Utilisation and Implications of Cloud Computing in the Banking Sector

The financial landscape is undergoing a revolution driven by cloud computing. Banks are rapidly adopting these technologies to unlock agility, innovation, and cost efficiency, fundamentally reshaping how they operate. However, the sensitive nature of financial data and the complex regulatory environment necessitate a cautious approach. This research provides a comprehensive guide for navigating the cloud journey in banking. It focuses on different service models – SaaS, PaaS, and IaaS – and evaluates leading providers like AWS, Azure, and GCP, highlighting their strengths and suitability for various banking needs. Recognizing the critical challenges, the authors address concerns regarding data security, regulatory compliance, and data migration, offering practical strategies for mitigation and successful implementation. Subsequently, this research empowers financial institutions to make informed decisions regarding the adoption of cloud computing.