Cloud Computing

All cloud service providers have their own merits and demerits. Some banks like Amazon’s cloud service, while others prefer Microsoft’s Azure. Cloud computing services by Google and IBM are also widely popular options. However, several financial institutions still feel reluctant to adopt cloud computing in banking anyway. Therefore, it mostly depends on the requirements of the financial institutions and the features offered by a specific cloud partner that makes the latter popular among others.

There are primarily four cloud computing types that the banking industry can avail of — Private, Public, Hybrid, and Multi-cloud. When it comes to cloud service models, there are SaaS, PaSS, IaaS, and BPaaS.

Cloud computing in the banking sector can help banks improve scalability and flexibility, reduce operational costs, enhance business continuity, and increase data security.