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00:00How do you see the banking sector actually changing in the UK in the next five years. Look I think we've got to be you know it's much more open on architecture. You know technology and data is really transforming not just how customers work but but how we work. And I am a great believer in bringing partners in. You know I'm building a real partnership strategy because you know it's not doesn't always make sense for me to build it myself. And also I think the definition of place is changing. You can't rely on customers to come to you. Our customers are in the metaverse that you know in ticktock that they're somewhere else. So we've got to build the relationship and go where they are. So I think partnership technology data are all going to be part of it. But we're an intrinsic part of people's lives and that's a very privileged place to be. We just need to make sure we stay there in the metaverse. Is it to have a presence. Is that actually attracting customers in the metaverse. Yeah but I think clearly that the boundaries between the virtual world and the real world are very different. And a lot of you know a lot of our younger customers me very affluent effortlessly between different different places. So we need to make sure we stay relevant. I mean banks banks have no reason to exist unless our customers want us to exist. We provide capital to the fuel to the economy but we need to make sure we're serving them and working with them. What does it mean for Krypton fraud. Yeah I mean that's crypto is a real challenge. It's a new technology but it's also we're seeing very significant amounts of fraud coming through that and fraud generally in the UK as you know we've talked about it being almost know pandemic proportions because people are being defrauded constantly. I mean we stopped last year. We stopped over three hundred fifty five million of fraud against our customers. I mean through a mixture of online through romance scandals through very simple impersonation scandals. And so making sure we can protect our customers and inform and educate them is really important. And crypto is in and new innovation and new technology a new currency still developing. But there are quite a lot and there has been a high proportion of investment frauds using crypto. So we're working really hard to develop defences against that to keep people safe.

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NatWest Is Battling a Wave of Crypto Scams, CEO Says

NatWest Group Plc CEO Alison Rose says financial fraud in the UK is at "pandemic" levels and that a "high proportion" of investment fraud cases are crypto-related. "Last year, we stopped over £355 million ($438 million) of fraud against our customers," Rose said during an interview with Bloomberg Television's Francine Lacqua. "We’re working really hard to develop defenses against that, to keep people safe." (Source: Bloomberg)

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