Cloud Computing in Banking Sector

This blog discusses the benefits and security issues of cloud computing in the banking sector. It aims to analyze the implementation of cloud computing technology in the banking sector and understand the virtual applications provided by cloud providers. The blog also covers the advantages and disadvantages of cloud computing and its impact on regulatory and compliance. The final deliverable would be a summary report on the usage of cloud computing in the banking sector.

About me: [To be filled by the Student]
Project Title: Cloud Computing in Banking Sector
Blog site Address: https://ccb870808683.wordpress.com/2019/03/07/cloud-computing-in-
banking-sector/
Project Problem Domain:
The main reason lying behind the selection of this topic is that cloud computing
technology is an emerging technology which is being used in almost every field. Besides this the
services thata re provided by the computing is associated with helping a lot in making the various
processes much more easy along with helping in reduction in cost in numerous ways. Banking
sectors is one of the crucial sector of today’s world and for that reason it needs to make use of
the latest technology in order to satisfy its customers. The research would also be helping in
understanding the security issues along with the benefits.
The key research questions such as the “What are the major security issues faced by the
banks while using the cloud technology?” has been prepared along with the other key questions.
Background/Context/Description:
This project would be entirely based upon the workplace environment of the banks. The
project would be considering the various way by which the cloud services would be benefiting
the organization along with understanding the various security and other issues that are likely to
be faced while using the cloud computing environment.

Project Aim/Objective:
The aim of this project includes eth analysis of the implementation of the cloud
computing technology in the banking sector.
The objective of this project is to understand the ways by which the banks would be using
the cloud computing environment. Besides this the object also includes the understanding of the
various virtual applications that are being provided by the cloud providers so as to facilitate the
different process of the bank. Besides this the different issues that are likely to arise are also to
be understood as well along with the benefits.
Scope:
The Cloud computing is associated with a creation of a lot of opportunity for the bankers
so as to get connected with the users directly. This is the digital service which is provided in
order to maintain the relationships that exists with the customers anywhere and anytime by
making use of the cloud computing. This is done by taking help of the internet and various
services such as the virtual storage or management and accessing of the information have
become a much easier for the bankers as well as for the customers. This is one of the easy
technique that is used for the deployment and integration of all the services that are provided by
the banking systems which in turn is associated with decreasing the time as well as the effort of
the users. There are certain advantages of cloud computing and this includes the following:
1. Cloud computing is cost effective that is it helps in reduction of the expenses needed for
buying and setting up of the physical systems which helps a lot in saving costs,

2. Cloud computing is feasible which means that it is very much easy to use. Cloud
computing would be helping the banks in management of the various baking world
demands.
3. Cloud computing is also reliable as this is associated with providing a complete backup
of the data.
4. Cloud computing is productive as this helps in elimination of any of the unnecessary time
related to racking of stacking of the data.
Along with the advantages there also exists disadvantages and this can be considered to
be a precautions. These are the precautions which needs to look after by the bankers who are
associated with enabling the high ended and secure services to the users.one of the major issue
which needs to be looked into is the security of the cloud servers. Maintenance of the
confidentiality along with the security of the various finance related information is very
important. In case if proper precautions are not taken by the cloud service providers then the
entire confidentiality of the data would be facing a huge amount of risks like exploitation of the
data by malicious users or the data getting corrupted.
Besides all this the project is also aimed at understanding the advantages in the regulatory
and compliance of the cloud computing technology. There exists a major advantage in regulation
that the cloud computing is having. It is generally possible for the vendors to secure the data
entirely or by giving a partial access to the data that is selected. This in turn would be associated
with making sure of the regulations in the database.

Not in Scope:
The scope of this project does not includes any kind of practical works. However the
thing that is mainly included is researching the banking sector so as to understand the extent of
the acceptance of the various cloud computing services.
Deliverable or Outcomes:
The final deliverable would be consisting of the summary report about the usage of the
cloud computing in the banking sector which would eb consisting of the entire analysis along
with the results and conclusions and what are impacts of the usage of the particular technology
upon the banking sector. The report would be covering the various societal implications upon the
project and would be considered the plans of usage of the particular technology.
Resources:
Asadi, S., Nilashi, M., Husin, A. R. C., & Yadegaridehkordi, E. (2017). Customers perspectives
on adoption of cloud computing in banking sector. Information Technology and
Management, 18(4), 305-330.
Chatterjee, S. (2017). Ad-Hoc Data Processing and its Relation with Cloud Computing in
Finance Sector. International Journal of Applied Science and Engineering, 5(1), 19.
Hon, W. K., & Millard, C. (2016). Use by banks of cloud computing: An empirical study.
Hosseinian-Far, A., Ramachandran, M., & Slack, C. L. (2018). Emerging trends in cloud
computing, big data, fog computing, IoT and smart living. In Technology for Smart
Futures (pp. 29-40). Springer, Cham.
Lewis, G. A. (2017). Cloud computing. IEEE Computer, 50(5), 8-9.

Vives, X. (2017). The impact of FinTech on banking. European Economy, (2), 97-105.
Zineldin, M., & Vasicheva, V. (2015). Banking and financial sector in the cloud: knowledge,
quality and innovation management. In Cloud Systems in Supply Chains (pp. 178-194).
Palgrave Macmillan, London.