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Cloud Adoption in Banking and Finance Industry

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Banking / Financial ServicesOn Clouds

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Benefits of Cloud Computing for Banking & Financial Service

• Total costs of ownership (TCO) and asset utilization due to reduced Capex and Opex with better ROI

• More-flexible cost structures: Utility-based pricing model, enterprise can use pay-per-Use for on-Demand Scalability.

• Quality of service• Business Continuity: Disaster recovery Solution by Cloud Service Provider

• Gain in productivity due to existing innovative cloud application architectures: Fast and easy implementation; Consistent, reproducible environments

• Availability -> 24x7x365 access to their Banks or Financial Institutions-> End-user productivity –> users can access systems, regardless of their location.

• Big Data Processing with the use of Public clouds to build Fraud Models

• Customer preference analysis through social networking interfaces: Manage multiple Social Media site integrations enhancing the organization’s ability.

• Opportunities for Banks or Financial Institutions to create new business models that are more customers centric and nimble and, consequently, can help Banks or Financial Institutions grow more quickly and more profitably.

• Better customer relations, human relations and finance management which helps the Banks or Financial Institutions to retain existing customers and also expand the business.

• Access to a web-based, centralized data platform where information from all of them is gathered, standardized and made available to anyone with internet access and the right security permission.

• Mobile Banking / Mobile Cloud Computing• Address Compliance and Regulatory Requirements — Utilize built-in financial regulatory reform controls with features Cloud based money management services make sense as they allow business owners to monitor the money flow more easily.

• Strait-jacket of legacy systems with phased approach.

Barriers for Cloud adoption in Banking & Financial Service

• Security - To ensure the potentially sensitive information which traverses the cloud is safe and secure?: Privacy, Confidentiality, Data integrity, Availability, Authentication & Authorization, Trust in cloud service providers to put certain business data or processes in the cloud.

• Increased dependency on third party: 3rd Party control on customer and financial data; Limited guarantee on service levels; Vendor lock in

• Lack of regulatory guidance associated with cloud computing technologies.

• Integrating existing technology investment into Cloud. Legacy applications - Large investment in ‘legacy systems’ which often utilize obsolete hardware and software yet persisted due to the expense, difficulty

• Uncertainty to embrace new technologies• A house divided against itself cannot stand: Conflict of interest/opinions between business, legal & compliance teams

• Location of data: Regulators across the world have increasingly been baring their teeth and introducing reform to the financial services industry.

• Cost of bandwidth and other services will be higher which depends on type of application and data intensity.

• Disaster recovery and system failure is again an important concern because in cloud computing we will have “Single-Point-Of-Failure” & will effect multiple systems.

• Complex licensing/ charging models• Reputation risk

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• Total costs of ownership (TCO) and asset utilization

• Utility-based pricing model

• Big Data Processing with the use of Public clouds

•End-user productivity

• Agility

• Quality of service

• To create new business models that are more customer centric and nimble and, consequently, can help banks grow more quickly and more profitably.

• Better customer relations, human relations and finance management which helps the banks to retain existing customers and also expand the business.

•Mobile Cloud Computing

• Changes in Government Regulations

• Limited guarantee on service levels

• Complex licensing/ charging models

• Vendor lock in

• Reputation risk

• Single-Point-Of-Failure

• Security & Governance

• Increased dependency on third party

• Lack of regulatory guidance associated with cloud computing technologies.

• Legacy Banking Applications

• Conflict of interest/opinions between business, legal & compliance teams

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http://clean-clouds.com

Download with Linkedin Username/Password

http://clean-clouds.com

Download with Linkedin Username/Password

http://clean-clouds.com

Download with Linkedin Username/Password

http://clean-clouds.com

Download with Linkedin Username/Password

http://clean-clouds.com

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