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 Latvia.
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 Latvia
The Latvian fintech ecosystem is dynamic and consists of 118 fintech startups (Magnetic Latvia, 2020). Latvia has a historically strong IT sector as well as an established legacy as a former center of finance for CEE, making the country's contribution to the fintech industry highly credible (Magnetic Latvia, 2020). The Latvian Financial and Capital Market Commission (FCMC) has implemented a innovation hub and regulatory sandbox, which allows fintechs to test their innovations without the risk of infringing on regulatory requirements (Mora, 2021). It is notable that 20% of all Latvian startups fall within the category of fintech (Magnetic Latvia, 2020).
To find out more about open banking in Latvia click here.
Top search trends in Latvia
“Open banking” has 0-10 monthly searches. The Latvian term for open banking “atvērtā banku darbība'' has no monthly searches. “PSD2” matching terms have a total of 90 monthly searches. The search for open banking regulations is much more popular than open banking itself, in Latvia, but in general open banking and its regulations lack popularity within the general Latvian population.
“API”, also known as application program interface, has 700 monthly searches alone. “API” and matching terms has a monthly search volume of 2.1K. While laymen are searching for “API” to educate themselves on what it is, developers are interested in specific APIs like “Google API” and “Facebook API”
Interface is relevant both for fintechs and any company developing apps. With 100 monthly searches alone and 320 monthly searches with matching terms many Latvians are asking what an interface is. The Latvian term for interface, “interfeisu” has 0-10 monthly searches. These searches are not only related to open banking but to other types of interfaces as well.
EBA, or the European Banking Authority, is a regulatory agency of the EU that works to increase EU bank transparency and identify weaknesses in their capital structures. “EBA” is searched 250 times monthly by Latvians. Latvians are directly going to the EBA website to get information.
Financial and Capital Market Commission
The Financial and Capital Market Commission is an institution that supervises all Latvian financial institutions. While the english translation has 0-10 monthly searches, the Latvian translation “Finanšu un kapitāla tirgus komisija” has 220 monthly searches. Those searching for it are most interested in how the commission supervises financial institutions.
Magnetic Latvia. (2020, April 23). Landscape of Latvian fintech startup ecosystem is published. Magnetic Latvia. https://labsoflatvia.com/en/news/landscape-of-latvian-fintech-startup-ecosystem-is-published#:~:text=Latvia%20now%20boasts%20worldwide%20recognized,and%20potential%20of%20Latvian%20professionals.&text=Favorite%20choices%20for%20Latvian%20founders,Estonia%2