Cloud Computing Adoption Challenges in the Banking Industry

Abstract

Cloud computing is the most important part of today's information technology world that provides solutions to almost all the sectors for improving their business. This innovation helps organizations to enhance or redesign the services at a very low expense. This study investigates the integrated factors that impact in adopting Cloud computing technologies in banking industries in order to adopt innovation benefit. In this paper, the quantitative analysis were performed based on the questioners and answers given by 2358 banking industry related persons like bank managers, customers, higher management. The questionnaire is based to identify their opinion for the adoption of cloud computing for services in banking industry. Benefits and challenges of cloud adoption in banking industry are also identified. We have proposed a cloud adoption framework Cost, Organizational, Technological, Environmental and Decision-maker (COTED) factors. The findings of this research have revealed that all the identified factors have a significantly effect on the adoption of cloud computing technologies for banking industry. With the findings, cloud computing service providers will have a better understanding of what factors are most influencing for cloud computing adoption with relevant insight on current promotions.