Benefits of Cloud Computing in Banking Sector

Running head: EMERGING TECHNOLOGIES AND INNOVATIONS
Emerging technologies and innovations
[Name of the Student]
[Name of the University]
[Author note]

2EMERGING TECHNOLOGIES AND INNOVATIONS
Executive summary
This report is going to discuss about the benefits that will be gained with implementing the
cloud computing in banking sector. Cloud computing uses central remote servers and internet
for maintain the applications and data. Cloud computing helps in storing the data and allows
immediate access with the use of internet. This is the new version of internet and allows easy
sharing ad accessing data with the highest speed. The implementation of cloud computing
helps in reducing the cost as there will be no need of purchasing high cost system or
hardware’s. With the implementation of cloud computing in the banking sector, banks will
need not to invest on the hardware’s and software’s. This also improves the scalability and
flexibility so that the banking sector can respond to their customer needs. Several banks has
adopted the cloud computing in their business model so that banks can deliver innovative
way of banking. This report will discuss about the importance and the impact that will be
created on the banking sector. These helps the industry to create an agile environment so that
the need of the markets can be easily. This report will elaborate the ways in which the cloud
computing can be used in the banking industry. Various model associated with this are being
described in this paper. In addition to this the paper will also describe the challenges faced by
implementing cloud computing in the banking sector. This is a research paper that will
describe all the perspective related to implementing the cloud computing in banking.

3EMERGING TECHNOLOGIES AND INNOVATIONS
Introduction
Cloud computing has found a great importance in today’s world. Each and every
working sector and even individuals are getting associated with cloud computing, so that they
can easily access their documents and save them. Innovative ways are used to implement the
cloud application within the system. In order to cope up with the increasing demand, it
becomes necessary to develop strategies that will help the banking industry. Thus transferring
the system to the cloud computing would be associated with providing assistance to the
organization in managing the data along with helping the organization in managing the data
as well. Cloud computing helps in accessing and transferring data easily. Banking sector
deals with maintaining the cash of their customer. Thus this becomes very much necessary to
connect with the cloud server. The cloud computing will help in maintaining the database and
will also provide easy backing up the data. The customer and the bank employees can easily
access these data and also can share among them for their personal use. Wit transferring the
system to the cloud server will also help in time of disasters. As the data stored in this server
gets safe and will not have any effect from such activities. The data can be restored and can
be used whenever the user wishes to retrieve it. Thus cloud computing will be very much
beneficial for the banking sector.
Research question
 How the banking sector can implement cloud computing?
 Benefits of cloud computing in this sector?
 What is the disadvantage of implementing cloud system in the banking sector?

4EMERGING TECHNOLOGIES AND INNOVATIONS
Discussion
The report is having the aim of discussing about the need of the cloud computing in
the banking sector. Cloud computing is a technology that helps the user to access and store
their data in the cloud server easily with the help of the internet. These does not require any
addition hardware or device, thus will help to manage the cost. The banking sector will be
able to cut down the cost, as the need of other system and hardware’s will not be required
anymore. There are several models associated with the cloud computing. Implementation of
cloud computing helps in coping up with the market needs and also to change according to
the customer requirements (Singh et al., 2015). Cloud computing helps in storing the data
and allows immediate access with the use of internet. This is the new version of internet and
allows easy sharing ad accessing data with the highest speed. The implementation of cloud
computing helps in reducing the cost as there will be no need of purchasing high cost system
or hardware’s.
The possible disadvantages that are likely to face with the implementation of cloud
computing in banking sector are:
 The maintenance of these system will require extra money
 There are chances of getting data breached, as the information gets uploaded in the
cloud server.
 The banking sector will need highly technically skilled workers, so that the can
operate this technology
Literature review:
The usage of cloud computing is seen in different sectors as well as in the banking
sector also which has been made possible by making use of different models. The different
kind of cloud service models are associated with providing of different kind of offers to the