A recent study shows almost 40% of all US banks have registered a .bank domain name. Is the gTLD trend catching on around different industries?
We’re starting to see generic Top Level Domains (gTLDs) pop up all over the internet. Tech startups and small businesses seemed to be the first to take advantage of alternative domain names, but now large corporations and even national banks are coming on board and registering gTLDs.
In 2008, ICANN announced a new domain name program that would offer hundreds of additional domain name endings, resulting in millions of new domain name options for website owners. We started seeing some of the new gTLDs being made available in 2013, but now there are over 700 unique domain name endings to choose from.
.bank is one that has recently seen a sharp increase in successful registration. We previously wrote about how .bank is a more secure domain name than .com because there are enhanced security requirements involved before being able to register. In the article we explain that only verified members of the global banking community are eligible for .bank domain names.
Currently 2,465 banks have registered a .bank domain name; that’s 36% of all US banks! Outside of the US, 441 .bank domain names have been registered. Most of these banks have said they plan on using their .bank domain name for online operations.
So if you have to be a certified bank to register a .bank domain name, why are we getting so excited about the rapid success of the gTLD?
Michael Berkens from “The Domains” considered this to be the first “break out success of the new gTLD program from an end user perspective”. Sure, we’ve seen domain name endings like .xyz and .online achieve traction, but this proves that gTLDs are on the rise. It’s expensive to register a .bank domain name, not to mention the process of having to be certified and approved. Over 2,000 banks have put in the time and money to acquire their .bank domain name, meaning the security assurances must be valuable.
Conclusion? gTLDs are making noise in industries that both deal with and bring in a lot of money. We’re speculating a steady increase in gTLDs over the next few years.