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As the user‐base of the Internet expands, on‐line “virtual communities” may have the potential to become the key customer‐infomediaries, social forums, and trading arenas, of the early twenty‐first century. In parallel, new delivery channels and new means of fostering long‐term customer relationships may prove critical for success in the financial services industry. As these two developments intertwine, many organizations in the sector may therefore need to consider desktop icons as an emerging customer interface. Reviews the economic argument for virtual communities as the first viable Internet value‐creation model to combine content and communication. Drawing from practical experience with pioneering virtual community developments, and a consideration of direct and indirect financial service delivery channels, the conclusion is reached that many companies in the sector now face an important, strategic choice in the development of their on‐line presence. For most, this will be between deciding to act rapidly to build their own virtual community, or instead opting for a more effective third party, virtual community “inhabitation strategy”.
Christopher Barnatt (Wed,) studied this question.