Wells Fargo was one of the first banks to use online banking back in the 1990s but now finds itself well behind rivals when it comes to innovation and technology; regulators have found a laundry list of problems that the new CEO says will be his top priority along with improving the bank’s overall tech stack; the bank is restarting projects that were previously shelved and is trying to ensure systems stay online when certain data centers fail as happened early last year; “We need to be a technology company,” Chief Executive Charles Scharf said in his first meeting with employees according to the Wall Street Journal; Scharf comes from JPMorgan Chase who has become a leader in innovation and hopes to bring some of the lessons learned to improve Wells Fargo for employees, regulators, customers and clients. Wall Street Journal
