Online Communities for Customer Relationship Management on Financial Stock Markets - a Case Study from a Project at the Berlin Stock Exchange

摘要

Retail trading on financial exchanges is always intermediated by banks. Thus, a direct link between exchange and retail investors does not exist. However, financial exchanges offer services to retail investors. Thus, from a marketing perspective, retail investors are their direct customers. Caused by the bank-intermediated transaction chain on financial retail exchanges a direct customer relationship management (CRM) among exchanges and their customers is hardly possible. This circumvents a customer oriented product and pricing policy. Thus banks, as they are nowadays the direct link between exchanges and retail investors, define the market micro structures of the financial exchanges to a large extend. This is true not only for the bank driven whole sale trading but as well for the retail trading.Ongoing developments of new exchange facilities for the retail trading, such as best execution functionalities, downsizing of the odd lots, adoption of trading hours, the emergence of electronic off exchange trading systems etc. show, that there is a need for improved retail trading platforms.To overcome these CRM related problems in the financial exchange industry a joined project between the Berlin Stock Exchange and the Potsdam University was set up to implement a platform for a direct CRM among retail investors and financial exchanges. This project relies on web 2.0 technologies to build up a virtual community where the exchange and retail investors can share information about needs, requirements, and ideas about the market model for a retail trading platform and other relevant trading and settlement facilities.The aim of this contribution is to describe this platform and their advantages for retail investors and for stock exchanges and to provide an outlook of the applicability of web 2.0 technologies in the financial exchange industry. An overview of the implementation and initialization phase of the community will be provided and first results and responses of community members are analysed.