Great Britain is the fraud capital of the world, according to a Daily Mail investigation published in June. The study calculated that 40 million adults have been targeted by scammers this year. In April, a reported £700m was lost to fraud, compared to an average of £200m per month in 2021. As well as using convincing ruses, scammers are increasingly sophisticated cybercriminals. If the UK does go into recession, as predicted, then the level of attacks is likely to increase even further.

Much has been made of the potential for people to lose their jobs to machines but, according to a senior tech executive, it's all about having employees use artificial intelligence themselves. "AI is not going to replace managers but managers that use AI will replace those that do not," Rob Thomas, senior vice president of IBM's cloud and data platform, told CNBC's "Squawk Box Europe" on Monday. "This really is about giving our employees, our executives, superpowers … One of the biggest things we saw take off with the pandemic was virtual assistants, so how do you care for employees, how do you care for customers in a distributed world and that's why we've seen hundreds of different organizations going live with things like Watson Assistant," Thomas added, referring to the company's AI customer service software. Technology is set to have a significant effect on employees. Machines and automation are set to eliminate 85 million jobs by 2025, according to the World Economic Forum's Future of Jobs Report 2020, published in October, although overall WEF expects 97 million new jobs to be created.

New advances in technology have pushed many sectors, including finance, to start their digital transformation. Some of the emerging FinTech trends today promise to save time and eliminate headaches from the industry, such as fraudulent activity. The change, driven by breakthroughs in artificial intelligence (AI) and machine learning, will transform the financial services landscape and forever change the future of FinTech. And those who want to remain competitive will need to reinvent their business processes as quickly as possible. Although the adoption of AI tech in finance is accompanied by several challenges, Microsoft's Accelerating Competitive Advantage with AI report reveals that global AI investments in the financial sector will reach a value of $5.6 billion in 2019.

Artificial Intelligence (AI) is powering the banking industry's ability to increase customer engagement and deliver exceptional customer-driven experiences. Though many banks are still in the nascent stages of application, the use of AI is growing steadily across the enterprise. AI algorithms and advanced analytics are applied to make instant decisions using real-time data. This is to perform complex and intelligent functions associated with human thinking, unlike machines that react to rules-based logic or deliver predetermined responses. By combining and analyzing information from a variety of different sources--including sensors and remote inputs--AI can create a more efficient, informative, and secure banking experiences, delivering high value to the customer and increasing a bank's profitability.

Anyone looking for an industry to illustrate the implications of digital disruption need look no further than financial services. High-street branches continue to close at an alarming rate as many services go online, while the traditional banks face stiff competition from online rivals who don't have to worry about bricks-and-mortar at all – plus a horde of fintech startups touting new options like cryptocurrencies and more. Such is the potential for change that Gartner estimates as many as 80% of traditional banks will go out of business by 2030. The analyst says established financial services providers will have to move faster by building digital platforms or finding niche products. SEE: Digital transformation: A CXO's guide (ZDNet special report) Download the report as a PDF (TechRepublic) Royal Bank of Scotland Group is one financial services giant that claims to be taking a proactive approach, rather than the reactive response to IT and business change that tends to characterise big-name banks.

Get ready to say: "Hey Google. How much do I have in my bank account?" NatWest is to begin voice-only banking that will give customers direct access to their accounts by talking to the Google Home smart speakers now in millions of British homes. The trial – the first by a UK high street bank – will let customers ask Google "What's my balance?", "What's my latest transactions?" Google devices will answer verbally, and also flash the answers up on the customer's smartphone.

Robot lenders are increasingly seen as the future of finance, especially when it comes to loans for smaller companies. Automated algorithmic systems can make credit decisions in an instant, and should be much less hassle for the borrower. But a key question about their widespread adoption is whether small businesses owners used to talking about money matters face-to-face with bankers will trust the digital replacement. Take Royal Bank of Scotland, for example. The company's NatWest unit is rolling out a service for working capital loans for smaller companies, ranging between £25,000 ($31,200) to £300,000.

Recently, The Spectator, in association with NatWest, brought together leading entrepreneurs, MPs and technology writers to discuss where Artificial Intelligence (AI) – or the fourth industrial revolution as it is often termed – is taking us.

Recently, The Spectator, in association with NatWest, brought together leading entrepreneurs, MPs and technology writers to discuss where Artificial Intelligence (AI) – or the fourth industrial revolution as it is often termed – is taking us. Guests included: Simon McNamara, group CAO of NatWest, Damian Collins MP, Tugce Bulut, CEO of Streetbees, Nathan Gralton, MD of Scopesuite, Rob O'Donovan, CEO of Charlie HR, Jesse Lozano, CEO of Pi-Top, Charles Arthur, former tech editor for The Guardian and Independent, Alan Mak MP, Sarah Drinkwater, head of Campus London for Google, Rory Cellen-Jones, BBC technology correspondent, Kevin Hanley, director of innovation for NatWest, Leigh Renders, Senior Public Affairs Manager for NatWest and Lesley Smith, UK Director of Public Policy for Amazon. Fraser Nelson chaired the discussion. A podcast was recorded on the same day, which can be played above. NatWest recently opened its own innovation centre, Open Experience, at its HQ at Gogarburn in Edinburgh and the bank is set to replicate this hub in London next month.

NatWest is testing an artificial intelligence-powered "digital human" called Cora that will converse with customers in branches – raising fears that bank tellers could be replaced by avatars. Cora, described by the bank as "highly lifelike", is the result of a link-up with a New Zealand tech company whose co-founder was involved with creating digital characters in the blockbuster films Avatar, King Kong and Spider-Man 2. Cora is currently able to answer basic verbal questions such as "How do I login to online banking?", "How do I apply for a mortgage?" NatWest said it could help cut down on waiting times because it would be able to deal with simple problems, adding that Cora's AI skills would eventually expand to answering hundreds of different questions, even detecting human emotions and reacting verbally and physically with facial expressions.