The Banking Industry And Cloud Computing Essay

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The Banking Industry and Cloud Computing Banks are facing increased pressure to streamline their current processes and trim operating costs, while also responding to more demanding, digitally connected customers (Adams, 2012). Many banks are even looking at new technologies and IT delivery models such as cloud computing to help address these issues. Banks have many reasons to like the cloud, such as cost efficiency, standardization and consistency (Dragon, 2013). Banks are embracing the cloud more and more because it allows them to be more quick and responsive to the ever changing customer demands and designing new revenue-generating opportunities. With knowing the need for better delivery models for the customers, the success of implementing a cloud computing environment depends on the existence of a service-oriented architecture at the level of the institution that offers the necessary infrastructure for cloud implementation (Choubey, Rajnish, Dubey, and Bhattacharjee, 2011). In developing cloud computing strategy and infrastructure, it is important to keep security in mind. There must be understanding as to which delivery models are appropriate based on security and trust requirements within the connecting systems. By assessing the security requirements for banking industries such as: governance, architecture, applications, and assurance are needed to develop the cloud computing framework and is an important consideration in this research (Erl, Puttini, &
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