Academic journal article ABA Banking Journal

.Bank: One Year Later: A Year after the Sunrise Period Began for .Bank Registrations, Banks That Have Made the Migration Are Seeing the Benefits

Academic journal article ABA Banking Journal

.Bank: One Year Later: A Year after the Sunrise Period Began for .Bank Registrations, Banks That Have Made the Migration Are Seeing the Benefits

Article excerpt

One year ago, the .bank domain was launched by fTLD Registry Services and since then, more than 2,550 domestic banks and 250 international banks have together registered nearly 6,000 domain names for their institutions. The .bank domain provides banks not only with a higher level of customer security, but with greater brand power that can enhance the effectiveness of their marketing efforts.

Navigating the transition

Small and midsize banks are finding a sweet spot with this transition--many have turned on their new .bank sites within six months of initiating the process. By partnering with approved registrars and applying basic project management principles, they are already reaping the benefits of the .bank name.

For Citizens National Bank, a $617 million institution in Paintsville, Ky., the transition was a straightforward process. A small team of marketing and IT staff spearheaded the project with the help of the bank's CEO. Working with their core processor--who took on the bulk of the technical configuration responsibilities--the team rolled out their new domain name in September 2015, just four months after the project began.

For larger banks, the process may be more time consuming, as it typically involves more coordination with third party service providers and higher costs associated with collateral updates and customer notifications, but fTLD continues to share lessons learned and other resources to help banks of all sizes as they undergo the technical aspects of the domain migration.

Enhancing customer security

Perhaps the biggest selling point of the .bank domain is the added security it provides. To protect the verified members of the global banking community, fTLD employs enhanced consumer protection safeguards designed to mitigate malicious activities including cybersquatting, spoofing and phishing. Additionally, the .bank name lets customers know--with certainty--that they are doing business with a verified member of the banking community, which elevates the overall trust of the bank brand. …

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