What Does Cloud Technology Solutions Offer the Banking Industry?

1. Cloud computing is a relatively new technology that has been making waves in different industries including the banking industry. It has made data management and storage easier. In the banking industry, it has made banks focus more on important banking functions, as it has already managed data for their clients. Also, bank clients are able to access data easily using various devices and regardless of where they are currently located. This innovative technology offers benefits including cost efficiency, feasibility, reliability, security, and productivity. What Does Cloud Technology Solutions Offer the Banking Industry? It cannot be denied that the rise of cloud-based software has given a lot of companies from different industries several benefits. In fact, even for personal use, cloud-based solutions have greatly benefited a lot of people. Cloud computing services can be accessed from any type of device either through an app or a browser from any location. Among the various sectors in society, the banking industry is one of the most beneficial sectors because of the use of cloud technology. Before we can truly understand what cloud solutions have to offer the banking industry, it is essential to first understand what cloud computing is and how it works. So, what is cloud computing? This type of service is also referred to as ‘cloud storage.’ This is a relatively new technology intended to store data on the internet. Also, this is considered a hybrid technology that is composed of various services like networking, software, servers, storage, analytics, databases and many more on the internet. Cloud service providers offer various cloud computing services based on usage. Organizations and businesses that make use of such services often get the cloud services on demand through the internet and billed on a pay-as-you-go basis. If you think about it, cloud technology solutions have become a one-stop solution to all issues and concerns concerning the information. Even in the banking and finance sector, cloud computing has made the process easier, improved interoperability, promote more secure storage, and a 24/7 uptime for banking systems and services. Even the information technology sector has incorporated drastic changes in terms of treating information. Instead of the traditional way of storing information, new techniques have become readily available like machine learning, artificial intelligence, and big data. Now, information can be securely accessed and stored via the internet. Types of Cloud Computing

2. Cloud computing has three major types which are IaaS or infrastructure as a service, PaaS or platform as a service, and Saas or software as a service. These three main types are often described as cloud computing stack, as they are put together on top of each other. Software as a Service (SaaS) is referred to as a method for delivering software applications over the internet, on a subscription basis, and demand. This type of service provides you with a complete product that is run as well as managed by the cloud service provider. One example of this type of service is a web-based email where you can send and receive email even without the need to manage feature additions to the email or perhaps the need to maintain operating systems and services that the email is running on. Services and operations that can be delivered through this type of cloud service include accounting, customer relationship management, enterprise resource planning, human resource management, content management software, and service desk management. Infrastructure as a Service (IaaS), on the other hand, is considered as the basic building block of cloud information technology. This type offers access to various networking features, data storage space, and virtual or dedicated hardware. When you opt for this type of cloud service, you are basically renting IT infrastructure like virtual machines and servers, networks, storage, operating systems through an IP- based connection as part of your on-demand cloud service. Lastly, Platform as a Service (PaaS) is a cloud computing service that aims to provide an on-demand environment for delivering, developing, testing, and managing software applications. This type of service makes it easier for organizations to manage the underlying infrastructure both hardware and operating system, allowing the organizations to focus more on the deployment as well as the management of the applications. This type of cloud computing service is considered as the most complex type. It is different compared to SaaS, which delivers software online, as it the platform that creates such software that is delivered on the internet. Cloud Computing Services in the Banking and Finance Sector Cloud computing offers a great opportunity for banks to connect with their clients directly. With the digital services that it provides, banks are able to maintain customer relationship anywhere and anytime. With the help of the internet, services like managing, accessing and storing information have become easier not just for the banking sector but also for the customers. With cloud computing, it becomes easier to deploy as well as integrate the services offered by the banking system, which essentially decreases the time as well as the effort of the clients. With this type of innovation, banks are able to focus more on the customer-centric model and the digitalization of trading and wealth. In fact, this type of technological solution has created a multi- channel relationship with the clients in every part of the service. For instance, it can help with storing,

3. recovering, and creating backup data of the bank. In addition, this innovative solution has also made possible various other banking services like transferring data in a secure channel, updating and recovering of data securely, and delivering software and banking services. Also, cloud computing services have significantly increased the turnover of banks through the integration of cost-effective cloud solutions. The Benefits of Cloud Computing in the Banking Industry Cloud computing solutions have offered numerous benefits to various industries, especially the banking and finance industry. Here are some of the benefits that it has to offer the banking industry. • Cost-Effective. This innovative solution has significantly reduced the capital expense of buying as well as setting up software and hardware at data centers, allowing banks to focus more on major banking functions. • Feasibility. Cloud computing solutions have allowed the easy use of data. In addition, it has also enabled banks to successfully manage different data demands in the banking industry. • Reliability. Cloud technology is highly reliable. In fact, it provides complete data backup to data and other significant information. Not just that, data can be accessed to multiple platforms with ease. • Security. Data stored and managed by cloud computing solutions are secured and encrypted to prevent any possible data leak and misuse. • Productivity. With this technological solution, all unnecessary time of racking as well as stacking of data in banks are significantly reduced, which ultimately increased productivity. Also, banks can focus on more important banking services. References: https://bigdata-madesimple.com/banking-cloud-computing-solutions/ https://internationalbanker.com/banking/the-impact-of-cloud-computing-on-the-banking-sector/ https://www2.deloitte.com/global/en/pages/financial-services/articles/bank-2030-financial-services- cloud.html