Americans are spending slightly less time online that they did a year ago, while some of their counterparts in Asia and Europe are logging longer hours on the Net -- "A study released by Nielsen/NetRatings looked at how much time, on average, people spend online at home. Average usage time for U.S. citizens dipped by 2 percent from a year ago, to 13 hours and 44 minutes a month, the study showed. Hong Kong, conversely, topped the list with its per-person average almost reaching 22 hours a month. The year-over-year growth for Hong Kong was 25 percent. The research firm said emerging Internet markets such as Australia, France, Hong Kong, Italy and Japan could be a better target for Internet companies."
The Open Banking business model has been advantageous for Third-Party Providers (TPPs), helping them to extend their offerings into other areas of financial services with new capabilities. Open Banking is also advantageous for traditional banking institutions, despite the perceived loss of custodianship over their data, by providing greater accessibility to more bank services. Furthermore, Open Banking can help serve Mobile Internet providers that are able to leverage it to create tailored services according to customers’ preferences and/or economic limitations. Open Banking Market Development Since traditional banking services are made more convenient by TPPs via greater data access, customers can proactively manage their finances and shape the development of new financial offerings. This is particularly noticeable in the realm of Digital Payments, where retail merchants and customers transact through eCommerce, which has the greatest number of use cases for Open Banking. These includ