Banknaked

About Banknaked

Banknaked is a revolutionary financial tool designed to bring transparency to the often hidden costs associated with banking. By connecting securely to your bank account through Open Banking, it provides a detailed breakdown of monthly charges, transaction fees, and those elusive "miscellaneous" costs that banks quietly accumulate. With a privacy-first approach, Banknaked ensures read-only access, meaning your money remains in your control, with no ability to move funds. The platform processes your data securely and allows for deletion at any time. In just minutes, users can gain insights into total fees, receive explanations in plain language, and view an annual projection of expenses. Additionally, Banknaked offers personalized recommendations for cheaper banking options based on actual usage, empowering users to switch accounts, negotiate fees, or eliminate unnecessary features. Start for free and upgrade when you want to delve deeper into your banking costs—it's your money, be informed about where it goes.

Features of Banknaked

Automatic Fee Detection

Banknaked uses advanced algorithms to automatically identify hidden monthly charges, foreign exchange markups, and transaction fees across all your bank accounts. This feature ensures that you are aware of all costs, allowing you to take action to eliminate unnecessary fees.

Visual Dashboard

The platform provides a user-friendly visual dashboard that clearly illustrates your total banking costs. With easy-to-read graphs and breakdowns, you can quickly see where your money is going, making financial decisions simpler and more informed.

Personalized Recommendations

Based on your unique banking habits, Banknaked offers personalized recommendations for alternative banking solutions that could save you significant amounts of money. This feature allows users to make smarter choices tailored to their specific needs.

Secure and Private

Banknaked prioritizes your privacy and security. The platform is built on bank-level encryption and processes data in compliance with GDPR regulations. Your information is never stored longer than necessary, ensuring your data remains safe and private.

Use Cases of Banknaked

Identifying Hidden Fees

One of the primary use cases for Banknaked is to help users identify hidden banking fees that are often overlooked. By using the automatic fee detection feature, users can easily uncover charges that may be costing them hundreds of euros each year.

Switching Banks

Users who discover that their current banking fees are excessive can leverage Banknaked's personalized recommendations to find cheaper alternatives. This makes switching banks not only feasible but also beneficial for long-term savings.

Budgeting and Financial Planning

Banknaked enables users to gain a clearer understanding of their monthly and annual banking costs, which is essential for effective budgeting and financial planning. Knowing where your money goes allows for better control over personal finances.

Negotiating Fees

Armed with the insights provided by Banknaked, users can approach their banks to negotiate fees or better account terms. This empowers consumers to advocate for their financial interests, potentially leading to lower costs.

Frequently Asked Questions

How does Banknaked ensure my data is secure?

Banknaked employs bank-level encryption to protect your data and follows GDPR compliance guidelines. Your data is processed securely and is not stored longer than necessary, ensuring your privacy is maintained.

What types of fees can Banknaked detect?

Banknaked can identify a variety of fees, including monthly account fees, foreign exchange markups, ATM withdrawal fees, and wire transfer charges. The platform thoroughly analyzes your banking statements to expose all hidden costs.

How long does it take to set up my Banknaked account?

Setting up your Banknaked account is quick and straightforward, taking less than two minutes. You simply connect your bank account through secure Open Banking APIs, with no need for manual uploads or complex processes.

Can I use Banknaked if I have multiple bank accounts?

Yes, Banknaked supports multiple bank accounts, allowing users to analyze fees across all their accounts in one place. This comprehensive view helps users understand their total banking costs and find ways to save.