Comparative Analysis of Cloud Computing Application in Russian and Foreign Financial Institutions

Abstract

The modern world cannot be imagined without a massive introduction of information and communication technologies. The implementation of innovative technologies led to a transformation of entire industries. It was no coincidence that there emerged a term digital economy, denoting economic sectors, in which use the most advanced information and communication technologies. Industry 4.0, financial technologies are the clear confirmation of the transformation of the economy. The main innovative directions in the field of information and communication technologies are cloud computing, Blockchain technology, processing and analysis of big data technology, the use of neural networks. One of the leaders in the field of implementing innovative technologies is financial institutions that are the second largest investor in IT projects after telecommunications companies. Today, cloud computing is the most popular innovative technology in the banking sector. The paper analyzes the prospects for adopting cloud technologies in Russian and foreign financial institutions. The research on the financial performance of the world market of cloud computing is conducted. The scope of cloud computing application in financial institutions is considered. Moreover, the comparative analysis between Russian and foreign banks, as well as in the financial sphere of the BRICS countries is carried out. The advantages for financial institutions when implementing cloud technologies are examined. Obstacles in adopting of cloud computing in the Russian financial institutions are investigated.