Most institutions use the dot-com extension at the ends of their website addresses, also known as the top-level domain (TLD). But the dot-bank and dot-creditunion TLD offers several advantages, including enhanced security, which is of critical importance to financial institution customers today.
As a verified domains, exclusively for the financial institution community, dot-bank and dot-creditunion are a more secure space for online banking and communication. A web or email address ending in dot-bank or dot-creditunion quickly and easily confirms for customers and employees that they are communicating and transacting with your instituion, and not a phisher or a spoofed site. A dot-bank or dot-creditunion domain are a visual cue anyone can look for and recognize, an online stamp of trust that will give your customers confidence in your online banking platform, and help protect your institution from bad actors collecting data for breaches, financial fraud and identity theft.
Eligibility for the dot-bank or dot-creditunion TLD are limited to qualified applicants — including banks and savings associations chartered and supervised by state or national regulators, credit unions, trade groups and other banking industry associations, service providers principally owned or supported by regulated entities, and certain government banking regulators and their associations. In addition, successful applicants must pass a screening process and implement various technologies and processes that help guard customers against fraud.
The costs to register dot-bank or dot-creditunion TLD are higher than dot-com TLD and typically takes longer to obtain, but the additional costs may help mitigate potential issues for your institution and customers. There may also be some additional rebranding, conversion, customer training and marketing costs to consider.
Institutions may also consider registering their dot-bank or dot-credit union TLD for defensive purposes to prevent another institution from obtaining a TLD similar to your dot-com TLD.
If your institution would like more information on the dot-bank or dot-creditunion domains, please contact me here.