You believe that God is one; you do well. Even the demons believe—and shudder! (ESV)
Faith always has an object. We have faith IN something, not ABOUT something. For instance, you will probably place your faith in the laws of physics which gives you confidence that you can walk across the room without your feet coming off the ground. The law of gravity is a law of physics that you have faith in.
If one is to have the saving faith that transforms them and gives them a new life in Christ Jesus, they must have their faith IN God. In this verse James is describing someone who has faith ABOUT God. They believe that God is one. That is something that they have faith about. But they have not placed their faith IN that God. James is unimpressed. He says, even demons believe God is one!
So, if you would like to have faith a level higher than your average pawn of Satan, you will have to do more that have faith ABOUT God, and move to a faith IN God. Part of the problem for us is that we can read the Bible, go to Bible study classes, and attend church for years and not have saving faith. Just knowing the right things is not the same as having the right faith.
I have known people who said a lot of the right things. Much of what they claimed to know about God was correct. Yet, these same people claimed that they did not need to accept Christ because they had never sinned. Their faith was incomplete. The object of saving faith is God, as he has revealed himself in his Word, and through His Son, Christ Jesus.
What kind of faith do you have? The same as a demon? Do you have faith ABOUT God? Or do you have faith IN God? Only faith in God can save you.