Good customer service is the lifeblood of any business. The concept of customer
service is essential to the way in which the IT function in any organisation interacts
with the business. The primary role of IT is to support the business and
hence the need for IT professionals working in any organisation to look upon
their business counterparts as customers. The question that springs to mind is:
how do you provide a service to the customer if you don’t have a thorough
understanding of their requirements?
To gain an insight into the customer’s specific requirements, IT professionals
have to understand the way in which the customer’s business works. To
achieve this, they need business knowledge of any industry to which they offer
their support services.
The trading industry, as well as the exchange industry, is no exception. It is
crucial for the IT professional to understand the business practices in both these
industries to ensure the provision of a good level of service.
The trading industry is growing at a fast pace, given that trading of securities
is no longer restricted to exchanges. Retail investors now trade financial
products from currency to contracts for difference (CFDs) through a number of
providers over the internet and this has, in part, led to the growth of the trading
industry.
Traditional exchanges have to adapt to a rapidly changing business environment
in the face of stiff competition from relatively new entrants into their
industry. The advancement in technology has allowed electronic communication
networks (ECNs) and other alternative execution venues to threaten the dominance
of the traditional exchanges. In response, traditional exchanges are looking
to strengthen their positions through mergers and acquisitions and also
investment in technology that can enable them to offer the same levels of service
as these alternative execution venues.