Cloud Adoption in Banking and Finance Industry

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Cloud Adoption in Banking and Finance Industry

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Cloud Adoption in Banking and Finance Industry

  1. 1. Cloud Adoption in Banking and Finance Industry http://clean-clouds.comhttp://clean-clouds.com
  2. 2. RESPONSIBLE HIGHLY VENDORS ROBUST HIGHLY AUTOMATED SECURED SCALABLE FLEXIBLE REGULATIONS ANDhttp://clean-clouds.com COMPLIANCE
  3. 3. Cost Benefits Banking / Financial Services On Clouds Competitive Advantagehttp://clean-clouds.com
  4. 4. Benefits of Cloud Computing for Banking & Financial Barriers for Cloud adoption in Banking & Financial Service Service •Total costs of ownership (TCO) and asset utilization due to •Security - To ensure the potentially sensitive information reduced Capex and Opex with better ROI which traverses the cloud is safe and secure?: •More-flexible cost structures: Utility-based pricing Privacy, Confidentiality, Data model, enterprise can use pay-per-Use for on-Demand integrity, Availability, Authentication & Authorization, Trust Scalability. in cloud service providers to put certain business data or •Quality of service processes in the cloud. •Business Continuity: Disaster recovery Solution by Cloud •Increased dependency on third party: 3rd Party control on Service Provider customer and financial data; Limited guarantee on service levels; Vendor lock in •Gain in productivity due to existing innovative cloud application architectures: Fast and easy implementation; •Lack of regulatory guidance associated with cloud computing Consistent, reproducible environments technologies. •Availability -> 24x7x365 access to their Banks or Financial •Integrating existing technology investment into Cloud. Institutions-> End-user productivity –> users can access Legacy applications - Large investment in ‗legacy systems‘ systems, regardless of their location. which often utilize obsolete hardware and software yet persisted due to the expense, difficulty •Big Data Processing with the use of Public clouds to build Fraud Models •Uncertainty to embrace new technologies •Customer preference analysis through social networking •A house divided against itself cannot stand: Conflict of interfaces: Manage multiple Social Media site integrations interest/opinions between business, legal & compliance enhancing the organization‘s ability. teams •Opportunities for Banks or Financial Institutions to create new •Location of data: Regulators across the world have business models that are more customers centric and nimble increasingly been baring their teeth and introducing reform and, consequently, can help Banks or Financial Institutions to the financial services industry. grow more quickly and more profitably. •Cost of bandwidth and other services will be higher which •Better customer relations, human relations and finance depends on type of application and data intensity. management which helps the Banks or Financial Institutions to •Disaster recovery and system failure is again an important retain existing customers and also expand the business. concern because in cloud computing we will have ―Single- •Access to a web-based, centralized data platform where Point-Of-Failure‖ & will effect multiple systems. information from all of them is gathered, standardized and •Complex licensing/ charging models made available to anyone with internet access and the right •Reputation risk security permission. •Mobile Banking / Mobile Cloud Computing •Address Compliance and Regulatory Requirements — Utilize built-in financial regulatory reform controls with features Cloud based money management services make sense as they allow business owners to monitor the money flow more easily. •Strait-jacket of legacy systems with phased approach.http://clean-clouds.com
  5. 5. • Total costs of ownership (TCO) and asset • Security & Governance utilization • Increased dependency on third party • Utility-based pricing model • Lack of regulatory guidance associated with • Big Data Processing with the use of Public cloud computing technologies. clouds • Legacy Banking Applications •End-user productivity • Conflict of interest/opinions between business, • Agility legal & compliance teams • Quality of service • To create new business models that are more • Changes in Government Regulations customer centric and nimble and, consequently, • Limited guarantee on service levels can help banks grow more quickly and more profitably. • Complex licensing/ charging models • Better customer relations, human relations and • Vendor lock in finance management which helps the banks to • Reputation risk retain existing customers and also expand the business. • Single-Point-Of-Failure •Mobile Cloud Computinghttp://clean-clouds.com
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