Deepti answered on
Sep 10 2021
Cloud Computing facilitate Banking Secto
This research proposal presents a descriptive literature review on cloud computing technology facilitating banking industry. Six main articles are refe
ed which have been classified on the basis of potential of this technology in banking, the techniques of Cloud computing for the industry, migration of the industry over this technology, challenges and issues of cloud computing and the advancements in overcoming those issues. The articles collectively suggest that research is required to manage technical issues and new research themes emerge for organizational implications.
Cloud Computing facilitate Banking Sector 1
Literature Review 2
This paper focuses on reviewing literature that elaborates the incorporation of cloud computing technology into banking sector. This research explores different aspects that are responsible for facilitating the use of this technology in financial institutions. Cloud computing has witnessed exponential growth in banking industry. Cloud computing is recognized as a trending destination for banks for data and application storage and to facilitate accessing advanced applications over the internet. This study researches in detail the six main ideas behind integration of this technology in banks. These include exploring the potential of Cloud computing in Banking, the techniques of Cloud computing, transforming banking sector through adoption of Cloud, applications of Cloud computing in banking sector and lastly, challenges and issues encountered during migration. The articles that contribute to the major part of this study focus on these aspects. The review is organized in such way that each aspect is discussed with respect to the contribution of different researchers.
Keywords: Cloud Computing, Banking, SaaS, PaaS, IaaS, challenges, security, privacy, integration, applications
This section offers an elaborate discussion on cloud computing and its impact on banking sector that will enhance the business of this industry. The authors of (Asadi, 2017) claim data privacy and security to be the major issues in transforming banking services over Cloud computing (Catteddu, 2009) since financial institutions are altogether categorized as very sensitive organizations with high risk. The study suggested that the three main concerns of data privacy, security and trust are inte
elated since trust is built on the basis of how robust is the security and privacy model used by the bank. These issues can be categorized into data integrity, access control, integrity, accountability, availability and viability. This can be assessed by observing whether the cloud providers use stringent policies to counter these issues. Trust between cloud providers and customers is another major factor affecting the adoption of cloud into banking. The cloud providers need to exemplify their reliability to the customers and customers need to exhibit their trust on the former just as they trust the bank. This is possible only when the cloud providers offer excellent assurance and security.
Authentication is discussed as the foremost challenge by (Wang, 2014) in mobile cloud computing (MCC) and this holds good in banking as well. The researchers of (Wang, 2014) claim that protection can be enhanced in authenticating user’s identity by using mobile-to-cloud authentication. Banking industry can use authentication protocols which are based on PKI technology and do not require trusted third party. Bose et. al have mainly discussed banking and cloud computing as services and have highlighted the similarities and issues that both the services face today. They have described the banking services to be similar to cloud computing as both services deal with digital assets of their customers and require building of trust among their customers. These assets include images, text, multimedia, etc. As stated by Asadi, Bose’s research also claims that the three main areas of concern in banking over cloud include privacy, security and trust. The security issues like attacks, frauds, malpractices, etc. should be dealt and countered in order to thrive over cloud infrastructure. Managing such assets in a secure environment is crucial for both the bank as well as for cloud computing infrastructure to be eligible for adoption within banking industry. The cloud service providers are responsible for letting the assets data searched or retrieved only for their permissible use. The issues discussed by Bose et.al. for adopting cloud computing for banks can be handled through transaction security, electronic security and physical security. Firstly, critical security thinking shall render trust to cloud computing for allowing this transformation of banks to use this technology. (Bose, 2013) have compared the challenge that banks and cloud computing face in terms of security and assurance. The customers need assurance about controlling access to their assets, they need to be aware of the location of their digital assets to be assured of its security thus being confident of the cloud service they use. In banking, the customers entrust the bank for the safety of their financial information and they further need assurance that the bank uses secure services to maintain privacy of their information. This requires cloud computing to offer transparency and access control of data and processes. This entails security of the virtual environment on which the cloud operates through the use of various protection layers and authentication mechanisms.
Subsequently, (Bejju, 2014) has highlighted the challenges such as security, regulatory and compliance, data segregation, long-term viability and recovery. The foremost issues are security, performance and availability. It is further difficult to integrate the technology with in-house IT, the existing system lacks the ability to customize the technology with needs, banks perceive that higher costs may be incu
ed with such technology adoption and there is a lack of major suppliers in the market who offer customized solution and migration for financial institutions. The security of mission-critical applications and personal data of bank’s customers is of utmost importance. Banks cannot afford to risk data loss, authentication, illegitimate use and data leakage. A fair knowledge of the location of the data is crucial for the banks in order to conform with regulations and compliance. Privileged access can be imparted with encryption at all stages through encryption patterns specifically designed and tested by experts. The security and privacy regulations are perceived as the crucial risks by authorities of the banks (Rieger, 2013).
The authors of (Asadi, 2017) developed a model proposing to be adopted in banking sector, owing to the potential of using Cloud Computing in banking. The applications of the...