The impact of online trading on customer satisfaction in Tehran stock exchange

Abstract: Online services offer customers a splendid display of benefits such as enhanced control, ease of use and reduced transaction charges. Consequently, online services have grown rapidly and have emerged as a leading edge of service industry. Providing online services in developed stock exchange such as USA, France, Singapore and Turkey has lead market to become more competitive. Therefore, brokerages compete in offering superior service quality. Tehran Stock Exchange (Tehran SE) was established in April 1968 and has experienced quick expansion in recent years. It seems that applying conventional trading system can not manage increasing amount of trades and drown serious insufficiency. These problems cause traders' dissatisfaction and the lack of technological foundations creates an inefficient market and with no doubt, traders leave the market where there is no appropriate surveillance in it and as a result no assurance of fair trading system for everyone. It seems that providing and recovering service quality in this market may enhance traders' satisfaction and encourage investing more and more. This exploratory research intends to gain a better understanding of the service quality dimensions that affect customer satisfaction in Tehran SE.This research covers a brief literature regarding related subjects. The main body of research is allocated to research stages. Four research questions will be answered and in order to collect data numerous methods, such as interviews, statistic data, questionnaire and also demo-software presentation were used. For the sake of analyzing data, SPSS software was employed. Results show that there is a meaningful difference between traders' satisfaction in conventional stock exchange and stock exchange based on online trading system: moreover, existence of online trading system in stock exchange can raise the degree of traders' satisfaction. Obviously satisfied traders tend to invest more and more and this is desirable. Finally, the findings of this research are mostly useful to those (stock market's officials, brokers, traders, etc.) who intend to expand the Iranian stock exchange. The results indicate how Iranian traders' rank service quality factors and if online trading system could enhance their satisfaction level or not? Also factors which lead to dissatisfaction were collected and proper recommendations were given. In next step a basic online trading model were offered which propose to replace with current system. Lastly, roles of each involved party were identified in proposed online system.