Search Trend Sweden - Nordigen

Open banking search trends in Sweden


| Article by: Laura AasheimProfile Image Laura Aasheim 2 min

Online search trends can provide valuable insights into what's 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 Sweden.

 

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 Sweden

In Sweden, everyday banking services are almost exclusively performed online, making it the norm for financial transactions (Nilsson, 2020). Swedes use non-cash payments more than most other Europeans (Nilsson, 2020). The use of cash is declining and Sweden is quickly moving closer to a cashless society.

Sweden’s capital is a major fintech hub with about one fifth of all European fintech investments. Stockholm is the home of successful fintech companies such as Klarna and Swish. Swish, which is a real-time account-to-account transfer app, was launched in 2012 and has 7.5 million uses, or 70% of the Swedish population (Nilsson, 2020).

To ensure its status as a European fintech centre, the Swedish Government is facilitating innovation by  implementing a regulatory sandbox. This enables fintechs to test their innovations without the risk of infringing on regulatory requirements (Oxhammar & Nilsson, 2018).

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

 

Search trends in Sweden

Open banking

Sweden has a very popular open banking company that recently made headlines (biggest open banking acquisitions of all time). But open banking and the Swedish term “öppen bank” are not as popular of search terms in Sweden as you might expect.  Open banking and matching terms have 210 monthly searches, while “öppen bank” and matching terms have 270 monthly searches. 

API

“API”, also known as an application program interface, has 8.3K monthly searches alone. “API”  and matching terms have a monthly search volume of 39K. “API” is the most popular open banking search term in Sweden, which makes sense considering Sweden is an EU fintech centre. Applications tend to be built on existing APIs and many fintech startups require banking APIs to operate. 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 “Steam API”. 

Interface

Interface is relevant both for fintechs and any company developing apps. With 1.4K monthly searches for “interface” and 2.2K monthly searches for “gränssnitt” (“interface” in Swedish), many Swedes are asking what an interface is. Matching terms for both “interface” and “gränssnitt” reaches 15K searches per month. The searches are not only related to open banking, but also to other types of interfaces as well. 

Fintech

Sweden is known as a major fintech hub with one fifth of all European fintech investments. Fintech and matching terms alone has a monthly search volume of 2.1K. In line with the popularity of “API”, the popularity of search terms “fintech”, “open banking”, “startup” and matching terms have a 20K monthly search volume. Swedes use non-cash payments more than most other Europeans, so fintechs in Sweden are in the perfect position for growth. 

PSD2

Swedes are searching for everything they need to know about PSD2. PSD2 is the Revised Payment Services Directive 2 that regulates electronic payment services in the EU. “PSD2” alone has 900 searches monthly and with matching terms it has 1.3K searches monthly. Combined with the Swedish term for PSD2, “Betaltjänstdirektivet”, the matching searches reach 1.4K monthly searches. Swedes seem to be more interested in open banking regulations than open banking itself. 

 

References

Nilsson, C. (2020, December). Sweden's Banking Sector: Facts & Figures. EBF. https://www.ebf.eu/sweden/

Oxhammar, P., & Nilsson, J. (2018, January 12). FinTech Regulatory Sandbox established in Stockholm. Blockchain. https://blockchain.bakermckenzie.com/2018/01/12/fintech-regulatory-sandbox-established-in-stockholm/
 

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