HomeNews85% Of US Freelancers Use Digital-Only Banking Services
85% Of US Freelancers Use Digital-Only Banking Services

85% Of US Freelancers Use Digital-Only Banking Services

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Freelancers are increasingly turning to digital-only banks that offer modern banking services. Digital-only banks provide convenient ways for freelancers to manage their money, from setting up direct deposit to transferring funds and tracking spending. According to, 85% of US freelancers use digital-only banking services such as online or mobile banking.

Jonathan Merry, the CEO of MoneyTransfers, commented on the data,

Digital-only banking services are convenient for freelancers since it offers a variety of features tailored to their needs, such as specialized accounting and budgeting tools, automated payments and transfers, access to financial advisors, and integration with other online tools. Digital-only banking services enable freelancers to easily manage their finances and keep track of their income, spending, taxes, and other financial obligations. It also eliminates the need to wait in line at banks or carry out physical paperwork which can be a time-consuming task.

Jonathan Merry, MoneyTransfers CEO

How Digital-Only Banking Services Can Benefit Freelancers

There are many benefits that digital-only banking services can provide to freelancers. The most obvious benefit is the convenience of conducting all your banking transactions online. This can save you a lot of time and hassle, as you won’t need to go to a physical bank location to deposit checks or make withdrawals. 

Also, using digital-only banking services helps you to manage your finances better. When everything is electronic, it’s easier to keep track of your spending and income. This can be helpful in budgeting and ensuring that you spend your money wisely. Additionally, many digital-only banking services offer features such as notifications when your account reaches a certain balance, which can help you to avoid overdraft fees. 

Digital-only banking provides greater security than traditional banking methods. When your information is electronically kept, it’s less likely to be breached. Additionally, many digital-only banking services offer fraud protection features that can help you to protect your account from unauthorized access.

Finally, digital-only banking services offer the convenience of having all your finances in one place. You don’t need to worry about keeping track of multiple accounts or remembering multiple passwords. This makes it easier for freelancers to stay organized and manage their money efficiently.

What Does This Mean for the Future of Banking

It’s no secret that the banking sector is under pressure. Disruptive technologies and new entrants are shaking up the status quo, and customers are more demanding than ever. 

So what does this mean for the future of banking? For one, we can expect to see more consolidation in the industry as smaller banks struggle to keep up with the pace of change. 

We’re also likely to see more mergers and acquisitions as banks look to diversify their offerings and tap into new customer segments. At the same time, we expect to see more banks embracing digital technologies to improve the customer experience. This includes everything from mobile banking and payments to chatbots and artificial intelligence. 

Ultimately, the future of banking will be about providing customers with the best possible experience. That means offering a wide range of services, being available 24/7, and making it easy for customers to do business with you.

Elizabeth Kerr
Elizabeth Kerr
Elizabeth is a financial content specialist from Manchester. Her specialities include cryptocurrency, data analysis and financial regulation.