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In a current advertising campaign, a major bank has a reassuring message for its customers. The HSBC describes itself as “the world’s local bank”, presumably to establish that it has the virtues of both service to individual customers and size. These are, as the Chinese would say, interesting times for the banking world. Long‐established financial institutions have to learn to live with the challenge of the online world, in some cases taking on new operators at their own game

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