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 Italy.
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 Italy
To developers, the fintech market is considered quite attractive in Italy. The ecosystem expanded from 11 fintechs in 2011 to 245 in 2020 (IBS Intelligence, 2020). According to an analysis by EY, the fintech ecosystem may be small but has great potential. For example, Italy has the highest number of blockchain projects in the EEA and second-highest number of blockchain projects in Europe.
In 2019, Italy introduced a regulatory sandbox, which enables fintechs to test their innovations without the risk of infringing on regulatory requirements. Italy introduced a fintech committee within the Ministry of Economy and Finance with the purpose of identifying objectives, defining programs, drafting regulatory proposals and facilitating a relationship between authorities and operators.
To find out more about open banking in Italy, click here.
Top search trends in Italy
- Open banking
In Italy, “Open banking” has a monthly search volume of 700 alone and 740 with matching terms. Those searching for “open banking” typically ask for the definition as well as its regulations. When combined with “PSD2”, “open banking” and matching terms reach a monthly search volume of 11K. It seems Italians are more interested in how open banking is regulated than open banking itself.
GDPR, or the General Data Protection Regulation, is a regulation that intends to strengthen and unify data protection for individuals in the EU. In Italy, “GDPR” has a search volume of 44K alone and a search volume of 113K per month with matching terms.
Those searching for “GDPR” are mainly interested in its significance and data privacy. 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.
The fintech market is considered quite attractive in Italy. “Fintech” and matching terms have a monthly search volume of 15K. Italy has many initiatives to encourage the development and growth of fintech startups, so it is no surprise that “fintech” combined with “startup” receives 76K monthly searches.
SCA, or Strong Customer Authentication, is required by the PSD2 and means electronic payments must be performed with multifactor authentication, to ensure security. “SCA” is searched for 7.3K times monthly alone and 21K times with matching terms. Most popular searches include searches related to SCA usability.