CLOUD COMPUTING FOR BANKS


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ABSTRACT:

For quite some time now, organizations have sought quicker, better and cost effective business models in the areas of application development, deployment and management. Rapid changes in business computing models - from fixed (static) to dynamic are forcing enterprises to look for innovative models and architecture.


What is cloud computing?

Cloud computing provides the facility to access shared resources and common infrastructure, offering services on demand over the network to perform operations that meet changing business needs. The location of physical resources and devices being accessed are typically not known to the end user. It also provides facilities for users to develop, deploy and manage their applications ‘on the cloud’, which entails virtualization of resources that maintains and manages itself.

Types of cloud computing environments

The cloud computing environment can consist of multiple types of clouds based on their deployment and usage.

Public clouds

This environment can be used by the general public. This includes individuals, corporations and other types of organizations. Typically, public clouds are administrated by third parties or vendors over the Internet, and services are offered on pay-per-use basis. These are also called provider clouds.

Private clouds

This cloud computing environment resides within the boundaries of an organization and is used exclusively for the organization’s benefits. These are also called internal clouds.

Cloud computing for banks

With increasing business complexity, banks are seeking innovative business models and specialized technologies to cater to customer demands. Cloud computing technologies can provide banks competitive advantage in the market, cost reductions, higher margins, simplified maintenance and management of applications across the enterprise, greatly extended scalability, agility, high availability, automation, large data storages and reliable backup mechanisms.

Conclusion

Cloud computing brings significant promise in terms of scalability, reliability, competitive advantage, cost reductions, simplified maintenance and management of applications across the enterprise, along with high availability and automation. Rated as one of the key area of innovative implementation for enterprises, by experts and analysts, it is expected to bring ample change.