Cloud Computing's Impact on Nat West Bank: A Financial Sector Analysis

This report examines the application of cloud computing and other digital technologies within the financial sector, using Nat West Bank as a case study. It begins with an introduction to cloud computing and its importance for data storage and resource sharing, followed by a summary of findings from a previous assignment highlighting the benefits of cloud computing, such as cost savings, data backup, and automation. The report then discusses the application of cloud computing technologies in the financial sector, emphasizing its role in data storage, resource sharing, and worldwide accessibility. Furthermore, it explores the application of business and management theories to technological advancements. Strategic recommendations are provided to improve effectiveness and address challenges like digital disruption, emphasizing the need for secure data storage and the use of strong firewalls. The report concludes by summarizing the benefits of cloud computing and its role in ensuring secure operations within the financial sector.

Digital Business & New
Technologies - Cloud
Computing - Financial
Sector - Nat West Bank

Table of Contents
Topic: - Digital Business & New Technologies - Cloud Computing - Financial Sector - Nat West
Bank.................................................................................................................................................1
INTRODUCTION...........................................................................................................................1
Main Body.......................................................................................................................................1
Summary of Findings.............................................................................................................1
Set of conclusions based on summary....................................................................................3
Application of concepts and theories of technology on Financial sector...............................3
Set of strategic recommendations to improve effectiveness and meet emerging challenges of
digital disruption.....................................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

Topic: - Digital Business & New Technologies - Cloud Computing - Financial
Sector - Nat West Bank
INTRODUCTION
Use of digital technologies has become vital for business orgnisation to create new value
and enhanced efficiency in business models and its internal capabilities to support core
operations of an organisation along with providing an enhanced customer experience (Videc,
Zoroja and Pejic-Bach, 2020). Cloud computing also forms a part of new technologies which
provides on-demand availability of computer resources especially offers an effective way for
safe data storage along with computing power which describes the data centres available for
many users at single time over the internet (What is cloud computing? Everything you need to
know about the cloud explained, 2020). The chosen sector for application of cloud computing
technologies is financial sector from which Nat West Bank has been selected for current report
which is a major retail and commercial bank having its headquarter in London, England. The
current report comprises of a discussion about the summary of assignment 1 along with the main
conclusion drawn from that findings. Apart from this, an application of cloud computing and
other digital technologies in financial sector is also made along with set of strategic
recommendation to improve effectiveness and meet emerging challenges of digital disruption.
Main Body
Summary of Findings
On the basis of CW1 assignment it has been find out that emerging technologies and
development in IT sector leads to emergence of many new technologies out of which cloud
computing is one such important technology. It has been observed that cloud computing is
significant and important for an organisation as provide a digital platform for data storage along
with sharing of computer resources with motile users over internet. Thus, it can be evaluated that
cloud computing technologies are important for business organisation as it leads to cost saving
and also ensures effective back-up and restore of data along with automation software integration
and high speed business operations and process with unlimited data storage capacity (Marinescu,
2017).
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Beside this, a summarisation about the application of cloud computing technology is also
made which provides an on – demand availability of online computer system resources which
facilitates digital platforms for data storage and computing of power over internet. It has been
also observed that cloud computing provides a worldwide access to data and other computer
resources to share information and application over internet in most easiest and efficient way.
The main application and use of cloud computing comprises of IaaS (infrastrure as a service) or
digital platform as a service (PaaS) along with availability of private cloud and hybrid cloud for
storage of data. Apart from this, test and development of project with sharing of online resources
over cloud is also a big application and use of cloud computing (Noor and et.al., 2018). Further,
it has been also evaluated that there are two major components of cloud computing which
consists of Cloud circulation and SOA (Service oriented architecture) which facilitates business
to access and store their vital information on cloud in a secure way through eliminating all types
of physical and location barrier.
On the basis of findings of CW1 it has been also summarised that all types of business
organisation are making use of cloud computing technology but it facilitates maximum support
for marketing group to store information and allows its easy associability along with data
security firms, financial sector for storage of more data and other global companies for essay
transfer and communication of information. Use of cloud computing provides an effective way
for better growth and expansion of a business through facilitating a vital platform for storage of
and transferring of information along with worldwide assess thus makes communication and
sharing of resources more easy at global level. Further, cloud computing provides a multi-
dimensional system to business with multiple application thus reduce cost of operation and
maintenance for a business (Varghese and Buyya, 2018).
Apart from this, a summarisation about the theories of business and management is also
drawn from CW1 which comprises of progressive management theory which is used to manage
technological development and advancement in a business. Further, seek clarity theory brings
clarification for employees about innovation and digital development while administrative theory
ensures effective organisation and management of technological development. Human relation
and system theory also drives and support a business for enhanced and efficient application and
management of technology through setting a balance between human efforts and technological
system.
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Set of conclusions based on summary
On the basis of above discussion a conclusion can be set out that use of these digital
technologies and utilisation of cloud computing provides a direct access and worldwide mobility
of data that can be easily stored, retrieve or exchanged by business organisation through offering
a digital platform for storage of information and sharing of resources. It has been also set out and
concluded that Backup of crucial information and disaster recovery along with file storage
facility and worldwide accessibility are also the key application and uses of cloud computing for
a business organisation. Further, a conclusion regarding the business and management theories is
also lead out from above summary which consists of progressive management theory to ensure
continuous improvement and development of technology with in an organisation. Further, it has
been concluded that seek clarity approach ensures transparency in utilisation of digital
technologies where as administration theory provides effective organisation. At last, human and
system theory are viable to set coordination in employees efforts and use of technology to
improve efficiency of business operations.
Application of concepts and theories of technology on Financial sector
Financial sector is mainly associated with the firms sand institution which provides
commercial and banking services to its customers. Thus, application of cloud computing is
significant and vital for financial sector as it facilitates a better digital platform for storage of
data and also ensures and facilities sharing of resources and worldwide accessibility and back-up
of crucial information (Wang and et.al., 2017). Nat West Bank is a major retain and commercial
Bank of UK dealing in financial sector and having many braces and subsidiaries across UK.
Thus, application of cloud computing is vital and significant for this organisation as it lead to a
unlimited digital space for storage of crucial data about its customers and clients for a longer
period of time along with allowing backup facility and ensures accessibility of information from
worldwide. Apart from this, application of cloud computing technologies would also ensure easy
sharing of computer resources to enhance efficiency and performance level of its operations.
Apart from this, application of concepts and theories of technology could also be made
by Nat West Bank which comprises of progressive management theory which ensures a
theoretical approach for better management and utilisation of advancement and development of
technologies and also leads to continuous development and improvement of operations and
efficiency of financial sector (Strømmen-Bakhtiar, 2019). Seek clarity approach would lead a
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sense of transparency and clarity in minds of employees of Nat West Bank rendering the use and
adoption of advanced technologies and cloud computing to accomplish set aim and objective in a
better manner. Application of administrative theory is also vital for financial sector as it lead to
more effective organisation and administration to implement new technology for up-gradation of
business operations. Utilisation of Human relation and system theory also plays a vital role in
Nat West Bank to ensure a better coordination among employees efforts and adoption of new
digital technology to ensure better and higher efficiency and upgraded operations in financial
sector to offer better banking and insurance facilities to customers (Abbate and Villari, 2016).
Set of strategic recommendations to improve effectiveness and meet emerging challenges of
digital disruption
At present the most emerging challenges faced by businesses organisation is associated
with safe storage of data along with protection of information from hacking and theft. Thus,
adoption of cloud computing is recommended for Nat West Bank and other firms in financial
sector as it ensures and provide a digital platform for storage of data that is easily accessibility
and retrieve for future use along with effective sharing of information and other computer
resources. Apart from this, suggestion for use of cloud computing is also lead to improvement in
efficiency of operations of Nat West Bank through leading cost efficiency and better way for
sharing of resources and storage of crucial data (Olbert and Werner, 2019). Apart from this, use
and application of strong firewalls and passwords are also recommended for Nat West Bank and
other financial institution to set a barrier and check on unauthorised user to safeguard and protect
crucial information from digital disruption and hacking. Use of firewall along with cloud
computing technologies ensures effectiveness in business operations of financial sector through
offering platform for secure storage of data through keeping a check and control over network
traffic and set barrier for un-trusted network over internet to meet and overcome the challenge
the digital disruption.
CONCLUSION
On the basis of above assignment a conclusion can be made that use of cloud computing is
efficient for business organisation as it provided a digital platform for easy and safe storage of
data along with leading better sharing and use of resources. It has been summarised that, use and
application of cloud computing offers cost efficiency by sharing of online resources and also
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brings efficiency in operations. At last, a conclusion can be made that, cloud computing along
with use of string firewalls ensures an effective way to meet and overcome digital disruption
through allowing mores security over internet network.
REFERENCES
Books and journal
Abbate, T. and Villari, M., 2016, April. A Scientometric Analysis of Cloud Computing and QoE
Literature to Design a Cloud Platform of Experience for Digital Business. In Advances in
Service-Oriented and Cloud Computing: Workshops of ESOCC 2015, Taormina, Italy,
September 15-17, 2015, Revised Selected Papers (Vol. 567, p. 276). Springer.
Marinescu, D.C., 2017. Cloud computing: theory and practice. Morgan Kaufmann.
Noor, T.Hand et.al., 2018. Mobile cloud computing: Challenges and future research
directions. Journal of Network and Computer Applications. 115. pp.70-85.
Olbert, M. and Werner, A.C., 2019. Measuring and interpreting countries’ tax attractiveness for
investments in digital business models. Intertax. 47(2).
Strømmen-Bakhtiar, A., 2019. Digital economy, business models, and cloud computing. In
Global Virtual Enterprises in Cloud Computing Environments (pp. 19-44). IGI Global.
Varghese, B. and Buyya, R., 2018. Next generation cloud computing: New trends and research
directions. Future Generation Computer Systems. 79. pp.849-861.
Videc, T., Zoroja, J. and Pejic-Bach, M., 2020. What Business Leaders Should Know About
Cloud Computing: Cloud Computing for Digital Business. In Leadership, Management,
and Adoption Techniques for Digital Service Innovation (pp. 264-286). IGI Global.
Wang, L and et.al., 2017. Cloud computing: methodology, systems, and applications. CRC Press.
Online:
What is cloud computing? Everything you need to know about the cloud explained. 2020.
[Online] Available Through:< https://www.zdnet.com/article/what-is-cloud-computing-
everything-you-need-to-know-about-the-cloud/ >.
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