Online search trends can be valuable insights into what is popular and what people are interested in. Using Ahrefs, we found and analysed the top open banking search trends in Iceland.
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 Iceland
Thanks to fintech solutions, the financial industry has changed rapidly in Iceland. Luckily, Icelanders are considered to have a high adoption rate towards new financial solutions and fintech solutions are provided both by independent businesses and commercial banks (Reykjalín, 2021). There are 25 fintech startups in Iceland and in 2018 both the Association of Fintech Companies and the Fintech Cluster were established to strengthen innovation and cooperation (Reykjalín, 2021).
In regards to regulations, there are no specific legislations aimed at fintech activities and no regulatory sandbox has been established (Reykjalín, 2021). The Central Bank of Iceland has set up a fintech help desk to assist those who aim to establish new fintech services (Reykjalín, 2021).
To find out more about open banking in Iceland click here.
Top search trends in Iceland
- Open banking
“Open banking” is not a very popular search term in Iceland with just 0-10 searches along with matching terms per month. “Open banking” in Icelandic, “Opinn bankastarfsemi” has 0 monthly searches. It seems Icelandic people are more interested in open banking regulations than open banking itself, with PSD2 receiving 10 monthly searches. As open banking becomes more prominent in Iceland, the search term is bound to increase in popularity.
GDPR, or the General Data Protection Regulation, is a regulation that intends to strengthen and unify data protection for individuals in the EU. It has a search volume of 250 alone. GDPR, “General Data Protection Regulation”, “Almennri persónuverndarreglugerð” (“General Data Protection Regulation” in Icelandic) and matching terms have a monthly search volume of 260.
People searching for “GDPR” are interested in everything they need to know about it. There are concerns around how the GDPR affects open banking since open banking asks individuals to open up their data while the GDPR is putting companies under evermore scrutiny when it comes to data practices.
APIs, also known as application program interfaces, can be used to connect to banks and get banking information. Applications tend to be built on existing APIs and many fintech startups require banking APIs to operate. In Iceland, “API” has a total of 200 monthly searches alone and 350 searches with matching terms. Top searches related to “API” include “ Google API” and “Rest API” meaning searches for “API” are most popular among developers.
EBA, or the European Banking Authority, is a regulatory agency of the EU. EBA works to increase EU bank transparency and identify weaknesses in their capital structures. When it comes to open banking, transparency is at the core. Those searching for “EBA” are asking what it is and what it does. In Iceland, “EBA” has a search volume of 90 per month.
Icelanders are considered to have a high adoption rate towards new financial solutions meaning fintech is becoming increasingly popular. “Fintech” and matching terms alone has a monthly search volume of 50. “Fintech” combined with “startup” receives 90 monthly searches. Iceland established both the Association of Fintech Companies and the Fintech Cluster to strengthen fintech innovation.