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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V International Youth Banking Forum
Gmail and other mail services, Google Docs, – you don’t save a data on your hard-drive, your information is stored on remote servers.
Core banking system(CBS) includes
pack of Trade finance,
Shared ATM network,
World Wide credit card networks
World Wide ATM (банк-автоматы) networks.
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
Reduced Capital Expenditure,
Improved service levels,
Quality of service,
Fast and easy implementation and Highly Automated
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.
Increased dependency on third party,
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.
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.