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
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.
Business & Technology
Ssen Transmission joins European cyber security network
SSEN Transmission has joined the European Network for Cyber Security as an Information & Knowledge Sharing member, bringing a major UK electricity transmission operator into a European cybersecurity network for critical infrastructure.
The membership gives SSEN Transmission access to ENCS research, technical documentation and knowledge-sharing with European transmission and distribution system operators. Key areas include testing, operational technology security operations and the development of cybersecurity practices for grid infrastructure.
SSEN Transmission operates the high-voltage electricity transmission network across the north of Scotland. Its network covers more than a quarter of the UK’s land mass and includes substations, overhead lines, underground cables and subsea cables.
The decision comes as cyber threats to essential services face growing scrutiny from governments and operators. The UK National Cyber Security Centre reported 204 nationally significant cyber incidents in the year to August 2025, up 130% on the previous year, including cases affecting critical infrastructure.
Shared concerns
ENCS is a non-profit membership organisation that works with critical infrastructure groups and security specialists across Europe. Founded in 2012, it supports members through applied research, technical security requirements, testing, education and training.
Its network includes transmission system operators, distribution system operators and regulators. By joining as an Information & Knowledge Sharing member, SSEN Transmission is entering a forum focused on common cybersecurity issues across energy networks, rather than a bilateral arrangement with a single partner.
That matters because electricity operators increasingly face similar challenges across borders, especially in the operational technology environments that underpin power networks. Utilities must also respond to a regulatory climate in the UK and EU that places greater emphasis on secure systems and formal cybersecurity practices.
“Cybersecurity is a shared challenge across Europe’s energy sector, and collaboration is fundamental to staying ahead of evolving threats,” said Anjos Nijk, Managing Director of ENCS.
“Across both the UK and EU, regulatory frameworks place clear requirements on investment in robust security practices and secure systems. We are pleased to welcome SSEN Transmission to ENCS and strengthen cooperation across the sector,” Nijk said.
Cross-border work
For SSEN Transmission, the arrangement broadens the expertise available to its operational technology and cyber teams. The company is in the middle of a wider investment and build-out programme tied to the electricity network in northern Scotland, where infrastructure upgrades are closely linked to reliability and the transmission of power over long distances.
Operational technology security has become a particular concern for energy operators because these systems control physical assets and industrial processes. Disruption in these environments can have consequences beyond data loss, affecting electricity flows and service continuity.
Participation in the ENCS network will help the UK operator look beyond domestic peers and compare approaches with companies across Europe. That includes exchanging practical experience on security operations and learning from work already carried out elsewhere in the sector.
“Joining ENCS provides an opportunity to collaborate with peers across Europe at a time when regulatory expectations around energy network cybersecurity continue to evolve. With the growth journey that SSEN Transmission is undertaking, it is vital that we look beyond our UK peers to ensure we are tapping into best practice across the continent to solve the shared problems and escalating cyber threats we face as operators of essential services,” said Iain Dougan, Head of Operational Technology and Cyber at SSEN Transmission.
The announcement also points to closer links between UK and European operators on cybersecurity despite differing national systems and regulatory structures. Grid operators often face the same technical risks in industrial control systems, supply chains and field equipment, making sector-wide exchanges valuable even when assets remain nationally owned and managed.
For ENCS, adding a large British transmission operator extends its reach into a strategically significant part of the European energy system for electricity transmission and offshore network development. For SSEN Transmission, the membership places it inside an established network focused on the cybersecurity of critical energy infrastructure.
The backdrop remains a rise in serious cyber incidents affecting organisations that run essential services, with the UK recording 204 nationally significant cases in the year to August 2025.
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