Business & Technology
Revolut launches AI assistant as banks shift to chat
Revolut has launched an in-app artificial intelligence assistant called AI by Revolut, joining a broader push by banks and fintech groups towards conversational banking.
The assistant, known as AIR, lets customers ask questions about their money by text or voice within the Revolut app. It is designed to handle routine account tasks such as breaking down spending, freezing a lost card, and helping users plan a travel budget without requiring them to navigate multiple menu screens.
The launch puts Revolut alongside other financial groups that are shifting user interaction away from fixed app navigation and towards natural language prompts. Starling has also introduced an AI assistant in its banking app, while payments groups are developing tools that allow software agents to complete transactions on customers’ behalf.
Shift in interface
The change reflects a broader redesign of digital finance products. Rather than asking users to choose functions from menus and tabs, banks are increasingly building chat-based interfaces that aim to complete tasks once a customer describes what they want.
That approach is now spreading beyond customer service. In banking apps, conversational tools are being positioned as a way to manage budgeting, subscriptions, card controls and account information. In payments, the same model is emerging in systems that allow AI agents to discover products, make selections and complete checkout steps.
Visa has outlined a platform intended to connect merchants with AI shopping agents through a single integration. The concept points to a market in which customers could instruct software to reorder household goods or complete routine purchases, while established payment networks continue to process the underlying transaction.
Other parts of the sector are making similar changes. Business payments platform Melio has introduced an AI assistant for accountants and small companies that answers questions about bills, vendors and cash flow. At the same time, the Bank of America has developed an internal AI tool for staff in its global payments operation.
Competitive pressure
For consumer finance groups, the race to introduce conversational services is also becoming a competitive issue. Apps that reduce the number of steps required to complete common tasks may improve customer retention, particularly as digital banks compete on ease of use as much as on price and product range.
Revolut’s move comes as fintech groups try to make their apps the main place where customers manage day-to-day finances. By embedding an assistant that can answer questions and perform simple actions, Revolut is trying to keep users within its system for a larger share of their money-management tasks.
The stakes go beyond convenience. If conversational tools become the standard way to interact with banking and payments services, the companies that control those interfaces could gain greater influence over customer behaviour, product discovery and transaction flow.
Regulatory focus
Supervisors are also paying closer attention to the use of AI in finance. In the UK, the Financial Conduct Authority has begun examining how agentic AI could reshape retail financial services and affect consumers and markets. In the US, authorities have issued guidance intended to help financial institutions manage AI-related risk.
That scrutiny reflects a core concern across the sector. As banks and fintech groups move more customer activity into AI-led systems, they must show that the tools can operate safely, protect data and give users confidence that tasks are being completed correctly.
Privacy is likely to remain central to that debate, particularly as conversational systems sit between customers and sensitive financial information. The more these assistants are used for payments, transfers and account management, the more questions will arise about data handling, audit trails and accountability when something goes wrong.
For now, the most immediate effect is a visible change in how financial products are designed. The app screen is becoming less a map of buttons and more a prompt box, as banks and payments companies bet that customers will increasingly prefer to type or say what they need rather than search for the right feature.
Taken together, these shifts suggest that, for many routine tasks, natural language may become the main interface for digital money services.
Business & Technology
Oxford pubs closing amid Tommy Robinson ‘unrest’ fears
The controversial figure, whose real name is Stephen Yaxley-Lennon, is due at the Oxford Union tomorrow evening (Wednesday, June 17).
Yaxley-Lennon has been jailed multiple times for a variety of offences with his significant recent imprisonment in October 2024 for contempt of court.
Five roads, including St Michael’s Street next to the union, will be closed and police will be on stand-by for any unrest.
The Jolly Farmers Pub in Paradise Street said on social media that businesses were “boarding up windows” ahead of Yaxley-Lennon’s visit.
Staff outside The Jolly Farmers in 2022 (Image: The Jolly Farmers)
It said: “Businesses are going to suffer. Communities are going to suffer. Our reputation as a city is going to suffer.”
A pub spokesman confirmed The Jolly Farmers will not be boarding up, but it will be closed today for the visit.
The White Rabbit in Frairs Entry also said it will be closing early today “in solidarity with other independent businesses”.
READ MORE: Travellers at ‘unauthorised site’ in Oxford park after police notice
The pub said it is a “difficult decision”, but said the safety and wellbeing of visitors is “always a priority”.
“We hope everyone in Oxford stays safe this Wednesday,” the pub added. “Now let’s all have a nice cold pint and wait for this all to blow over.”
Meanwhile, the The Handle Bar Cafe and Kitchen also in St Michael’s Street said its licence to trade from the pavement has been revoked temporarily for the day.
Tommy Robinson (Image: PA)
A spokesman said it is due to the road closure and “likely trouble”, adding it too will shut early from 3pm “to keep staff safe”.
One businessman, who asked for him and his business to remain anonymous, said there is “growing frustration” both in businesses that may be affected and within the university at the timing of the debate, referencing other tensions elsewhere in the country.
“Some businesses in the vicinity of the Oxford Union site are definitely considering what steps need to be taken to prevent damage,” he said.
Anneliese Dodds, Oxford East MP, said: “The Oxford Union’s decision to host Stephen Yaxley-Lennon has already been rightly criticised for ignoring the views of Oxford residents concerned about its impact on community relations.
“Now it appears local businesses are also worried that they could be targeted by supporters of Yaxley-Lennon and the division he promotes.
“When will the Oxford Union’s leadership realise their behaviour is damaging our city?”
Business & Technology
AI scams erode trust in online identity, Malwarebytes warns
Malwarebytes has published research on how artificial intelligence is affecting trust, scams and online identity. The survey found that one in three daily AI users think it is acceptable to create explicit images of people they know.
The report drew on responses from 1,500 adults in the US, UK, Austria, Germany and Switzerland, and pointed to growing uncertainty over whether online material is real and communications are genuine.
One of the clearest findings was a decline in confidence in digital evidence. Some 88% of respondents said it is becoming harder to tell whether online content is genuinely human or real, while 84% said convincing video evidence no longer feels like proof.
Scams were another major concern. Some 85% of respondents said they struggle to distinguish scams from legitimate communications, up from 66% the previous year.
Half of those surveyed said they had experienced some form of AI fraud or scam. Exposure was highest among Gen Z respondents at 67%, compared with 51% of Millennials, 46% of Gen X and 30% of Boomers and older people.
The data also suggested identity-related abuse is becoming more common. One in 10 respondents said explicit AI images had been made of them without consent, while 19% said they had experienced some form of AI-driven identity harm. That figure rose to 30% among Gen Z.
Trust erosion
The research described a broad weakening of confidence in basic online signals such as voice, image and video. It found that AI-generated deepfakes, voice cloning and impersonation are contributing to what Malwarebytes characterised as a breakdown in certainty over what people can trust.
Regional differences also emerged. The US recorded higher exposure to AI fraud and scams at 56%, compared with 48% in the UK and 47% across the DACH region.
At the same time, concern was not always matched by defensive action. While 81% of respondents said they fear someone stealing their family’s likeness, only 13% said they had created a family codeword as a safeguard.
Similarly, 67% said they worry about voice cloning, but only 19% said they had turned off voicemail recordings to reduce that risk. The findings also showed that 74% are concerned about experiencing a deepfake or other AI-generated scam.
The DACH region lagged the US and UK across most protective behaviours measured in the study. The report suggested this may reflect stronger institutional trust in those markets.
Changing norms
Beyond fraud, the survey pointed to a shift in attitudes about what people consider acceptable AI use. It found that 18% of respondents believe it is acceptable to use AI to generate explicit images of someone they do not know.
Among daily AI users, the picture was more striking. One in three said it is acceptable to generate explicit images of someone without their consent.
Another 32% of respondents said it is acceptable to use AI to imitate their voice or appearance, provided it is for personal use. The findings suggest concern about misuse can coexist with tolerance for practices that could enable abuse.
Mark Beare, Head of Consumer at Malwarebytes, commented on the findings.
“AI’s deepest impact isn’t on our devices; it’s on us. When people can no longer trust what they see, hear, or who they’re talking to, the damage reaches far beyond any single scam and into the building blocks of our society,” Beare said.
He also linked the issue to the wider role of cyber protection.
“Cybersecurity has always adapted, and it will again, but only if we recognize that what we’re protecting now is something far more important than data. It’s people’s ability to believe one another,” he said.
The report was based on a survey prepared by an independent research consultant and distributed through Forsta. Respondents were aged 18 and older, with the sample split equally by gender and weighted across age groups, regions and race groups.
Malwarebytes also used the publication of the findings to highlight Scam Guard, a scam-detection feature built into its desktop and mobile products. The tool provides real-time feedback on suspected scams, threats and malware, alongside digital safety recommendations.
It is also intended to reduce the stigma that can surround scam victims by offering guidance before users act on suspicious messages. The wider findings, however, indicate that the challenge may extend beyond technical detection to a deeper loss of confidence in whether online interactions can be trusted at all.
Business & Technology
Major UK restaurant chain rescued amid £37m debt administration
Las Iguanas, which runs 44 sites across the country but none currently in Oxfordshire, had warned it would “inevitably enter administration” if the deal was not sanctioned.
It previously operated an Oxford branch in Park End Street, which closed back in June 2017, leaving the county without any of the group’s Latin American-themed restaurants.
The chain is owned by Iguanas Holdings Ltd, a subsidiary of The Big Table Group, which also sits behind several familiar high-street brands including Frankie & Benny’s, Bella Italia and Banana Tree.
READ MORE: Staff ‘gutted’ as UK giant cuts thousands of jobs amid £800m administration
In May, the company confirmed it had gone to court to seek approval for a restructuring plan intended to deal with its heavy debt pile.
At the time, bosses said that, without the move, the business would not be able to continue trading and would be forced into administration.
The court has now backed the plan, allowing around £37 million of debts to be cancelled or compromised and giving the chain a financial lifeline.
As part of the rescue, The Big Table Group is injecting £3 million of new funding into the business as part of a wider turnaround strategy.
READ MORE: UK food supplier giant falls into administration owing £1.5m debt
The deal also paves the way for reduced rents at certain sites and agreements with landlords on some outstanding sums, easing pressure on the company’s day‑to‑day cash flow.
Mr Justice Meade approved the scheme at a hearing in London, clearing the way for the restaurant operator to avoid collapse and continue trading.
The group has stressed that the restructuring relates only to the legal entity that holds the chain’s property leases and related costs, and does not involve the wider Big Table business, its suppliers, its employees or any of its other brands.
All 44 restaurants are continuing to operate as normal while the rescue plan is implemented, with the company presenting the deal as a way to secure the long‑term future of the brand and safeguard sites and jobs.
-
Crime & Safety4 weeks agoOxfordshire bridge closure comes as management ‘weaknesses’ found
-
Crime & Safety4 weeks agoWhat happens to Halifax customers if Lloyds makes changes?
-
Oxford News4 weeks agoActor steps down from major role in new Harry Potter series
-
UK News4 weeks agoBurnham seeks to calm markets by committing to fiscal rules
-
UK News4 weeks agoGlass deposit scheme 'risks major problems' for retail industry
-
UK News4 weeks agoEx-minister Shapps quits aerospace firm over rule concerns
-
Crime & Safety4 weeks agoRyan Bridge speaks of London arrest after Oxford incident
-
Crime & Safety4 weeks agoOxfordshire man accused of sexual offences 40 years ago
