Banknaked

About Banknaked

Banknaked is a revolutionary financial clarity tool designed to expose the hidden costs of everyday banking. In a world where banks often obscure fees within complex statements and vague descriptions, Banknaked serves as a powerful spotlight, revealing the true financial impact of your banking relationships. By leveraging secure, read-only Open Banking connections, the platform provides users with an unprecedented, transparent breakdown of all charges—from monthly maintenance fees and foreign exchange markups to ATM withdrawal and wire transfer costs. It transforms confusing financial data into a clear, visual dashboard with plain-language explanations and an annualized projection of your total banking expenses. More than just an analyzer, Banknaked is a proactive financial ally. It delivers personalized recommendations for cheaper account alternatives tailored to your actual spending and transaction habits, empowering you to switch, negotiate with your current bank, or simply stop paying for unnecessary services. Built with a privacy-first ethos, it ensures your data is protected with bank-level encryption, GDPR compliance, and the power for you to delete your information at any time. For any modern consumer tired of opaque banking practices, Banknaked is the game-changing key to taking back control and unlocking significant, often overlooked savings.

Features of Banknaked

Automated Fee Detection & Categorization

Our advanced algorithms perform a deep, automatic scan of your connected bank accounts, meticulously identifying and categorizing every charge. This goes beyond obvious fees to uncover hidden costs like foreign exchange markups, mysterious "miscellaneous" charges, and recurring transaction fees that banks quietly collect. The system provides a clean, organized breakdown so you finally understand exactly what you're paying for.

Visual Dashboard & Annualized Projections

Gain instant clarity with a powerful, intuitive dashboard that visualizes your total banking costs. See your fees broken down into clear categories like monthly account maintenance, ATM usage, and international transactions. Banknaked doesn't just show past charges; it calculates an annualized projection, revealing the startling long-term total of those small, frequent fees, transforming abstract numbers into actionable financial insights.

Personalized Banking Alternative Recommendations

Banknaked actively works to save you money. Based on a detailed analysis of your actual account usage and identified fees, our engine cross-references the market to provide you with personalized recommendations for alternative bank accounts or financial products. This empowers you to make a data-driven decision to switch to a cheaper option or confidently negotiate better terms with your current provider.

Secure, Privacy-First Open Banking Integration

Your security and privacy are our bedrock. Banknaked uses certified Open Banking APIs for a secure, read-only connection to your bank. This means we never see your login credentials, cannot move your money, and only access transaction data. All processing is encrypted, we are fully GDPR compliant, and you retain full control with the ability to delete your data at any time.

Use Cases of Banknaked

The Cost-Conscious Consumer Seeking Savings

For individuals who budget carefully but suspect their bank is eroding their savings, Banknaked is transformative. By connecting their account, they can in minutes identify hundreds of Euros in annual fees they never noticed—such as account maintenance charges or ATM fees—and receive clear, tailored recommendations for fee-free or lower-cost banking alternatives, turning suspicion into substantial, real-world savings.

The Frequent Traveler or Expat Managing FX Fees

Individuals who travel abroad or make frequent international transactions are often hit hardest by hidden foreign exchange markups and fees. Banknaked meticulously isolates these costs, showing the true price of currency conversion. Users can then discover and switch to accounts or cards specifically designed for travel with minimal FX fees, potentially saving hundreds per year.

The Negotiator Preparing to Challenge Their Bank

Armed with concrete data, customers can move from feeling powerless to being powerful negotiators. Banknaked provides the exact ammunition needed: a detailed report of all fees paid. A user can take this report to their bank, threaten to leave for a recommended cheaper alternative, and often successfully negotiate for fee waivers or a better account package, using transparency as leverage.

The Financially Curious Person Seeking Transparency

For anyone who values financial clarity and hates opaque corporate practices, Banknaked satisfies the need for true transparency. It demystifies banking statements, answering the question, "What am I really paying?" This use case is about empowerment and knowledge, allowing users to audit their financial relationships and make informed decisions, even if they choose not to immediately switch banks.

Frequently Asked Questions

Is Banknaked safe to use with my bank details?

Absolutely. Security and privacy are our top priorities. We use secure, read-only Open Banking connections, which is a regulated standard. This means we never ask for or store your online banking username and password. We get read-only access to your transaction data through a secure API, cannot move money, and all data is encrypted. We are GDPR compliant and you can delete your data at any time.

How much can I really expect to save?

While savings depend on your individual banking habits, the average user identifies over €250 in unnecessary banking fees each year. Many users discover recurring charges for account features they don't use, high foreign exchange markups, or ATM fees that quickly add up. Banknaked not only shows you these costs but provides personalized recommendations for alternatives that could reduce them to zero.

What banks are supported by Banknaked?

Banknaked connects to a wide range of major banks and financial institutions across Europe through secure Open Banking APIs. The setup process will guide you to search for and select your bank from our list of supported providers. The connection is established directly and securely between you and your bank's own platform.

What happens to my data after I use Banknaked?

You are in complete control of your data. We process your transaction information securely to generate your fee analysis and recommendations. We adhere to strict data minimization principles and do not store your personal financial data longer than necessary. You can permanently delete all your data from our systems at any time through your account settings.