Credit unions have shown that a chance to win a prize helps motivate consumers to save. However, U.S. regulations have stymied many banks from offering lottery-style savings programs, and efforts are increasing to make the necessary changes to federal and state laws.

Features

Cathy Bessant, the global technology chief for Bank of America, will always remember the scholarship from a wealthy philanthropist that was one of the big breaks in her life. It is part of the reason she thinks bankers must have a sense of duty to the community.

By hiring former American Express executive Dan Schulman to lead an independent PayPal, the company is betting that his expertise — bringing innovation to a well-established international payments company — can ensure PayPal's survival.

The "Bash" bug is more dangerous than Heartbleed, because it exists in a lot more places and can be used to do greater harm. Here's what bankers need to know to protect their IT infrastructures.

Image: Bloomberg News
Banks will listen carefully to what regulators say next about virtual currency in the U.S., but in the meantime many financial institutions view Bitcoin as far too risky to touch.

Citigroup has issued a fintech challenge that asks developers to propose banking technologies that interact with the Internet of things and consumers' wearable devices.
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Thirty-five fintech startups demonstrated their products Tuesday in New York. Each had seven minutes to pitch to the 1,450 attendees. Here are the ideas that stood out.

Ripple Labs founder Chris Larsen
Two small U.S. banks will begin offering an alternative remittance option. The development may signal a new era of competition in foreign exchange, but some critics see danger.
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Image: Fotolia
Can gaming make credit card purchases fun? At least one community bank is delivering its marketing via a mobile game. SimpliSavvy, Bank of Hawaii's new app, comes as banks across the nation are trying to capture more credit card business.

Regulators would like banks to use their mobile banking services to reach the unbanked and underbanked. Some, including Southern Bancorp and BBVA Compass, are working to create mobile features that will help them compete with check cashers and payday lenders.
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If the Apple Watch catapults wearable computers into the mainstream, as some observers expect, banks will be tasked to reimagine the way they provide financial services features to their customers.
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Disruptors
EBay's planned spinoff of PayPal, announced today, is a necessary and inevitable response to the influx of disruption coming to the payments industry from unconventional sources. As companies like Amazon.com, Apple and Wal-Mart take a growing interest in the payments market, PayPal's status as a unit of a rival e-commerce company limited its role.  read more »
Top 8 Tweets from the Digital Banking Summit

Financial services technologists discussed the innovations and trends transforming the industry at last week's Digital Banking Summit in Los Angeles. Here are eight tweets that capture the key themes from the three-day fintech confab.

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Fiserv is a leading global provider of information management and electronic commerce systems for the financial services industry.
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Informa Research Services is the premier provider of competitive intelligence, mystery shopping, and compliance testing services to the financial industry.
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CSC is a leader in private-label, third-party loan servicing with 30+ years of proven experience in delivering effective, cost-effective solutions.
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