Online search trends can provide valuable insights into what's popular and what people are interested in. Using Ahrefs, we found and analysed the top open banking search trends in Portugal.
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 Portugal
Portuguese banks are prioritising digital transformation and good progress has been made so far (Martinho, 2020). The fintech ecosystem in Portugal has experienced several new developments in 2020. This includes the establishment of a fintech hub called Fintech House, and the release of the framework for a regulatory sandbox in Portugal (Fintechnews Switzerland, 2020). The sandbox will test emerging technologies such as AI, blockchain and 5G. Portugal also has plans to introduce Technology Free Zones (ZLTs) as a part of Portugal’s Digital Action Plan, which aims to facilitate an environment for innovation and economic competitiveness (Fintechnews Switzerland, 2020).
To find out more about open banking in Portugal click here.
Search trends in Portugal
“Open banking” is not a very common search trend and the Portuguese term “banco aberto” is even less popular. “Open banking”, along with matching terms, has a monthly search volume of 250 while “banco aberto” has just 10. Like with “open banking” the search volume per month is not very high for “PSD2”. “PSD2” has a search volume of 250 alone and 280 with matching terms.
The Portuguese people are much more interested in APIs than open banking regulations. API, also known as application program interface, has 3.8K monthly searches alone and 13K monthly searches with matching terms. While many are searching for “API” to educate themselves on what it is, others are searching for specific APIs, such as “Steam API”, and “API portals”.
“Interface” is the same in Portuguese and English. With 1.6K monthly searches for “interface”, many Portuguese are asking what an interface is. Matching terms for interface have a total of 5K searches per month. Interface is relevant both for fintechs and any company developing apps. The searches are not only related to open banking, but to other types of interfaces as well.
“Openbank” has 3.2K searches per month and “open bank” has 1K searchers per month in Portugal. Portuguese banks are prioritising digital transformation, including open banking. Although some of these searches are related to open banking, they mostly refer to an online bank called “Openbank”. Openbank is a subsidiary of the largest bank in Spain, Santander.
Fintechnews Switzerland. (2020, December 4). Portugal’s Fintech Industry Continues to Grow and Mature on the Back of Favorable Regulation. Fintech News Switzerland. https://fintechnews.ch/fintechportugal/portugals-fintech-industry-continues-to-grow-and-mature-on-the-back-of-favorable-regulation/40983/
Martinho, T. (2020, December). Portugal’s banking sector: Facts & Figures. EBF. https://www.ebf.eu/portugal/