consumers is being determined by a few big firms,” says Zhou. Under AICOA when a shopper searches for a product, a large online retail platform would have to first display “whatever product aligns with that consumer’s personal preferences with the one with the best fit coming up first,” says Zhou. So, if you always buy Stanley water bottles, when you search for water bottles, Stanley drinking cups would be displayed first instead of one of the platform’s own brands.

Research by Zhou in separate papers — “Antitrust Regulation” with Daniel Sokol at the University of Southern California and “Self-preferencing and Search Neutrality in Online Retail Platforms” with Tianxin Zou at the University of Florida — finds this kind of regulation may lead to higher prices.

If self-preferencing by the largest digital markets goes away, the seller whose product appears first during a search may decide to raise prices because it has enough well-matched customers to extract that profit or surplus. The seller whose product appears second might also charge more for the same reason. “This is a situation where both sellers have very strong incentives to keep their prices high, so they don’t really compete head-to-head,” Zhou says. “To some extent, this ex-ante (preventative) regulation backfires.”

The European Union has already enacted regulations that ban big tech companies from making sure their products are displayed before those of other firms. The rules have been highly criticized and the European Commission recently opened an investigation into whether Apple, Alphabet and Meta are complying with the EU’s Digital Markets Act. 

In their paper, Zhou and Sokol assert that digital markets have become increasingly important for the economy, as they enable new forms of innovation, competition and value creation in the process of exchanging goods, services and information. And Zhou says, “The Justice Department and the Federal Trade Commission are justified in looking into big tech platforms. I just caution against hasty decisions that are nearly impossible to reverse.”

About the University of Maryland’s Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.

Contact: Greg Muraski, gmuraski@umd.edu

View original content:https://www.prnewswire.com/news-releases/restricting-self-preferencing-in-digital-markets-may-do-more-harm-than-good-umd-smith-researcher-302262711.html

SOURCE University of Maryland’s Robert H. Smith School of Business

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Preventing Signal Degradation due to Inclement Weather with an Innovative Heating System

Published

on

By

AURORA, Ill., Sept. 30, 2024 /PRNewswire/ — Scientel Solutions (Scientel) headquartered in Aurora, IL USA has launched an antenna enhancement product focused on avoiding potential weather caused interference and downtime. In partnership with Surface Heating Systems, Scientel has developed an Anti-Ice heating system for millimeter antennas of all sizes. The new product is compatible with most major manufacturers and intended to prevent the buildup of snow and ice, thus keeping the antennas operational in the most severe weather conditions.

Antenna interruptions cause network down time, data loss, and can create an operational nightmare. The formation of ice and often heavy snowfall, especially on parabolic antennas, is a major cause of loss of signal transmittal and reception during winter months.

“Utilizing millimeter radios in weather affected regions was previously challenging given the difficulty of site access. This technology has ensured that there is no ice buildup which enables the delivery of Gigabits of capacity to remote facilities, without having to dispatch to the site.” – Bill Asselborn, Project Manager at Scientel Solutions

The Anti-Ice heating system is a robust, hard-backend system that either easily attaches to the rear of the antenna, directly heating the structure or via an intermediate enclosed air gap. Both variations have a control unit which only turns on when the temperature is below 40 degrees, and moisture is detected. Thus, keeping the energy utilization to a minimum. These systems can be installed with minimal disruption to the service.

Having already been deployed in the Midwest and Northeast portion of the United States, these units have the capability to withstand the most severe weather conditions through the brutally cold months. 

All systems can be supplied with fully automatic controls with the option of SNMP upgrade. 

About Scientel Solutions

Scientel Solutions is The Universal Integrator that offers 360° technology services supporting clients’ dynamic and sophisticated communications, video, and data management needs. Their mission is to enhance the quality of life for their Customers, Partners, Employees, and Community. They are headquartered in Aurora, IL with offices across the United States, Canada, and Europe, with extended capabilities to service clients globally.

Visit them at: www.scientelsolutions.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/preventing-signal-degradation-due-to-inclement-weather-with-an-innovative-heating-system-302262945.html

SOURCE Scientel Solutions

Continue Reading

Technology

KUDO Earns 4th Patent for AI Innovation Amid the Launch of KUDO AI v.3.0

Published

on

By

KUDO launches a new AI engine, KUDO AI v3.0, while gaining a fourth US Patent for innovative speech translation method.

NEW YORK, Sept. 30, 2024 /PRNewswire-PRWeb/ — After being granted three Patent certifications from the United States Patent Office (USPO) within the last twelve months, the KUDO team rounds off Q3 of 2024 with a fourth – for ‘Systems and methods for automatic speech translation’ – being added to their impressive collection. The granting of the Patent comes after extensive R&D efforts into AI speech-to-speech technology following KUDO’s Series A investment round, and amid another round of UX and UI optimizations to their product suite that include a new AI engine, KUDO AI v.3.0.

Since January 2024, KUDO AI Speech Translator has seen a 453% increase in monthly client usage. The solution’s ease of use and market-leading translation quality are the result of a complex process incorporating state-of-the-art Natural Language Processing systems and Large Language Models. KUDO’s latest Patent, no. 12,079,588, focuses on this unique method for real-time, continuous translation, with an emphasis on automatic speech recognition and a segmentation model that almost instantly organizes sentences in a way that the translations are rendered as naturally as possible.

Having already undergone a new AI engine previously, significant UX and UI improvements, the addition of a custom glossary feature, and more, the KUDO team is continuing its commitment to delivering the most user-friendly AI Speech Translator by sharing further product enhancements to the solution’s translation quality and captions.

New AI Engine – KUDO AI v.3.0

In this update, new and existing clients of KUDO AI can expect to see an even greater increase in accuracy and fluency than in our last AI engine upgrade, due to be released in October. The objective, as always, is to continue improving the translation quality of KUDO AI while ensuring that the latency (lag) between the original speech and the translation remains as short as possible. Read our in-depth guide for more information about the quality of AI translation and the role of latency.

UX/UI Customization of Captions

Continuing the theme of an enhanced user experience, the live captions on all of KUDO’s product interfaces have undergone a revamped design adapted for accessibility.

On the KUDO Platform videoconferencing interface, and KUDO’s Mobile Link solution which can be accessed simply by scanning a QR code, users can now benefit from: light and dark mode for the screen, the ability to select the size and color of the captions to suit your preferences, and the option to choose the default font or Open Dyslexic, a font which is designed to increase readability for participants with dyslexia.

More Accessible Captions on MS Teams

In KUDO’s last update on Microsoft Teams, the team added automatic language detection. In October, the same optimizations to KUDO’s captions will be rolled out on its native integration on Microsoft Teams. This means that users will be able to access the same KUDO AI customizable captions directly on Microsoft Teams. Microsoft Teams users will also benefit from the optimizations to translation quality with the launch of KUDO AI v3.0.

About KUDO

KUDO is the world leader in providing real-time multilingual solutions that enable people to communicate effortlessly in any language⁠—on any platform. Their network of 12,000 professional language interpreters, combined with their ground-breaking Speech Translator, empower organizations of all sizes to collaborate more efficiently, with greater inclusivity, and on an international scale. KUDO Inc. is a New-York based technology start-up founded and managed by language and conferencing industry insiders seeking to create a world in which everyone has the power to understand and be understood in their own language.

Media Contact

Chloë Walford-Delahaye, KUDO Inc., +1 347 943 9056, marketing@kudo.ai, kudo.ai

Twitter

View original content to download multimedia:https://www.prweb.com/releases/kudo-earns-4th-patent-for-ai-innovation-amid-the-launch-of-kudo-ai-v3-0–302262713.html

SOURCE KUDO Inc.

Continue Reading

Technology

Digital Federal Credit Union and First Tech Federal Credit Union Announce Intent to Merge

Published

on

By

Combined entity will provide members an unrivaled digital experience, a coast-to-coast branch network with expanded member service hours, and access to premier financial products and advisors.

MARLBOROUGH, Mass. and SAN JOSE, Calif., Sept. 30, 2024 /PRNewswire/ — Digital Federal Credit Union (DCU) and First Tech Federal Credit Union (First Tech) announce their intent to combine through a merger of equals for the benefit of members, employees, and communities. Following completion of the merger, which is subject to approval from the National Credit Union Administration (NCUA) and First Tech’s membership, the new entity will emerge as a $28.7 billion credit union serving nearly two million members with more than 50 branches in eight states. The proposed combination, which is expected to be completed in 2025, has the unanimous approval of both the DCU and the First Tech Board of Directors and their respective leadership teams.

Members will experience no immediate changes as the two organizations will operate independently as DCU and First Tech until systems and processes are integrated and operational. Upon completion of the integration, the combined organization will operate under DCU’s charter and the First Tech Federal Credit Union name. In recognition of the strong and proud histories of both DCU and First Tech, employees and members of both organizations will work together to develop a brand experience that honors both entities’ roots with a future-forward vision. First Tech President and CEO Greg Mitchell will remain with First Tech through the integration. DCU President and CEO Shruti Miyashiro will become President and CEO of the newly combined credit union. 

“Our credit unions have a shared origin—each created to serve the financial needs of technology employees, their families and digitally savvy members across the country,” said Shruti Miyashiro, President and CEO of Digital Federal Credit Union. “The transformative power of this merger of equals will unlock enormous potential to deliver value and opportunity for the people who matter most—our members, our employees and the communities we serve.”

“Uniting the capabilities of the nation’s two leading technology-forward credit unions will allow us to innovate and push the boundaries to deliver more elevated experiences by making material investments in products and services to meet the needs of our growing membership,” said Greg Mitchell, President and CEO of First Tech Federal Credit Union. “With shared principles of people helping people, the new organization will also become the single-largest national philanthropic leader in the industry, donating more than $4 million annually to positively impact our local communities.”

More information about the intent to combine into one organization may be found at DCU.org and Firsttechfed.com.

ABOUT DIGITAL FEDERAL CREDIT UNION

DCU is a $12 billion financial cooperative headquartered in Marlborough, Massachusetts. Established in 1979 as the credit union for the employees of Digital Equipment Corporation (DEC) and their families, today DCU serves over 1.1 million members across all 50 states and Puerto Rico. DCU has a proud legacy of serving many members who are newer to banking, including young-adults, historically underserved, or new arrivals to the U.S. banking system. DCU’s member-centric mission and commitment to digital innovation informs how products, solutions and services are created to provide a remarkable experience to support members’ financial goals. With 23 branch locations and 35 ATMs across Massachusetts and New Hampshire, members have additional access to DCU’s award-winning digital banking platform and mobile app as well as more than 5,600 branches in a shared CO-OP network, plus over 30,000 surcharge-free ATMs nationwide. Federally insured by NCUA. Equal Housing Lender. For additional information, visit dcu.org. 

ABOUT FIRST TECH FEDERAL CREDIT UNION 

First Tech Federal Credit Union is a nearly $17 billion institution headquartered in San Jose, California. The nation’s premier credit union serves the world’s leading technology-oriented companies and their employees, including HP Inc., Hewlett Packard Enterprise, Microsoft, Agilent, Intel, Cisco, Amazon, Nike, Intuit, Google, and more. First Tech is recognized as the industry catalyst for delivering effortless banking experiences to more than 660,000 members through its 34 branch locations, more than 5,600 CO-OP Shared Branch locations, 30,000 CO-OP Network ATMs, and online platforms. First Tech offers a full range of financial services, including traditional banking, online banking, mortgages, financial planning, various consumer loans, and insurance services. Federally insured by NCUA. Equal Housing Lender. For more information, visit www.firsttechfed.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/digital-federal-credit-union-and-first-tech-federal-credit-union-announce-intent-to-merge-302260570.html

SOURCE Digital Federal Credit Union/First Tech Federal Credit Union

Continue Reading

Trending