The Role and Potential Applications of Cloud Computing in the Banking Industry

Abstract

The introduction of cloud computing has altered how IT demands are satisfied. Every chief information officer is focused on cloud computing because it has ushered in a new era in IT. Many banks are now utilising cloud technologies to accomplish their ever-demanding goals. Cloud computing offers business models for providing cutting-edge customer experiences, successful teamwork, improved IT efficiency and faster speed to market. Banks can react to changing business requirements rapidly by using cloud computing. The paper offers a valuable perspective on the potential applications of cloud computing in the banking sector and its various business models, cloud service providers, and adoption challenges.