The merged bank would set up an innovation and technology center in Charlotte as part of its bid to compete better against the largest institutions and fintech startups.

As suspense builds over which firm will be the first to seek the special-purpose charter, a side discussion has emerged over which financial services sector has the most to gain — or lose — from the new option.

In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.

It's not just Equifax that needs to worry. The incident can and should be a turning point for the financial services industry, a warning that it needs to end its reliance on static personal identifiers.