Online search trends can be valuable insights into what is popular and what people are interested in when it comes to various topics. Using Ahrefs, we found and analysed the top open banking search trends in Norway.
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 Norway
In Norway, mobile payment solutions are becoming increasingly popular. Due to the increasing amount of people using online banking services, the number of physical branches is decreasing significantly (Cook, 2020). In 2019, Norway’s Ministry of Finance launched a regulatory sandbox to support the growth of fintechs in Norway. The aim of the sandbox is to close the existing innovation gap between Norway and its neighbouring Nordic countries (O'Dwyer, 2019). The sandbox offers a low-cost and risk free environment to test technologies and services, driving innovation that could reshape financial services (O'Dwyer, 2019).
To find out more about open banking in Norway click here.
Top search trends in Norway
“Open banking” has 70 monthly searches alone and 80 with matching terms. The Norwegian term for open banking “åpen bankvirksomhet'' has no monthly searches. Not many Norwegians are searching for open banking alone to understand what it is. Many more are searching about open banking and associated regulations. “PSD2” and matching terms have a total of 630 monthly searches.
One of the largest open banking-related search trends in Norway is “kjøp nå betal senere” (“buy now, pay later” in Norwegian) with 29K related searches per month. Qliro, a Swedish payment solution that offers BNPL, has 12K monthly searches. BNPL uses open banking for credit checks and to keep conversion rates high. Popularity of this search term can be attributed to the fact that the BNPL payment industry in Norway has recorded strong growth in 2021.
“API”, also known as an application program interface, has 3.9K monthly searches alone. “API” and matching terms have a monthly search volume of 13K. 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”.
Although API is one of the most popular open banking search terms in Norway, the number is still on the lower side. It seems open banking is yet to reach the same popularity in Norway as in Sweden, or even Denmark.
Norway is working to develop new and innovative fintech startups. “Fintech” and matching terms alone have a monthly search volume of 1.1K. In line with the popularity of “API”, the popularity of search terms “fintech”, “open banking”, “startup”, and matching terms have a 8.1K monthly search volume. Norway is working to close the gap between itself and its neighboring Nordic countries, so it makes sense that these search terms are popular.
Interface is a relevant term for both fintechs and any company developing apps. With 600 monthly searches for “interface” and 300 monthly searches for “grensesnitt” (“interface” in Norwegian), many Norwegians are asking what an interface is. Matching terms have a total of 4.6K searches for “interface” and 540 searches for “grensesnitt” per month. The searches are not only related to open banking, but to other types of interfaces as well.
Cook, M. H. (2020, December). Norway’s banking sector: Facts & Figures. https://www.ebf.eu/norway/
O'Dwyer, G. (2019, January 11). Norway's government gives green light to fintech sandbox. Computer Weekly. https://www.computerweekly.com/news/252455695/Norways-government-gives-green-light-to-fintech-sandbox