BankThink

The U.S. migration has passed the one-year mark, but more key dates are on the horizon.

We are still in the early days of digital finance — but the heated tone of conversations surrounding approaches to data access threatens to keep us there.

Even if the cross-selling scandal is unique to Wells Fargo, banks nationwide will need to prepare for added regulatory scrutiny. Here's how.

Receiving Wide Coverage ...More pressure on Wells: Two Democrat senators, Elizabeth Warren of Massachusetts and Robert Menendez of New Jersey, asked Wells Fargo's chairman if the board had sufficiently questioned Timothy Sloan about his knowledge of the bank's phony accounts scandal before appointing him chief executive officer. "It is difficult to believe that he had no knowledge of or bears no responsibility for the actions of thousands of Wells Fargo employees creating fake accounts," the senators' letter to Wells Chairman Steven Sanger said. "We continue to have questions about who is being held accountable at Wells Fargo."

Credit unions can capitalize on bank scandals such as the recent fraud uncovered at Wells Fargo, but they have to lay the groundwork first.

Banks are just as vulnerable to the kind of nation-state cyberattack Yahoo suffered, and can avoid some of the mistakes it made, says Samuel Visner of the consulting firm ICF and an adjunct professor at Georgetown University.

The Wells Fargo scandal is an example of what happens when a system requires you to effectively hand over the keys to your identity to strangers as if you were giving them your car keys. Moreover, it is a call to banks to restore trust and become leaders in fixing the ID problem once and for all.

Mary Mack is beginning damage control as she overhauls Wells' sales culture; Dorothy Savarese talks diversity of bank sizes as she becomes chairman of the ABA; and Elizabeth Warren implores the president to demote Mary Jo White. Also, industry manbassadors talk work-life balance and the importance of flexibility for women as Visa's CEO resigns to devote more time to family. And a couple of small activist firms are taking on gender bias at the world's largest companies.

While card issuers took a step in the right direction by replacing the fraud-prone magnetic stripe cards of the past, they made many missteps that complicated and weakened the EMV transition.

Rather than continuing to invest in inclusion initiatives that fail to drive diversity, banks should embrace these three programs instead.