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Open banking search trend in Germany


| Article by: Laura AasheimProfile Image Laura Aasheim 2 min

Online search trends can be valuable insights into what's popular at the moment and what sparks people's interest. Using tools on Ahrefs, we found and analysed the top open banking search trends in Germany.

 

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 Germany

Germany has one of the most thriving fintech sectors, both by number of startups and the quantity of private investments (Trumm & Markull, 2020). Germany hosts 946 fintech startups which offer services mainly related to alternative payment methods, automated portfolio management, blockchain technology, crowd-funding and virtual currencies (Weidert et al., 2020). Furthermore, German incumbent banks and insurance companies have been funding fintechs. In 2020, 30 deals were made with various fintech firms (Trumm & Markull, 2020). 

There is currently no regulatory sandbox in Germany and the Federal Financial Supervisory Authority states that all players entering the market must comply with regulations (Weidert et al., 2020). However, BMWi has created the Digital Hub Initiative, which supports the establishment of fintechs in Germany and aims to help transform Germany into a leading digital centre (BMWi, 2018). 

To find out more about open banking in Germany click here.

 

Top search trends in Germany

Open banking
German does not not have a translation for open banking. “Open banking” and matching terms have a monthly search volume of 540. Those searching for “open banking” typically ask what it is and what it does. Although the search volume is not very high, as open banking is becoming even more relevant than before with increased support for fintechs, Germans are starting to get interested in what it is and how it affects them.

EBA
The EBA, or the European Banking Authority, is a regulatory agency. They work to increase EU bank transparency and identify weaknesses in their capital structures. “EBA” is searched 16K times monthly and “Europäische Bankenaufsicht” (“European Banking Authority” in German) is searched for 120 times monthly. Matching terms of “EBA '' and “Europäische Bankenaufsicht'' have a total monthly search volume for 69K. Those searching for “EBA” are asking what it is, what it does, and how it regulates German banks. 

API
An API, also known as an application program interface, has the largest search volume of all open banking search trends in Germany with 33K monthly searches alone. “API”  and matching terms have a monthly search volume of 213K. Germany has one of the most thriving fintech sectors, so it is no wonder “API” is one of the most popular open banking searches. While laymen are searching for “API” to educate themselves on what it is, developers are searching for specific APIs, such as “Google Maps API” or “Instagram API”. 

Interface
With 9.2K monthly searches for “interface” and 5.3K monthly searches for “schnittstelle” (Interface in German), many Germans are asking what an interface is. An interface is relevant both for fintechs and any company developing apps. Matching terms have a total of 117K searches for “interface” and 49K searches for “schnittstelle” per month. The searches are not only related to open banking, but to other types of interfaces as well. 

PSD2 
Germans are researching what PSD2 is and what they should know about it. PSD2 is the Revised Payment Services Directive that regulates electronic payment services in the EU. DSP2 has 3.3K searches monthly and with matching terms it has 7.1K searches monthly. Payment Service Directive in German, “Zahlungsdiensterichtlinie”, and matching terms have 220 monthly searches.

 

References

BMWi. (2018, March 21). Minister Altmaier: we’re bringing start-ups and investors together. Federal Ministry For Economic Affairs And Energy. https://www.bmwi.de/Redaktion/EN/Pressemitteilungen/2018/20180321-altmaier-wir-bringen-startups-und-investoren-zusammen.html

Trumm, C., & Markull, L. (2020). Germany FinTech Report 2020. Medici. https://gomedici.com/research-categories/germany-fintech-report-2020

Weidert, S., Gofferje, M. V., & von Rom, M. (2020, June 16). Germany: Fintech Laws and Regulations 2020. ICLG.com. https://iclg.com/practice-areas/fintech-laws-and-regulations/germany

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