While most of the financial activity that now takes place on smartphones involves people engaging in transactions with their bank, the credit-card industry has spent millions of dollars to issue new plastic with the contact-less chip that speeds the check-out process.

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The card loan portfolio came with a large number of private label deals and catapulted the bank to the third position in the private label card industry after GE and Citigroup.

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And so the key element that it needs to focus on, and it cannot focus on until it has a director in place, is this non-bank sector and the financial services industry -- so payday lenders, mortgage servicers, credit card companies and so forth.

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But they are also hoping that by working with the largest credit issuers, such as Citigroup, Chase Card Services, MBNA America, Bank of America and Capital One Financial, that a change in industry practices will have a trickle down effect to smaller lenders.

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