Bank Systems & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.


09:31 AM
Connect Directly

Another Dot-Com Fizzles Out

Bank of America folds its portal back into its main site.

Bank of America has folded its portal back into its main site-the latest in a string of high-profile Internet-only bank offering flops that includes Bank One's closing of Wingspan and Juniper Financial's sale to CIBC.

On January 28, 2000, Bank of America, a leader in online banking, purchased the rights to the domain name for $3 million at an electronic auction. Now, nineteen months later, BofA-serving more than 30 million households and two million businesses across the country-is using the site to redirect Internet traffic directly to

"Bank of America purchased at the height of the Internet craze because it was looking for different ways to deliver product," said spokesperson Brad Russell. "We wanted to address all the different needs and wants of our consumers, and this was a possible delivery channel."

Customers who visited were offered the opportunity to receive a free credit report-the main "hook" for the site.

Russell continued, "The dot-com bubble had burst. People were going out of business quickly, and consumers wanted to feel safe about who they were doing business with."

Research confirmed that consumers felt much safer conducting their business with Bank of America branded solutions. Therefore, instead of building out a separate division, a decision was made to fold that effort into Bank of

Yet there are no plans to sell, auction or in any way divest Instead, Bank of America is determined to continue capturing its traffic. In fact, Bank of America sees the Web site as a way of assisting the company's online business.

Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.