Online search trends can be valuable insights into what is popular and what people are interested in. Using Ahrefs, we found and analysed specific topics and the top open banking search trends in Denmark.
What is Open Banking?
Open banking is a banking practice that securely shares financial information, such as consumer banking transactions and other financial data, to third-party financial service providers. Sharing data is done through the use of application programming interfaces (APIs) and only with the consent of customers. Open banking is the driver behind both innovation and competition in the financial industry.
Open banking in Denmark
In general, online banking has grown in popularity among all ages in Denmark over the past decade. The overall penetration rate increased from 83% in 2011 to 95% in 2020 (Johnson, 2021). Out of all European countries, online banking is the most popular in Denmark (Eurostat, 2018). The Danish financial sector is among the most digitised in the world, with new initiatives evolving regularly. This achievement, along with the continuous digital development, is attributable to the good collaboration between the financial and public sectors (Nielsen, 2020). The largest group of fintech businesses in Denmark operates within the sector of digital payment solutions. Other notable fintech innovations include robo-advice as part of asset management solutions (Goldschmieding & Bethe, 2021).
To find out more about open banking in Denmark click here.
Top search trends in Denmark
“Open banking” has 60 monthly searches alone and 70 with matching terms. The Danish term for open banking, “åben bankvirksomhed'', has no monthly searches. Not many Danes are searching for open banking alone just to understand what it is. Many more are searching for open banking and the revised regulations. “PSD2” matching terms have a total of 430 monthly searches.
Fintech apps, especially those operating within digital payment solutions, require banking APIs. API, also known as an application program interface, has 6.9K monthly searches alone. “API” and matching terms has a monthly search volume of 27K. There is a combination of individuals searching to learn more about APIs and what they do, and those searching for API portals and specific APIs, such as “Google API” or “Steam API”.
Online banking is the most common banking method in Denmark so entrepreneurs are looking towards fintech and open banking for their next innovative business. “Fintech” and matching terms alone has a monthly search volume of 2.2K. In line with the popularity of “API”, the popularity of search terms “fintech”, “open banking”, “startup” and matching terms have a 12K monthly search volume.
An interface is relevant both for fintechs and any company developing apps. “Interface” has a search volume of 1.1K monthly and “grænseflade” (Danish for “interface”) has just 20. With matching terms, “interface” has a search volume of 5.8K. The searches are not only related only to open banking, but to other types of interfaces as well.
GDPR, the General Data Protection Regulation, is a regulation that intends to strengthen and unify data protection for individuals in the EU. There are concerns around how the GDPR affects open banking. Open banking asks individuals to open up access to their data, while the GDPR is putting companies under evermore scrutiny when it comes to data practices.
“GDPR” has a search volume of 1.1K. In Denmark, the GDPR is supplemented by the Danish Data Protection Act, or “Databeskyttelsesloven”. When GDPR is combined with “Databeskyttelsesloven”, the monthly search volume is 25K.
Eurostat. (2018, January 1). Internet banking on the rise. Eurostat. https://ec.europa.eu/eurostat/web/products-eurostat-news/-/DDN-20180115-1
Goldschmieding, T., & Bethe, M. N. (2021, June 14). Denmark: Fintech Laws and Regulations 2021. ICLG. https://iclg.com/practice-areas/fintech-laws-and-regulations/denmark
Johnson, J. (2021, January 25). Internet banking usage in Denmark 2011-2020, by age group. Statista. https://www.statista.com/statistics/649887/internet-banking-usage-in-denmark-by-age-group/
Nielsen, F. D. (2020, December). Denmark’s Banking sector: Facts and Figures. EBF. https://www.ebf.eu/denmark/