Connect with us


Cloud Computing in Financial Services


Cloud computing is the latest tool/ or invention in today’s world since the evolution of information and communication technology. It is the fifth generation of computing in the family of Mainframe, Personal Computer, Client-Server computing and the Web.

So what do you mean by Cloud computing?
A cloud is a model that allows a comfortable, on-demand network access with a shared pool o configurable computing services.
This technology consolidates the entire computing framework i.e. hardware and software applications, online. The network that connects all the central servers to maintain data and applications is the internet and remote. So all the social networking sites and other websites such as Google, Yahoo mail, Facebook, Twitter, Hotmail etc. are all establishments of Cloud computing.
For using the services rendered by Cloud computing, you get charged on usage basis. Thus, it is also named Software – as – a – service (SaaS).
The broader application of Cloud computing ensures a greater flexibility and at the same time protects customer information and guarantees compliance and performance standards, keeps a check on the intervention of financial firms from taking control of Cloud- based technology.
In order to subscribe to Cloud computing (or CSC) all the banks, insurance agencies and financial services companies have to undergo a 4-stage approach.

The 4-stage approach

  1. Horizontal shared Services – This stage allows organizations to acquire immediate cost savings and thus implement low-risk projects.
  2. Bank office support application – With the introduction of Software – as – a – service (SaaS), legal management, printing, imaging and archiving, business intelligence and credit scoring are becoming available on Saas basis.
  3. Modernized Core Applications – To attain the on-demand capacity and variable costs of Cloud computing, the core applications for banking, insurance and payment processing can be metamorphosed.
  4. New Services and Applications – Using Cloud computing opens avenues for you to avail the opportunities of services / & organizations within the Cloud family.


Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now