Core Bank Services and Security and Privacy Needs

Running Head: IT 0
CLOUD COMOUTING

IT 1
Contents
Core Bank Services and Security and Privacy Needs...........................................................2
Bank ICT Workload Types.....................................................................................................3
Advantages of Cloud in the Banking Industry......................................................................4
Why Mainframes is used by Major Banks............................................................................5
References.................................................................................................................................6

IT 2
Core Bank Services and Security and Privacy
Needs
The first core bank commercial services include saving accounts that enable
individuals and businesses to save money into various type of accounts and on
depending on that, interest will be generated. When bank earns profit from the
amount invested by a user, the reward can also be given to the user in form of fixed
rate of profit and thus help user to earn money with saving currency.
The next core banking service includes loans that enable a user to fetch some
specific amount of money from as per the needs and which they are again required
to give the bank at specified time in future with certain interest. There is various
reason for which a loan is taken by the user like marriage, purchasing of car,
capitalisation in business and so forth.
At last, credit cards also known to be one of the major core activity of bank
that allows users to do transactions without paying in advance and thus owe the
bank the amount of what was purchased including any sort of interest caused from
the purchase (Frei, 2008).
It is necessary for the bank to continue privacy and security for the help of
every party involved and thus they need a security system for any infrastructure that
can be easily connected to the internet while not providing possible access to
unauthorised people as due to carry out of malicious actions through disrupted
accounts (Yousafzai, Pallister & Foxall, 2009). Adopting intra networks is also
significant so that relevant data accessed by employees of bank are sustained within
the bank intranet premises. With regards to this, there is also a need to secure
various infrastructures and structures like POS machines, ATMs and more to retain
user data safe with extent to safety necessities.