- What you need to know...
- Cloud computing (IaaS, PaaS, SaaS, private, and hybrid) accounted for 9.5% of a global ICT market that was worth US$2 trillion in 2017, according to GlobalData.
- Cloud based solutions can help protect customers’ personal information via backup recovery, intrusion detection systems, firewall protection, and secure sockets layer (SSL) encryption.
- Cloud migration helps address data accuracy and latency issues.
Impact of cloud computing on retail banking
Benefits include greater flexibility. Banks can choose where they want to run systems. For operations that require a high level of security, they can use existing data centers. For operations that have lower security requirements but require high levels of processing, power banks can choose to use the cloud.
Banks can quickly scale processing capacity up or down in order to react to changes in customer demand. This reduces the need for physical data infrastructure.