bankingciooutlook

Influence of Cloud Computing on the Banking Sector

Banking CIO Outlook | Tuesday, November 06, 2018

The implementation of cloud computing has created an enormous change in the banking industry where many challenges faced by the banks are the same as the other industries.The major concern is the stringent security and compliance standard where the requirement is infrastructure scalability and the need for application modernization. These demands are met by using cloud computing in specific companies.

SiS is a French company, specialized in fraud protection. It has built a blockchain for the verified bank information in the IBM cloud, which acts as a tamper-proof repository. Also, it helps clients in checking transactions and detecting anomalies within seconds. SiS progressed that 80 percent of the fraud attempts have been reduced by applying this technology. The architecture of the cloud enables to scale the system easily.

In this era, there is a huge competition for engaging and retaining the customers in the banks. Fifth Third Bank is a bank headquartered in Ohio, which optimizes marketing analytics. It controls the open source technologies by using the IBM Data Science experience. This control unlocked the ability to harness cutting-edge and deep learning techniques. It maintains high-security standards.

KPMG is a professional service company headquartered in the Netherlands. It has decided to offer the quick deployment and end-to-end solution to meet regulatory needs. To do this, it has selected IBM Business Process Manager. They have enhanced and developed the optimizer application by using the BPM. It enables business analysts to create new business processes faster.

Besides, cloud implementation in the banking segment provides many advantages such as reduced cost, improved flexibility, and auto scalability. It also provides efficiency in client service and business continuity.It ensures the integrity and confidentiality of information over the internet. The regulation in the database is maintained by providing partial or complete access to the selected data. It is expected that there will be an increment for storage offered in the cloud for companies and individuals in the near future.

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