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Scopes and Impact of Cloud Computing on Banking
Responding to the digital age is the primary challenge faced by the banking sector today. Banking involves complex operations and, thus bankers need better tools to handle data generated from these intricate transactions. The advancement in digital technology had led to an increase in the importance of cloud computing in banking. It is a novel Information Technology practice that promises to revolutionize the way IT services are provisioned and consumed earlier. Cloud computing delivers services like compute infrastructure or storage in a utilitarian manner making the services more flexible and cost-efficient. The offered benefits of this practice are
1. Cost reduction: Cloud computing allows financial institutions to choose the required services and pay according to consumption.
2. Business continuity: Cloud computing ensures business continuity in case of any disaster. It also offers high-level redundancy and backs up data at a lower cost than traditional solutions.
3. Scalability: It helps banks in meeting customer requirements immediately and scalability of computer devices.
4. Mobility: With the help of cloud computing, banks allows customers to access their account from remote locations at any time.
5. Green IT: As cloud computing is a virtual environment, financial institutions can reduce carbon footprint without setting up the physical infrastructure.
6. Managed backup: The automatic back up feature of cloud-native banking solution relieves banks from manual backing up of data. It ensures continuity even in case of any disaster.
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7. Business agility and focus: As the cloud is available on demand less infrastructure investment is required.
In future, cloud technology along with analytics, big data, and mobile technologies will unlock values from existing data.