Abstract
With recent advances in technology, internet has drastically changed the computing world from the concept of parallel computing to distributed computing to grid computing and now to cloud computing. The evolution of cloud computing over the past few years is potentially one of the major advances in the history of computing. Unfortunately, many banks are still hesitant to adopt cloud technology. New credit unions wanting to achieve greater business agility, cloud technology enables organizations to respond instantly to changing market conditions, leveraging data and applied analytics to achieve customer experience and operational productivity benefits. As a result, cloud computing comes in to provide a solution to such challenges making banking a reliable and trustworthy service. This paper aims at cloud computing strategy, impact in banking and financial institutions and discusses the significant reliance of cloud computing.
Highlights
Banks have always relied on legacy systems from historic times, and in most cases, they are usually reluctant to embrace changes to their technology infrastructure
The shift is quite intimidating, cloud computing is promising banking institutions to award them immense benefits, which will assist them in overcoming the problems they have been facing with the legacy systems in the recent past
As the banking institutions embark on the journey, the paper will reflect on how the banks will be impacted by the implementation of cloud computing into their daily operations
Summary
Banks have always relied on legacy systems from historic times, and in most cases, they are usually reluctant to embrace changes to their technology infrastructure. With increasing concern for customer data, many banking institutions are considering shifting to cloud computing. The shift is quite intimidating, cloud computing is promising banking institutions to award them immense benefits, which will assist them in overcoming the problems they have been facing with the legacy systems in the recent past. As the banking institutions embark on the journey, the paper will reflect on how the banks will be impacted by the implementation of cloud computing into their daily operations. Cloud computing consists of a set of resources and services offered through the Internet. Cloud computing is called Internet computing [18]
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: International Journal on Cloud Computing: Services and Architecture
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
