As technology changes the complex relationships between customer and bank, it is also turning the traditional bank into an entity that may be called the 'virtual bank'. The personal telephone consultation is being supplemented by electronic interfaces. Bank services are being offered electronically on a broader basis, to high-quality standards and tailored to customer needs. The key elements of this virtual bank are information and communications technology. Rapid data transmission speeds and extensive data networks mean accessible and attractive product offerings. The new interface allows deeper and deeper penetration

of household and corporate markets. The 24-hours-a-day, seven-days-aweek service has become reality. Telephone banking and home banking are transcending the constraints of time and space.