This work investigates managerial dynamics of customer participation and its evolution in financial context. We are interested in managerial dynamics because most of the studies related in co-production is about consumers and the current literature on co-production lacks empirical investigations in financial services. Despite its increasing popularity in the last decade co-production is not a new phenomenon. Customer participation has existed since a very long period of time especially in services marketing and is still evolving in different industries. The following definitions have been adopted for this research. Customer participation has been defined as "the degree to which the customer is involved in producing and delivering the service" (Dabholkar 1990, p. 484). Lengnick–Hall et al (2000) define co-production as “engaging customers as active participants in the organization’s work”. A comprehensive analysis of marketing literature about co-production and consumer participation issues leads us to four different approaches: a services marketing approach focusing on largely customer participation, a managerial approach that puts the customer at the center of co-creation process, an innovative approach where the customer actively takes part in innovation, a critical approach focusing on working consumer concept. The central question for the research is “How and why do banks engage their customers in co-production? Four constructs have been selected in order to answer this question: motives, processes problems and outcomes. Five European banks have been selected for the study. A detailed multiple case study analysis revealed three different community types: market research communities, Innovation communities, Cooperation communities. Another contribution is about the evolution of these communities in time. Some communities (ING and Cetelem) evolved according to needs and priorities of financial institutions. The analysis of these banks shows that three important dynamics feed building and managing a community in financial context: customer centricity, managerial support and the need for innovation. In addition, these three different community types have different processes. Problems of community management in financial industry are also investigated in detail in order to better answer “how” question. Besides financial, technical and organizational problems, the most important problem seems to be the management of open and harsh criticisms. The second important problem is the efficient community management in financial industry. In addition, internal dynamics, complexity and intangibility of financial services and resistance to change may also complicate effective community management. According to our findings, motives of financial institutions are not much different from motives of other companies. Research, innovation and co-production of new products and services are most common motives. However motives of open communities were different, they were more business related. Main motive for open communities was cost-cutting, besides cost-cutting, increasing consumers’ loyalty, having a closer contact with clients, engaging them and assigning the community new tasks are also important motives. According to our findings, there are also common and different outcomes for these three different communities. As stated several times by Von Hippel (2006) and Kozinets (1999) online communities are efficient mechanisms for marketing research. Our findings also supported their results. Besides, communities are also important in increasing brand awareness (Seraj 2012), visibility and better internal communication and cooperation (Ramasvamy and Gouillart 2010), know-how sharing and breaking down the barriers between different departments.