In addition, customers will access bank products and services over the Internet and parallel private networks through a variety of devices, including PC's, smartphones, wireless devices, palmtop computers and TV's. One such access system, created by IBM and 17 major banks in the US and Canada, is described in the accompanying box.
Banks already have a warehouse of information about customer relationships and transactions.
The core banking system already supports retail and commercial banking functions. Networked banks must have the ability to offer a wider variety of products and services, some of which will be provided by other firms. Financial institutions will seek alliances with insurance firms, brokers, travel agents and retailers to provide the individualized value propositions which customers will seek in the network economy.