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New gTLDs Posing Opportunity and Challenge to Banks

While a more secure online banking may be offered should banks choose to take advantage of ICANN's recently liberalized generic Top-Level Domains (gTLDs) application process, some banks may have difficulty taking advantage of their new domain-name liberty because of their "klunky names", according to nomenclature specialist Naseem Javed, founder of New York-based ABC Namebank. Additionally the American Bankers Association is concerned that whatever entity ends up controlling the .bank domain could either charge high fees to financial institutions wishing to protect their intellectual property or fail to securely operate such domains, damaging consumer confidence in the internet channel.

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Related topics: Cybersecurity, Domain Names, Registry Services, Top-Level Domains

 
   

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