Many retail banks – those institutions serving individuals and small corporate customers – are entering in the virtual banking arena. Financial services and products are available to customers almost everywhere through a multitude of alternative channels: phone, the Internet, automated teller machines, and so on. From a technological point of view the problem is to design, build and maintain a coherent information system (IS) infrastructure. Unfortunately, the “perfect” IS architecture remains an ever-moving target. Nevertheless recent developments in information system modelling (i.e. the Unified Modelling Language concepts) could give a valuable answer to crucial problems like the need to achieve and preserve long-run firm's adaptability to the technological developments and new business challenges. At the same time the model helps in building a coherent picture of the virtual bank and its delivery channels.