Benefits of Cloud Technologies in Banking Sector

Running head: ITECH1104 - CLOUD AND ENTERPRISE COMPUTING
Itech1104 - Cloud and Enterprise Computing
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1ITECH1104 - CLOUD AND ENTERPRISE COMPUTING
Table of Contents
Introduction......................................................................................................................................2
Core business services offered by a bank....................................................................................2
Bank’s needs for ICT workload types.........................................................................................3
Benefits of using cloud technologies in banking sector..............................................................4
Why major banks use mainframes...............................................................................................5
Conclusion.......................................................................................................................................5
References........................................................................................................................................7

2ITECH1104 - CLOUD AND ENTERPRISE COMPUTING
Introduction
The following report is all about bank and financial institutes that depends on speeding,
capacity, security, success and intelligence, which is needed for overall success. The concept of
mainframe was introduced 50 years ago that aims to play a key role in banking industry (Ware,
2015). The main computer comes up with the capability of handling more than 2.5 billion
transactions on everyday basis. This particular can be considered to be as one of the major reason
for understanding the main component of banking data practices (Lundberg & Åkesson, 2015).
Apart from this, cloud computing also tends to play a key role in making changes in business and
operating model.
In the coming pages of the report, an idea has been provided concerning core business
services that are being offered by bank. After that, an idea has been provided concerning bank
need for ICT workload. A discussion has been provided concerning various kind of benefits of
cloud computing in banking domain.
Core business services offered by a bank
In most of the banks, the three main functions that is offered are taking deposits, making
loan and lastly providing services. In fully functioning bank, there are around 15 or more
different kind of process which is hosted in the organization (Agwu, 2018). Some of the
customers need to do business with only one of these while others need to business with others.
In banks, the customers can be easily divided into groups like corporate, small business and
individuals (Garg et al., 2017). The core business services that are being offered by the bank are
Payment services: This particular service can be considered to be backbone of the
complete flow of money (Lundberg & Åkesson, 2015). In the earlier days, payment services are
completely supported by Cheques and demand drafts.