There are many factors to consider when switching to a new top level domain. This includes financial institutions who are transitioning to the .BANK TLD, and for good reason. Banks have been taking advantage of the popular .COM TLD, as most commercial entities have since 1985. With the verified .BANK domain, banks receive a more secure online banking solution, trusted communication, and heightened credibility. While there are many considerations for a bank to make the switch, the value of online security for banks is undeniable.
A TLD, or top-level domain, includes the letters at the end of a website address. These letters typically tell you the industry, geographical area, or a purpose that’s associated with a domain name. For example, a .org is specified for non-profit organizations and a .ca is reserved for Canada. It’s a simple process to purchase a domain through a registrar, and existing domains can easily switch to a different TLD. Most domain registrations for new TLDs are open to the public, however, some such as .gov are exclusive to certain agencies like the government. This exclusivity is now a huge benefit for the banking industry with the .BANK TLD.
To purchase a .BANK TLD, you must be a bank, specific trade organization, savings association, service provider, or government regulator. fTLD, the .BANK Registry has put an extensive vetting process in place so that only legitimate banking institutions can utilize .BANK. Banks also must re-verify the domain every two years. Credit unions and associations do not have access to the .BANK domain - they have .CREDITUNION or .COOP TLDs available to purchase. You can view further eligibility requirements with the registry.
Security is extremely important for all aspects of the banking industry, so your bank’s online presence shouldn’t lack this feature. The .BANK TLD is significantly more secure for both banks and customers. Here are some ways the .BANK TLD will enhance your bank’s security.
Anyone can have a .COM TLD, meaning banks still existing in this common domain space are failing to set themselves apart as a trusted banking source with the far more secure .BANK TLD. Less legitimate companies advertising themselves as a bank have full access to the .COM domain, therefore customers have to do more research to find out if the company is credible enough to handle their money and personal information. The verification application that banking institutions have to adhere to in order to take advantage of the .BANK URL does that credibility research for you. The stringent process that is required for a bank to register and keep the bank TLD certifies its legitimacy, leaving no questions as to whether or not the institution is credible or not.
With the .BANK tied to emails and other customer communication, you can expect less phishing scams. Since anyone can purchase a .COM domain, banks who still use the common TLD will experience issues with imposter domains. For example, the legitimate bankofamerica.com allows scammers to create domains under thebankofamerica.com or banksofamerica.com. This means there is more opportunity for a customer to mistakenly go to the wrong web address and give their personal information to a scammer, or for a well disguised email encouraging a customer to fall for a phishing scam to be successful. The exclusivity of the .BANK means customers will learn to expect the bank TLD to be associated with their bank’s website and communication, weeding out the fraudulent domains.
Customers don’t have to be left wondering if online banking is secure or not with a .BANK domain. Financial institutions who have already made the switch were able to successfully communicate the technical and security measures that were being put into place, allowing customers to have the assurance they need. It’s a smart idea to reach out to customers well in advance of the public launch and let them know about the benefits of a new .BANK domain. Customers will feel rest assured that your institution is taking extra measures for security. Customers should feel confident that their livelihood and personal information are protected, and the .BANK domain improves that security significantly.
With more customers using mobile and online banking, it has never been more important to implement secure tools for modern technology. Evolving means meeting your customer’s expectations, and the .BANK TLD utilizes extra regulations and innovative tools that will impress those customers. The DotBANK domain extension includes enhanced security requirements that exceeds existing TLDs. Regulated entities provide the foundation to limit cybersecurity risks and add more protection to authenticated .BANK users. This means less hacking and compromised accounts, allowing for peace of mind with online banking.
So you have familiarized yourself with the benefits and security features of using a .BANK domain, the next step is implementation. You can set up a brand new website on your domain name, or if you already have an existing domain name with another TLD, you are able to redirect the traffic and correspondence you have to a new .BANK TLD. To take advantage of .BANK and register a bank TLD, you’ll need to go to the official fTLD .BANK registry and review your eligibility. Once you know you’re eligible, you can find a reliable registrar like EnCirca. You can register a domain name that hasn’t already been submitted with the fTLD .BANK registry and EnCirca can go through the vetting process for you, or you can go ahead and apply with fTLD’s registry services yourself beforehand and submit your allocation token to EnCirca.
You can secure your domain with SecureDNS and obtain an SSL certificate. DNS, SSL, and other added features are necessary to protect your domain and implement the new .BANK domain seamlessly. Handling migration yourself to set up the security requirements is an option, or you can outsource the migration to benefit from your new bank domain as soon as possible. Luckily, EnCirca uses a RAMP (Registrant Assistant Migration Package) that provides an all-inclusive implementation process to get you started with a .BANK domain quickly, easily, and effectively.
fTLD charges registrars like EnCirca the same base price for .BANK domains, and premium domains have a separate base price. This covers the verification and operating costs that come with purchasing the domain, as well as the specific security requirements. Additional security costs for compliance can vary, while the .bank domain cost with EnCirca is $849. While other .BANK registrars will list prices online and then add hidden fees during the final process, EnCirca’s cost is their true cost. These costs remain competitive with approval from the registry.
Solve the cybersecurity problem, implement improved digital banking, and protect your bank and customers with a .BANK TLD. In an industry where security is extremely valuable, switching to a .BANK domain will enhance the security features for your website and communication tools. You’ll retain customers who feel more protected than ever, and attract new customers who easily understand your credibility.
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