Two data points:
- A front-page story in today's Seattle Times reveals Washington Mutual's d
ecision to change their brand name to WaMu. - Monday's American Banker told of Alhambra, CA-based InterBusiness Bank name change to Tomato Bank.
Two name changes among 8,000 U.S. banks is hardly a trend. But as the Internet becomes more and more important to your new account acquisition (see Online Banking Report 128, "The Demise of the Branch"), you must consider how your name works online. First National Bank and Trust looks good on a main-street signpost, but when translated to cyberspace it loses much, if not all, of its appeal. The problems?
- Not memorable: Too many generic words strung together make a name difficult to recall when potential customers return to their computers.
- Not searchable: Again, too many generic words makes it hard to even find in a search engine.
- No domain name available: The domain names containing first, national, and bank have long been snatched up by early adopters in 1995 and 1996. Many banks have had to resort to hard-to-remember domains such as <ibankfnb.com> from First National Bank of Hudson.
- Not a modern brand: While it's nice to have your name create a feeling of trust and security, generic names reinforce the impression that the bank is not modern and technologically savvy, not good positioning for attracting customers online.
A name change is one of the biggest decisions a company will make, so we won't presume to give you advice on that point. However, you must consider the effectiveness of your brand online, both in recall, search, and overall company image.
—JB
