A Critical Appraisal of Cloud Computing Technologies for Banking

Abstract

In coming years cloud computing is expected to become one of the most important inventions of the era. Cloud computing can offer banking sector a number of advantages like enhanced data processing capability, cost saving, agility of information technology and reduced risk of information technology. To further facilitate the implementation of cloud computing in banking, banks must consider the issues related to data confidentiality, security, regulatory compliance, quality of service and technical standards. With the help of cloud computing many services like storing, managing and accessing the information has become easier for both the bankers and the consumers. Cloud computing should be applied gradually from the minor business to the core business for better stability and unvarying expansion. In this paper cloud computing in banking sector has been examined with respect to its scope, advantages, disadvantages, applications and its comparison with traditional banking. Finally, this paper concludes that cloud computing is competent to provide the banking sector a more efficient and effortless working environment with promising future prospects.