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 Lithuania.
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 Lithuania
Attributable to the Lithuanian central bank’s regulatory sandbox, Lithuania is the second largest fintech hub in Europe (Staff Reporter, 2021). The Bank of Lithuania offers help and guidance to potential fintech companies via its Newcomer Programme, which aims to attract new companies, encourage them to develop new products in Estonia and facilitate innovation (Kuznetsova, 2020). It is no surprise that the European Banking Authority determined that Lithuanian banks were amongst the most profitable in Europe (Kuznetsova, 2020).
To find out more about open banking in Lithuania click here.
Top search trends in Lithuania
- Open banking
Open banking” has 10 monthly searches. The Lithuanian term for open banking “stviroji bankininkystė'' has no monthly searches. The search for open banking regulations is 15X more popular than open banking itself. “PSD2” matching terms have a total of 150 monthly searches while “PSD2” and “open banking” matching terms have a total of 170. In general, open banking and its regulations lack popularity within the Lithuanian population.
“API”, also known as application program interface, has 1.2K monthly searches alone. “API” and matching terms has a monthly search volume of 4.7K. The Lithuanian translation for application program interface “taikomojo programavimo sąsaja” has 0 monthly searches. While laymen are searching for “API” to educate themselves on what it is, developers are interested in specific APIs, especially APIs related to Google and Google Maps.
Interface is relevant both for fintechs and any company developing apps. With 200 monthly searches alone and 980 monthly searches with matching terms many Lithuanians are asking what an interface is. The Lithuanian term for interface, “sąsaja” has 80 monthly searches. These searches are not only related to open banking but to other types of interfaces as well.
Lithuania is the second largest fintech hub in Europe. “Fintech” and matching terms has a monthly search volume 850K. In line with the popularity of “API”, the popularity of search terms “fintech”, “open banking”, “startup” and matching terms have a 2.7K monthly search volume.
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 400 times monthly by Lithuanians. The Lithuanian abbreviation for EBA “EBI'' has a total of 40 monthly searches. Lithuanians want to know what EBA is and are directly going to the EBA website to get information.