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Open banking search trend in Spain


| Article by: Laura AasheimProfile Image Laura Aasheim 2 min

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 Spain.

 

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 Spain

The fintech industry is growing rapidly in Spain with the number of Fintech startups having increased by 15% in the last year to 463 (Garijo, 2021). This increase is dramatic considering just six years ago Spain had only 50 fintech startups (Griffing & Güida, 2020). The fintech industry in Spain generates more than 12,000 direct jobs with the pandemic spurring digitization and keeping the sector growing (Garijo, 2021). Additionally, on 14 November 2020, the Spanish Government published the law for a regulatory sandbox, which enables fintechs to test their innovations without the risk of infringing on regulatory requirements (Griffing & Güida, 2020). In July 2019, the Bank of Spain approved one of the first B2B challenger banks, called Neo, which will allow businesses to receive and pay in 30 currencies (Griffing & Güida, 2020).

To find out more about open banking in Spain click here.  

 

Top search trends in Spain

Open banking
Those searching for “open banking” typically ask what it is and what it does. “Open banking” and matching terms has a monthly search volume of 470 and the Spanish term for open banking, “banca abierta”, has just 20 monthly searches.  Although the search volume is not very high, as open banking is becoming even more relevant than before, the Spanish are starting to get interested in what it is, what it does, and how it affects them.

Openbank
“Openbank” has 591K searches per month and “open bank” has 57K searchers per month in Spain. 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. 

API
Successful fintech apps, especially those operating within digital payment solutions, require banking APIs. API, also known as application program interface, has 19K monthly searches alone. “API”  and matching terms has a monthly search volume of 143K. The fintech industry is growing rapidly in Spain so it makes sense why  many are searching for “API” to educate themselves on what it is, others are searching for specific APIs and API portals.

PSD2
The Spanish are interested in open banking regulations. Although Spain lagged behind on PSD2 implementation, the Spanish are searching for everything they need to know about PSD2. The top searches being “what is PSD2?”. PSD2 is the Revised Payment Services Directive that regulates electronic payment services in the EU. PSD2 has 2.5K searches monthly and with matching terms it has 6.8K searches monthly.

 

References

Garijo, M. (2021, March 11). The fintech map in Spain: 15% growth in the number of companies as the lending sector booms. Business Insider. https://www.businessinsider.com/fintech-spain-map-company-lending-money-borrow-growth-boom-tech-2021-3?r=US&IR=T

Griffing, K., & Güida, T. (2020, January 29). What's Driving Spain's Rise as a Fintech Hub. Nasdaq. https://www.nasdaq.com/articles/whats-driving-spains-rise-as-a-fintech-hub-2020-01-29

           

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