Friday, August 2, 2024
New data from YouGov revealed insights into Americans' banking preferences, highlighting a trend toward digital-only banking and the features consumers value most. According to the data, 78 percent of American adults have a checking account, while 30 percent have an account with a digital-only bank.
Among key findings, 55 percent of digital-only bank customers cited the ease of money transfers as their primary reason for banking online. Additionally, 48 percent said they appreciated the ease of setting up an account, and 47 percent indicated they valued the user-friendly mobile and online apps provided by digital banks.
For traditional checking account holders, the most crucial feature was online and mobile banking, valued by 68 percent of respondents. Low or no monthly maintenance fees were important for 66 percent, while 58 percent prioritized ATM access.
With a new government taking shape in the UK, Chris Michael, CEO and co-founder of Ozone API, shared insights on the status of the UK's open banking and smart data initiatives.
"As the UK sees in a new Government, the UK's open banking and smart data initiatives are at an important inflection point," he wrote. "Recently, the then Conservative Government launched policies including a Smart Data Roadmap and a new open finance taskforce, under the Data Protection and Digital Information Bill (DPDI).
"These were certainly signals that policymakers have heard industry calls for better frameworks to be put in place around open banking and finance specifically. But there's a long way to go for the open data economy to be realised and the new government must keep up this momentum to avoid losing progress.
"Ultimately, what we should be working towards is a single global framework for open data. That's a gargantuan task but its impact would be huge. The Open Wallet Foundation, the Open Data Institute and the OpenID Foundation are all doing some great work in this space, but the challenge remains that 'open' is not the best term to use with consumers, as it incorrectly implies a lack of data privacy and governance.
"As we extend open banking into open finance and ultimately the open data economy, one of the big challenges is that more and more regulators must be involved. It's great that we're seeing more support across government, but policy gridlock has so far held it back. We need one body to take responsibility for moving this forward – and the new government has a unique opportunity to do so now, helping the UK take the next step on this journey."
ShopMy launched ShopMy Opportunities, a digital marketing tool that offers an alternative to traditional paid social and search advertising. This feature allows brands to offer fixed payments to creators for authentic social mentions, ensuring creators maintain full creative control and receive guaranteed income. It enhances the company's existing suite of tools, including paid campaigns, affiliate marketing, and gifting, all supported by data analytics and scalability, ShopMy stated.
Key benefits and features ShopMy listed include an automated process, proven ROI and empowerment for creators. For brands, ShopMy Opportunities signifies a major shift in digital marketing, providing a streamlined, organic approach to content placement and high-quality engagement without the complexities of traditional contracts or content approvals, according to ShopMy. "This hybrid model marks a significant evolution in digital marketing strategies," ShopMy stated.
The Clearing House created a real-time payments newsletter that promises to provide up-to-date information to bankers, payments experts and members of the media. Called The Real-Time Rundown, it is delivered monthly and often includes content from the media outlets that cover instant payments and banking. To receive the newsletter, subscribe at
www.surveymonkey.com/r/RealTimeRundown 
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
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