Exploring the potential of virtual communities as a business model in banking: the customers' view

Virtual Communities (VCs) are expected to become a new business model that may spawn opportunities for the new digital economy. The business potential of VCs is mainly in terms of increased trust among their members combined with quality services that may improve customer loyalty. This paper reports the findings of an empirical study that was carried out in the financial sector in the UK. This study also investigates the profile of potential members of a financial VC, and discusses the required services. The results are useful for both academics and practitioners who develop and manage VCs.

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