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Banking Clouds. V International Youth Banking Forum. Cloud computing allows individuals and companies to use software applications remotely without hosting them themselves. What are clouds?.

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Banking Clouds

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Banking clouds
Banking Clouds

V International Youth Banking Forum


Banking clouds


What are clouds
What are clouds? software applications remotely without hosting them themselves.

Gmail and other mail services, Google Docs, – you don’t save a data on your hard-drive, your information is stored on remote servers.


Modern banking system
Modern banking system software applications remotely without hosting them themselves.

Core banking system(CBS) includes

pack of Trade finance,

Treasure,

Credit Card,

Mutual Funds,

Stocks, Bonds,

External System,

Payment gateways,

SWIFT,

Shared ATM network,

World Wide credit card networks

World Wide ATM (банк-автоматы) networks.


Cloud computing is the service of the future
Cloud computing is the service of the future software applications remotely without hosting them themselves.

Characteristics of cloud services are the following:

Little or no capital investment required

Variable pricing based on consumption;

buyers “pay per use”

Rapid acquisition and deployment

Lower ongoing operating costs

Programmable.


Cloud computing includes several benefits over traditional core banking system
Cloud computing includes several benefits over traditional Core banking system

Cost reduction,

Reduced Capital Expenditure,

Scalability,

Increased Storage,

Improved service levels,

Quality of service,

Fast and easy implementation and Highly Automated


Cloud computing can be categorized into
Cloud computing can be categorized into: Core banking system

Infrastructure as a service (IaaS): Banks share infrastructure among several users creates a market. Infrastructure allows customers to carry out own development or hosting of solutions.

Database as a service (DaaS): Vendors offer database storage. Typically, DaaS uses a multi-tenant architecture, where the data of many users is kept in the same physical database or table.

Software as a service (SaaS): The original Cloud application, SaaS refers to applications offered as a monthly subscription service.


Potential benefits
Potential benefits Core banking system

  • High speed of banking service: money transfers are faster because all banks are integrated in one cloud.

  • Less risks: the trajectory of the movement of information (money) is short. Not from one city to another one, but from one server to another one which can be in one big room.

  • The simpler collaboration: information form different banks can be integrated easier.

  • Rapid provisioning and elastic scaling of services: This flexibility helps business to respond to changing business requirements in an efficient and cost-effective way by paying for capabilities being used.

  • Allow the IT department to focus on competencies that are core tothe business: the IT department can shift its focus from tactical problems such as constant software patches, platform maintenance and other computing issues, to strategic IT projects.


Dark side of cloud computing includes
Dark side of cloud computing includes Core banking system

Increased dependency on third party,

Performance ,

Downtime/Disaster management,

Data integrity,

Control issues,

Regulations,

Security and Risk.


1 data integrity control issues regulations security and risk
1) Data integrity, control issues, regulations, Security and risk

are the biggest concern about cloud computing for banking business scenario.

According to research made by TechMarketView.

44 per cent of bank executives see the lack of data security

15 per cent of respondents are currently running cloud applications.




Banking clouds

Cloud computing risk is a very emerging technology trend. Most of the banks are already using clouds for credit card and money transfer via SWIFT.

Security is going to be improved day by day because many financial institutions and banks will have the central cloud area.

It is still new technology and progressing rapidly.


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