The banking industry must take it upon itself to create a favorable climate for smart cards and electronic commerce, one of the more vocal proponents of those innovations said last week.

Decrying the continued lack of a "compelling consumer proposition" and "a business case for us," Wells Fargo Bank executive vice president Dudley Nigg said bankers face a new type of disintermediation threat unless they "change the environment" through both competitive business strategies and appropriate technical standards.

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