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WhatsApp messaging between RMs and clients raising compliance concerns

WhatsApp messaging between RMs and clients raising compliance concerns

Asia’s HNWIs are using smartphone apps to communicate with relationship managers, and bankers areresponding. This is causing problems for private banks, which must revisit their digital client communication channels, especially as regulators clamp down on investment suitability processes.

Do private banking apps need trading functionalities?

Do private banking apps need trading functionalities?

A growing number of private banks in the region believe that it is necessary for them to include trading functionalities in their mobile apps. Clients apparently demand it and the ability to trade will only enhance the overall digital experience, so they say. Indeed, many private banks offer this functionality at a premium.

Bond trading workflows still “very inefficient” at private banks, say external tech specialists

“Relationship managers rely on phone and email to share information in documents that take time for the banks to prepare manually,” said Vincent Caldeira, a former Bank of Singapore tech head and co-founder of Singapore-based fintech startup Bondlinc. “The process is also very inefficient.”