The Business Case: What Execs Are Saying About .BANK
Since launching the .BANK domain, the fTLD Registry Services’ team has had hundreds of conversations with bank executives from around the world about their experiences with .BANK. We understand that a new domain name for your website and email address require a well-planned and coordinated implementation. However, bank leaders have repeatedly told us that the benefits of the transition to .BANK ultimately outweighed any near-term operational challenges.
As we’ve supported banks through their individual transitions and interviewed executives about their experiences, common themes emerged. Here is what they shared:
Cybersecurity is a Driving Transition Factor
Universally, bank executives cited cybersecurity concerns as a critical part of their thought process when deciding to transition to a .BANK domain. While there were short-term technical challenges for some banks, many bankers said the process went smoothly with minimal issues.
fTLD’s Guides to Leveraging a .BANK Domain were frequently cited as being beneficial to understanding the security requirements and informing technical staff about how to plan for the migration. Additionally, the stringent process to acquire a .BANK domain enhanced their confidence and trust in .BANK.
Don’t Underestimate Branding Implications
Many of the bank executives we spoke with said a .BANK domain transition offered the opportunity to attract new customers while re-engaging with existing ones. As banks launched their own .BANK domains, they often paired it with another marketing event including a redesigned website, a rebranding effort, a name change or as part of a new mobile or online service offering. We also heard from banks that used .BANK as an opportunity to simplify their web presence by securing a short and more memorable domain that was unavailable in.COM. For all of the banks who pursued a domain change, we found that many of the most successful transitions involved putting .BANK to work as a strategic marketing effort.
Ease of Conversion
Another pleasant result noted by several bank executives was the ease of the conversion process for both their website and email. Many of the banks used fTLD’s Guides and got support from an fTLD-approved Third-Party Provider such as 101domain, EnCirca or Lexsynergy. While some banks turned much of the work over to an outside group, several relied on external resources to supplement their staff and other banks handled the process internally. Overall these resources provided the information and support needed to make the banks’ transition to .BANK easier than anticipated.
These are some examples of what fTLD has learned during our time working with bank executives in the first year of their transition to .BANK. For all of us at fTLD, each domain transition is a symbol of pride. We look forward to hearing from more bankers with their experiences moving to .BANK.
Read more about our Success Stories here – and please reach out with your impressions or questions about what a .BANK domain could mean for your bank.
To learn more about .BANK, visit https://www.register.bank.