Benefits Of Cloud Computing In Transforming The Banking Sector And Precautions Needed While Making The Transformation
Sukhwinder Singh, Lalita Lalita · Journal of Emerging Technologies and Innovative Research · 2018
Cloud computing is expected to be one of the fastest-growing technologies in the coming years. Business applications will be the largest market for cloud servicesspending, with a gradual transition from on-premise to cloud-based services especially for general business applications like customer relationship management (CRM) and enterprise resource planning (ERP). Banks are expected to enter the cloud computing arena cautiously, with no single cloud services delivery model being a silver bullet for best meeting their demanding business needs. Cloud computing can offer financial institutions a number of advantages, including: Cost savings, Usage-based billing, Business continuity, Business agility and Green IT. But before moving to the cloud, banks must consider issues around data confidentiality, security, regulatory compliance, interoperability of standards, and quality of services.