Cloud Computing in Financial Services: Liberating Banks from Non-Core Businesses
Cloud technology is revolutionizing the financial services industry by liberating banks from non-core businesses, reducing costs, increasing efficiency, and improving security. With cloud-based services, financial institutions can access flexible storage and computing services at a lower cost, allowing them to onboard more agile capabilities and launch new businesses that require high responsiveness to market and customers. Additionally, cloud technology is enabling the at-scale application of big data analytics, which boosts demand for cloud-based elastic computing and spurs a microservice-driven architectural transformation in banking. Major Forms of Cloud Services for Financial Institutions There are three major forms of cloud services that financial institutions should be aware of: public cloud, hybrid cloud, and private cloud. Public cloud infrastructure is owned by cloud computing service providers who sell cloud services to a wide range of organizations...