Cloud Computing in Banking Sector - Project Proposal and Plan
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This project proposal and plan is about the benefits and security issues of cloud computing in the banking sector. It includes a conceptual framework, research questions, methodology, compliance requirements, and project plan. The expected outcome is a summary report on the usage of cloud computing in the banking sector.
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ITC571 - Project Proposal and Plan Full Name Student ID SubjectITC571 – Emerging Technology and Innovations Assignment NoProject Proposal and Plan Due Date23-March-2019 Lecturer’s NameMalka N. Halgamuge Cloud Computing in Banking Sector 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. 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 that are provided by the computing is associated with helping a lot in making the various processes much more easily along with helping in the reduction in cost in numerous ways. Banking sectors are one of the crucial sectors of today’s world, and for that reason, it needs to make use of the latest technology to satisfy its customers. The research would also be helping in understanding the security issues along with the benefits. 3. Supervisor Approval- Yes I.INTRODUCTION 2. Rationale A variety of benefit is provided by the cloud service provides to the banks and this includes increased flexibility as well as scalability along with lowered costs and improved organizational efficiency. However the banks are still hesitant in the adaptation of the cloud technology and some of the major fears of the banks include the following: 1
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Security: For any of the bank it is very important to keep the data secured as the information related to the banks is very sensitive in nature which is initially responsible for making the information much more valuable as well as vulnerable. Due to the fact that all the banking related information is even more sensitive along with being valuable it needs to be secured. Control: Handling of the control of the critical business applications as well as the data is one of the major concern. The adaptation of the cloud computing environment means handling over of the entire control to the hands of the service providers which would be initially responsible for reduction of the ability of the data owners to be flexible and agile. This means by adaptation of the cloud environment the banks are putting themselves at the mercy of the service providers. 5. Conceptual or Theoretical Framework 2
4. Research Questions Q1. What is the role played by Cloud Computing in the banking sector? Q2. What are the Impacts and prospects of cloud computing in the Banking sector? Q3. What are the existing policies governing the space of the cloud computing? Q4.What are the Impacts of Cloud computing in the performance and the productivity of the bank? 3
Q5.Who are the major stakeholders included in the space of cloud computing? 6. Methodology II.MATERIALS AND METHODS Analysis of the Source Information: The database of Google scholar has been used for searching the key terms like the cloud computing, impact of cloud computing in banking, benefits of cloud computing and many more. The database of Google has helped a lot in finding useful articles and journals related to the topic. Additionally the various advantages and disadvantages of cloud computing has also been understand after researching the articles. Besides this different library sources has also been used which included books and news articles. In addition to this various transcripts concerning the unique nature of cloud computing has also been used. Research method: The research method that has been used is this scholastic research work includes the primary data and the secondary data. The secondary research is a very common research method and generally involves the usage of the information which others have already gathered by making use of the primary research. Different sources like the journals, media sources and research articles would be used for conducting the entire research. Investigations of the previously published research papers would be done so as to understand the findings of the researchers and for understanding the gaps. Depending upon the earlier findings the entire research study would be conducted so as to conduct further investigation and for the deployment of the cloud computing environment in the banks. The primary data is generally collected from the general population who are connected with the banks and are associated with the utilization of the computing innovations for their business operations. Qualitative as well as quantitative data would be collected for the examination. Data collection: Information has been gathered from different sources like the news articles, diaries and the yearly reports and this are generally termed as the auxiliary information. In the process of exploring the entire background only the information which seem to be essential should be gathered so as to satisfy the destination of the examination think about. The information are generally assisted by the reliable sources which are generally determined by depending upon the type of accessibility and this mainly includes the quantitative information and the subjective information. Primary data would be collected by means of interviews which would be considered as the qualitative data and would be analyzed by means of critical thinking and comparing them with the findings of the literature review. Ethical issues: 4
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There always exists some kind of moral thought related to the openness and security of the information used for the analysis. Individuals who are responding to the review ought to be outstanding about the motivation that lies behind the examination work that is to be conducted. Ethical issues that might arise may be of different types and all this issues needs to be considered. One of the major issues includes the informed consent of those taking part in the data collection method. Besides this it is also important to make sure that the respondents are being informed and should also be making sure that the respondents are providing their consent for the entire process. The identity as well as the name of the organization in which the respondent’s works are to be kept confidential in order to make sure that the code of ethics are being met in a proper way. Compliance requirement The compliance is associated with including a number of different things from various grounds. This might be including from the government regulation to industry regulations. Because of the complex work related to the implementation of the cloud computing environment. Confidentiality and privacy of each organization needs to be considered and the reason behind this is that the organizations are having different strict policies related to accessing the employees for conducting the research. So there is a need of signing a consent form for maintaining the confidentiality and privacy of the companies from where the respondents would be selected. 7. Project Plan Expected Outcome The project will predict the summary report about the usage of the cloud computing in the banking sector which would be 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. 1.Deliverables V TIMELINE WeekTask 1Choosing of the topic for the research 2Development of the research question 3Development of the conceptual framework 4Submission of the research proposal 5
5Review of the literature 6collection of the data by selection of the targeted population 7Analysis of the data collected 8Submission of the Draft research paper 9Submission of the Final Project Paper 10Critical Analysis of the findings 11Recommendations 12Submitting the Final Project Report Work breakdown structure (WBS) Cloud Computing in Banking Research Proposal Choosing a topic for research Background Study of the Research Development of the Research Question Designing the Conceptual Framework Development of the Research Question Research Proposal Submission Review of the Literature and Collection of the Data Reviewing the available literature Selecting target population for collecting the data Collecting the Data of the Research Study Analysing the gathered data Submission of the Draft Research paper Submission of the Final Project Paper Critical Analysis of the findings Concluding the Findings of the Study Recommendations Submitting the Final Project Report Risk Analysis Risks IdentificationDefinitionMitigation Strategies Intricate Architecture:The chances of a cloud migration failing increase in direct proportion to the complexity or intricacy of the architecture. Data rich applications are most Managing a singlecomplex architecture. Design architecture in such a way that it interacts with, and consumes data that is based and stored in the enterprise’s IT 6
often dependent on multiple elements and environments. environment Multiple Dependencies:At the time of lift shift, the multiple dependencies with the on-premises environment is associated with the creation of lot of problems. Solution which are associated with testing before migration is to be selected as they would be responsible for identification and f inding of remedies for the differences existing in the environment, cloud service provider is to be selected who would be capable of replicating or offering services which are relevant. Management And Control Of The Data Streams Within The Heterogeneous Environment The database generally requires a consistent view along with a transactional production server and are continuously associated with the generation and updating of the data and this is one of the major issue. After the data is migrated to the cloud servers the system must be associated with the tracking and synchronization of the new changes so as to produce the application. There exists security related concerns as well for the storing production data due to lack of control and existence of different data repositories. Taking up of solutions which are associated with offering direct as well as secured connectivity in and out of the clouds and should be implemented with highest configuration. Cloud GravityThe IT teams of the banks might be requiring a workload mobility so as to For those applications which are data rich an evaluation of the migration solution needs to 7
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have an effective data and workload migration so as to make sure that it is not affecting the business adversely or is introducing an extra cost. be done for the simplicity and speed. In case of the portability and the interoperability of the stateless applications in the multi-cloud storage it is a good idea to use the containers. Latency:Latency at the time of using the cloud might be a major risks for the banks and this might happen while using the cloud application over the internet which is one of the major issue. Usage of the optimized services from the cloud service provides so as to help in tiding over the issues related to latency. Architectural difference:There might arise the need of making modifications in the design and architecture which might not be associated with complete following of the cloud architecture. Doing piece-by-piece evaluation and by proper planning by meeting all the requirements. Duration: Task NameDuration Cloud Computing in Banking32 days Research Proposal32 days Choosing a topic for research4 days Background Study of the Research8 days Development of the Research Question5 days Designing the Conceptual Framework8 days Development of the Research Question6 days 8
Research Proposal Submission1 day Review of the Literature and Collection of the Data32 days Reviewing the available literature7 days Selecting target population for collecting the data6 days Collecting the Data of the Research Study10 days Analysing the gathered data8 days Submission of the Draft Research paper1 day Submission of the Final Project Paper20 days Critical Analysis of the findings12 days Concluding the Findings of the Study4 days Recommendations3 days Submitting the Final Project Report1 day Gantt chart: 9
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Flexibility in Activities and Work Portability.NFC IEFR Journal of Engineering and Scientific Research,5. Islam, M. A., Islam, M. K. B., & Beg, M. N. S. (2015, November). Paradigm shift towards cloud computing for Banking sector. In2015 International Conference on Computer and Information Engineering (ICCIE)(pp. 126-129). IEEE. Lewis, G. A. (2017). Cloud computing.IEEE Computer,50(5), 8-9. Misra, S. C., & Doneria, K. (2018). Application of cloud computing in financial services: an agent- oriented modelling approach.Journal of Modelling in Management,13(4), 994-1006. Mungai, K., & Bayat, A. (2018, November). The Impact of Big Data on the South African Banking Industry. InICICKM 2018 15th International Conference on Intellectual Capital Knowledge Management&OrganisationalLearning(p.225).AcademicConferencesandpublishing limited. Owusu-Tucker, E., & Stacey, P. K. (2018). An exploratory study assessing the role cloud computing has in achieving strategic agility with the banking industry. Sharma,S.K.,&Al-Muharrami,S.(2018).MobileBankingAdoption:KeyChallengesand OpportunitiesandImplicationsforaDevelopingCountry.InEmergingMarketsfroma Multidisciplinary Perspective(pp. 75-86). Springer, Cham. Srivastava, U., & Gopalkrishnan, S. (2015). Impact of big data analytics on banking sector: Learning for Indian banks.Procedia Computer Science,50, 643-652. Vives, X. (2017). The impact of FinTech on banking.European Economy, (2), 97-105. 11
Zineldin, M., & Vasicheva, V. (2015). Banking and financial sector in the cloud: knowledge, quality and innovation management. InCloud Systems in Supply Chains(pp. 178-194). Palgrave Macmillan, London. 12