Table of Contents
- About Cloud computing
- Factors required for cloud-based services
- Sectors affecting Cloud computing and its influences
- Cloud computing and cloud security measures
“Cloud computing is empowering, as anyone in any part of the world with an internet connection and a credit card can run and manage applications in the state-of-the-art global datacenters; companies leveraging cloud will be able to innovate cheaper and faster.” ~ Jamal Mazhar
- About Cloud computing
Cloud computing is a big revolution on big data presently going in and around the world. As big data has taken up the sector in recent times enabling the industries across the globe to improve their capacity in which they access and mine data from all sort of sources available this could help in expanding the customers network more and a lot of people will show interest in becoming the part of the industry due to the benefit and exposure they would experience. But making this implement is creating a huge pressure on the present information technology sector as the digital solutions need to be sorted on a daily basis and so that in the banking sector. In order to manage everything in a sorted manner and best help could be provided by cloud computing that will be generating solution in a more relevant manner.
The capacity to handle the data can be boosted up by the use of cloud computing technology and in this manner, it would become easy to access this data when in use. Also, security agility and scalability is also provided by this platform after the advancement made currently that is a piece of good news actually. There are use cases of data analytics, batch processing and data storage for which bank can access cloud platform according to the time they require which is quite flexible and efficient. Cloud computing is a handy service thus is helping the banking sector in term of cost reduction and pay only for the service they are using. So it can be said for testing the new technology that needed to be adopted in present or future can be done via cloud computing platform as compare than that of present it infrastructure by considering the cost-efficient factor as a must.
2. Factors required for cloud-based services
According to the British banker Association (BBA), there are three broad factors that are highly considered for adopting cloud-based services by the organization as well as people. The first one is agile innovation in which the cloud service increase the banks’ ability to be more productive and efficient and will also enhance agility. It also helps the banks reallocate resource away from IT infrastructure and the innovation is supported towards the fast delivery of the product and the required services from the bank. The second factor is risk mitigation in which cloud help in reducing the risk associated with the traditional system technology presently in use such as the concern of limited capacity redundancy and also the resiliency concern. The concern with security is also managed in more properly by the help of cloud computing. The third factor is none other than cost efficiency. The saving offer via cloud solution is combatively less than the traditional IT infrastructure. The initial cost required for capital expenditure is less in the cloud computing solution. Also, when the period of peak customer demands the platform can be used more efficiently. The cloud is chosen for the risk mitigation and innovation purpose, cost benefits are readily provided from the resulted improvement in the business efficiently.
3. Sectors affecting Cloud computing and its influences
- Once the cloud is been taken into the consideration than the banks are capable of tracking and scan the transaction that has taken place per second which is actually a good way to keep the record maintained in the cloud platform.
- Also, by this industry capacity to handle data is improved and the ability to be safe from the fraud and money laundering decrease.
- The sector of cloud computing still has much more to grow when we consider the banking sector. As per the real reports, many banks have already started adopting the new technology.
- Many banks data have already been stored in the cloud for a safe option so to provide more facilities the improvement is a must.
- According to the Australian banking sector, there is the invention of private cloud environment which is based on IBM cloud technology it is expected that now the storage would be increased and the processing speed would accelerate and the price may further go down.
4. Cloud computing and cloud security measures
As there is no such phenomenon that this technology can totally be trusted as every technology has some backlogs it is nice to keep those things also in mind for further clarification. There are certain we can totally expect from this cloud platform let us see that once to know the performance in much depth. Also, after knowing only the real face can be discovered.
- The cost is relatively going down once this platform is considered for real work. When we consider the critical business application then the data here is not stored locally thus the requirement for some kind of physical infrastructure is not necessary. A large amount of money is saved in that case. As the cost related to maintenance, purchasing and housing for the required hardware can be avoided while cloud usage.
- The relation between the client and the bank will surely be improved as the control and access over of the data will be easy that’s why no confusion will be created. Also, the required information about the customer’s behaviour can be easily noticed and put into consideration. This will allow us to learn about there preferences and that would be the stepping stone to serve them in a better way. Improved performance, information, and accessibility will surely provide us with great feedback from the customer side.
- The flexibility is offered when the cloud is considered for use as the technology is moving in a fast way there is need to be adaptable with the current technology or process as the feature is been added upon the platform. The strong cloud service provider allows us to be upgraded and respond to all doubt related to the cloud platform 24/7. In this way, we are able to respond back to the market in a quick way. We will be able to update everything and need not worry about the infrastructure in any case also housing needs will be managed by the platform itself.
- Cloud security is one of the sections many people are afraid of as their fear the loss of data and record that has been saved. But if the correct procedure and the right partner is been chosen than keeping data in the cloud is much safer than any other domain. There is virtualized application present which offers options like data encryption, SSL management, and enhanced credentialing.in financial sector where security is one of the main concern cloud technology is ready to provide every possible security need to protect the data as well as the privacy.
- Efficiency is a must in every platform that we use while when we talk about cloud platform then here it facilitates the banks with the maximum possibility to integrate the new technology on board that would enhance the operation been performed. Also, with such integration, the operation to be performed in future can be considered as the priority. Mainly its advice the IT staff to focus on the core business and improve it with emerging technology considered on board.
The use of cloud platform is a very considered and understandable decision thus surely the technology it provides with many add on features will help in future of the banking and finance sector.