Impact of Cloud Computing on Financial Services Industry

Introduction

Traditionally, the financial service industries have been reluctant to adapt to the cloud computing platform citing various reasons. There were few glitches as financial services industry is a highly regulated industry which requires strict IT security measures and privacy norms. Read More: https://www.knowledgenile.com/blogs/impact-of-cloud-computing-on-finance-industry/  These organizations were unable to provide the assurances on time and to the scale which the organizations were demanding.
But lately, many of the financial services organizations are welcoming the move to the cloud with open arms. Most of them are interested in running customer-facing, mobile apps and digital applications in the public crowd. But, they are reluctant to migrate the back-end applications such as core banking or payment system.

What is Cloud Computing?

According to National Institute of Standards and Technology, Maryland (NIST), Cloud computing can be defined as “a pay-per-use model for enabling available, convenient, on-demand access to a shared pool of configurable computing resources which can be rapidly provided and released with minimal service provider interaction or management efforts. This model comprises five key characteristics, three key service models, and four deployment methods.

Five Essential Characteristics of Cloud Computing:

  • On-demand self-service

The ability to provide, monitor and manage computing resources as per the need without the human intervention.

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