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Nykredit is a European financial institution, which has managed at the same time, to build an extensive IT infrastructure to serve its multi channel approach to its customers and change into a modern financial supermarket with a large portfolio of almost all financial services. The case can be used in a discussion of Nicholas Carr''s article ''IT Doesn''t Matter''. In this industry, IT does matter. As an example: it took only a few days to enable 105 small banks and their 1,150 branches to sell Nykredit''s products. In the late 1990s, Nykredit centralised the responsibility for all IT developments in one department with a high technology profile. This has been a success, as the bank became able to integrate many separate systems and at the same time pursue the bank''s strategic goals. The question is, whether it is time to move responsibility back to more customer-oriented departments. This case can be used as a follow-on to the case ''From Financial Wholesale to Retail: Preparing an IT Infrastructure for e-Commerce'' (902-015-1).