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Open banking search trend in UK


| Article by: Laura AasheimProfile Image Laura Aasheim 5 min

Online search trends can be valuable insights into what is popular and what people are interested in regarding a specific topic. Using Ahrefs, we found and analysed the top open banking search trends in the United Kingdom.

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 UK

With more investment poured into it than any other industry, fintech is the UKs strongest startup sector (Davis, 2021). According to Crunchbase, the UK hosts 1,559 fintech companies (Crunchbase, n.d.). Of these, a total of 1,373 fintech companies are based in London and they have collectively raised £14.9b in equity funding (Davis, 2021). Most of them (79%) are in the seed and venture stages of evolution, meaning there is much room for growth (Davis, 2021).

Regulators and the UK Government are both supportive of fintechs. They actively promote innovation in order to drive better customer outcomes while ensuring data safety (Waterman, 2021). Initiatives like the regulatory sandbox allows ideas to be tested and developed in a safe and controlled environment (Waterman, 2021). As a result, the perfect environment has been formed for open banking to grow and thrive. The UK ensures clear technical standards are set, making app development easy and without guesswork (Waterman, 2021). 

Top search trends in UK

  • Open banking

“Open banking” and matching terms has a monthly search volume of 16K in the UK. The UK fintech sector is thriving and the UK has a lot of companies working with open banking so it makes sense that those searching for “open banking” typically ask what it is and why it matters. When combined with “PSD2”, matching terms reach a monthly search volume of 22K. People are also interested in how open banking is regulated. 

  • GDPR 

GDPR, or the General Data Protection Regulation, is a regulation that intends to strengthen and unify data protection for individuals in the EU. It has a search volume of 124K alone and 375K with matching terms. People searching for “GDPR” are asking what it is and what its principles are. There are concerns around how the GDPR affects open banking since open banking asks individuals to open up their data while the GDPR is putting companies under evermore scrutiny when it comes to data practices. 

  • FCA 

Those in the UK are asking what the FCA is and what it does. FCA, or the Financial Conduct Authority, is a financial regulatory body that regulates financial firms providing services to consumers- they regulate AISPs and PISPs. In the UK “FCA” has a monthly search volume of 64K alone and 233K with matching terms. The search volume can be attributed to the rise of fintech startups and increased interest in open banking. 

  • EBA

EBA, or the European Banking Authority, is a regulatory agency of the EU with headquarters in Paris. Those searching for “EBA” are asking what it is and what it does. EBA works to increase EU bank transparency and identify weaknesses in their capital structures. When it comes to open banking, transparency is at the core. “EBA” is searched 47K times monthly in the UK. 

  • API

The UK’s fintech startup sector is growing rapidly and these companies need open APIs to function and operate. API, also known as application program interface, has 42K monthly searches alone. “API”  and matching terms has a monthly search volume of 589K. 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”. 

 

References

Crunchbase. (n.d.). United Kingdom FinTech Companies. Crunchbase. https://www.crunchbase.com/hub/united-kingdom-fintech-companies

Davis, J. (2021, January 14). Top 50 Fintech Startups and Scaleups in the UK 2021. Beauhurst. https://www.beauhurst.com/blog/fintech-startup-companies/

Waterman, T. (2021, July 1). What Australia can learn from the UK’s Open Banking experiment. AltFi. https://www.altfi.com/article/8064_what-australia-can-learn-from-the-uks-open-banking-experiment


 

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