Project Proposal and Plan: Cloud Computing in Banking Sector (ITC571)

This project proposal and plan for ITC571 explores the implementation of cloud computing in the banking sector. It investigates the benefits, including increased flexibility, scalability, and cost reduction, while also addressing major concerns like security and control. The research employs a mixed-methods approach, using both primary and secondary data collected through sources like Google Scholar, library resources, and interviews. The project outlines research questions, a conceptual framework, detailed methodology, ethical considerations, and a comprehensive project plan with timelines and risk analysis. The expected outcome is a report summarizing the impact of cloud computing on the banking sector, including societal implications and recommendations for technology usage. The project also includes a work breakdown structure and a Gantt chart to visualize the project's progress.

ITC571 - Project Proposal and Plan
Full Name
Student ID
Subject ITC571 – Emerging Technology and Innovations
Assignment No Project Proposal and Plan
Due Date 23-March-2019
Lecturer’s Name Malka 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:
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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
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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?
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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:
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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
Week Task
1 Choosing of the topic for the research
2 Development of the research question
3 Development of the conceptual framework
4 Submission of the research proposal
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5 Review of the literature
6 collection of the data by selection of the targeted population
7 Analysis of the data collected
8 Submission of the Draft research paper
9 Submission of the Final Project Paper
10 Critical Analysis of the findings
11 Recommendations
12 Submitting 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 Identification Definition Mitigation 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 single complex
architecture. Design
architecture in such a way that
it interacts with, and consumes
data that is based and stored in
the enterprise’s IT
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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 Gravity The 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
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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 Name Duration
Cloud Computing in Banking 32 days
Research Proposal 32 days
Choosing a topic for research 4 days
Background Study of the Research 8 days
Development of the Research Question 5 days
Designing the Conceptual Framework 8 days
Development of the Research Question 6 days
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Research Proposal Submission 1 day
Review of the Literature and Collection of the Data 32 days
Reviewing the available literature 7 days
Selecting target population for collecting the data 6 days
Collecting the Data of the Research Study 10 days
Analysing the gathered data 8 days
Submission of the Draft Research paper 1 day
Submission of the Final Project Paper 20 days
Critical Analysis of the findings 12 days
Concluding the Findings of the Study 4 days
Recommendations 3 days
Submitting the Final Project Report 1 day
Gantt chart:
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