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Cloud Computing in Banking

cloud computing in banking

Written by Dr. Mariana Carroll

Cloud computing moves beyond the building blocks of capacity to deliver finished services that directly address business objectives and goals. The attractiveness of cloud is the ability to rapidly innovate, providing scalable solutions based on business and/or market demands, agility, integration, collaboration, flexibility and the orchestration of capabilities. This opens the door for banks to expand their cloud initiatives into strategic or competitive functions.

Align Initiatives and Key Focus Areas with Cloud Readiness

The exploration of cloud computing should start with a clearly defined objective in mind. For example: financial service offerings leveraging cloud, social media and mobile computing could transform user’s banking experience leading to better relationships with customers.

It is important to understand why Cloud Computing is the right solution for your organisation, followed by consideration to keep control over sensitive information and regulatory or legal requirements. Due to these considerations, the preferred cloud entry point for banks are non-core functions, such as email, service support, collaboration, file-sharing and web conferencing. Taking advantage of control over security, while leveraging scalability and flexibility, banks are mostly adopting private clouds (cloud computing services owned and operated on-site by a single enterprise).

If Cloud Computing is viable, a road-map that answers to cloud readiness and longer term positions need to be developed.

 

 

Cloud Computing - Banking Industry

 

 

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For more information on how the cloud effects banking solutions and what it means for you; contact Mariana directly; or leave us a comment below and we will get back to you!

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