Keywords : Digital solution
European Journal of Molecular & Clinical Medicine,
2020, Volume 7, Issue 2, Pages 5305-5310
The banking industry hosts a large amount of customer data and is always anxious with providing the best services to its customers. In such a scenario, cloud computing technology is the contemporary transformative digital solution that offers unprecedented security, quickness and scalability to banking industry, while improving the ability to manage customer data. Several benefits are offered by Cloud technology such as cost effectiveness, enhanced data processing capacity and high-end financial services, digital accountability, transparency and timeless. Additively the application of cloud computing in banking industry provides the relative solution for the security issues. Large banks, building their own customized financial cloud as a precise tool, in contrary small banks relying on public financial cloud for a cloud service provider, can help their business to grow quickly and effectively by reducing information gap with limited man power. This paper is intended to provide an overview to this advanced technology and advantages of the cloud computing of banking industry above the traditional banking processes.