Cloud-Computing For Banking Investment And Services
C. Manikandan · Journal of Emerging Technologies and Innovative Research · 2018
“The more the things change the more they stay the same.” That can be true in some aspects of life, but not in the banking industry. At a global level, the scale of change in this industry since 2008 has been unprecedented. Control is now in the hands of the customer, rather than the bank. Satisfying customer demands has become more complex as they are looking for convenience and control over their banking services. . Technology has become a costly hurdle for financial institutions and developing customized solutions or investing in advanced banking platforms has either been unfeasible or they resulted to too many failures. Cloud computing is touted as a way to delivery software in the future, can help banking sector react to this new customer-driven environment within innovation business models, operations and IT. Using cloud computing, banks can create a flexible and agile banking environment that can quickly respond to new business needs. Though cloud banking can face few problems like security data confidentiality and quality of services, they can be sorted by building a good application model. It also elaborates the defects of current banking systems, and explores the innovative applications of cloud computing in banks.