Banknaked

About Banknaked

Banknaked is a powerful, privacy-first platform designed to bring true transparency to your personal finances. It works in partnership with you to expose the hidden costs and complex fees that traditional banks often bury within your statements. By securely connecting to your bank accounts via Open Banking, Banknaked provides a clear, comprehensive, and collaborative analysis of what you're really paying for. It identifies monthly maintenance charges, foreign exchange markups, ATM withdrawal fees, and other miscellaneous costs, presenting them in an easy-to-understand visual dashboard. The platform then goes a step further by working synergistically with your financial goals to suggest genuinely cheaper banking alternatives tailored to your actual spending and transaction patterns. Built for the modern consumer who values clarity and control, Banknaked empowers you to make informed decisions, whether that means negotiating with your current bank, switching to a better option, or simply understanding where your money is going. It's a tool built on the principle of teamwork between you and your finances, ensuring you keep more of your hard-earned money.

Features of Banknaked

Automated Fee Detection & Categorization

Our advanced algorithms work seamlessly in the background to scan your connected accounts, automatically identifying and categorizing every charge. This collaborative system finds monthly account fees, foreign exchange markups, ATM withdrawal fees, and wire transfer costs, saving you the tedious effort of manually dissecting complex bank statements. It brings all these hidden costs into the light, providing a unified and clear picture of your total banking expenses.

Visual Fee Dashboard & Annual Projections

We believe in presenting complex data through cooperation with your understanding. Our intuitive visual dashboard breaks down your banking fees into clear, digestible charts and graphs. You can see exactly where your money is going each month. Furthermore, by working with your historical data, Banknaked projects these costs over a full year, showing you the significant long-term impact of fees that might seem small on a monthly basis.

Personalized Banking Alternative Recommendations

Banknaked acts as your financial ally, not just an analyst. After understanding your unique banking activity and fee profile, our system collaborates to generate personalized recommendations for alternative bank accounts or financial products. These suggestions are based on your actual usage patterns, highlighting options that could potentially save you hundreds of euros annually by aligning better with your financial behavior.

Secure, Read-Only Open Banking Integration

Your trust and privacy are our top priorities in this partnership. Banknaked uses secure, certified Open Banking connections that provide read-only access to your transaction data. This means we can analyze your fees but cannot move your money or initiate any transactions. Your data is processed with bank-level encryption and is never stored longer than necessary, ensuring a safe and cooperative environment for financial insight.

Use Cases of Banknaked

For Proactive Budget Optimizers

Individuals and families focused on meticulous budgeting can partner with Banknaked to identify and eliminate a major, often overlooked expense category: banking fees. By integrating our analysis into their financial review process, they can ensure every euro of their budget is accounted for, reclaiming funds that can be redirected towards savings goals, investments, or essential living costs, fostering a synergistic relationship with their money.

For Frequent Travelers and Expats

People who travel internationally or live abroad frequently face hidden foreign exchange fees and costly ATM withdrawals. Banknaked works alongside these users to specifically pinpoint these charges, which are often buried in statements. The platform then helps them find and switch to bank accounts or specialist cards designed for global use, creating a cooperative strategy to significantly reduce the cost of managing money across borders.

For Individuals Considering a Bank Switch

When you're thinking of changing banks, it's a collaborative decision. Banknaked provides the crucial data needed for an informed choice. By revealing the true cost of your current banking, it empowers you to negotiate better terms with your existing provider or gives you a solid, evidence-based foundation for selecting a new, more cost-effective bank that truly matches your financial lifestyle and needs.

For Financial Transparency Advocates

Users who simply want to understand the full story of their finances, without marketing fluff or fine print, find a perfect partner in Banknaked. The platform demystifies banking by translating complex fee structures into plain language and clear visuals. This cooperative approach to education helps users build financial literacy and confidence, ensuring they are never again in the dark about what their bank is charging them.

Frequently Asked Questions

Is Banknaked safe to use?

Absolutely. Safety and privacy are foundational to our cooperative service. We use secure, read-only connections via official Open Banking APIs, which means we can only view your transaction data, never touch your money. Your data is protected with bank-level encryption, we are GDPR compliant, and we do not store your information longer than necessary. You are always in control and can delete your data at any time.

How does Banknaked find hidden fees?

Our system works in tandem with your connected account data, using sophisticated algorithms to scan transactions. We are trained to recognize patterns and descriptions that correspond to various banking fees, such as monthly maintenance charges, currency conversion markups, and ATM operator fees. We then categorize these and present them to you in a clear, unified dashboard, collaborating to uncover costs that are easy to miss in standard statements.

What banks can I connect?

Banknaked connects to a wide range of major banks and financial institutions across Europe that support Open Banking standards. The connection process is quick and secure, typically taking less than two minutes. During the sign-up, you will be able to search for and select your bank from our list of supported partners to begin our collaborative analysis.

How much does Banknaked cost?

Starting your journey towards fee transparency is completely free. You can connect your bank and receive your initial fee analysis and personalized recommendations at no cost. When you are ready to dive deeper into historical analysis or access more advanced features, we offer premium upgrade options. This model ensures we can work together at your own pace, with you only paying when you see the value in a deeper partnership.