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Privacy concerns drive reluctance of wealthy clients to have all communications with PBs documented

Private banks have been enthusiastic in persuading bankers to document all communications they have with clients through online channels, to be sure to satisfy regulatory requirements. But clients, especially in mainland China, have been reluctant to embrace digital communications that leave an audit trail. Traditionally a face-to-face business, where digital communication tools were not considered value-drivers or business-enablers, private banking…

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