Mobile banking
All mobile clients can readily connect to publicly-available cloud services but it is often impractible to connect mobile clients directly into internal systems. So, mobile applications are provided by the cloud and then connect back into internal system. As a result, several financial services organisations such as banks, insurance industry are using cloud computing to offer mobile applications as a service to customers and partners like online banking. For example, Within the insurance industry, companies often want to
give mobile applications to agents who will then be able to request quotes, get
status updates and send in reports on accidents via a mobile interface.
Financial services organisations are increasingly investing the
computing power that cloud services offer for research and development and
testing of new services prior to any attempt at going into production. Many IT managers were having issues with cloud computing because of the
prospect of private and sensitive data being sent up to third-party cloud
services. However, with the development of technologies enabling the
tokenisation of data, any private
information which are sent to the cloud service provider, can be replaced with a random token
and then swapped back with the real data when retrieved. In this way, the
private data is never sent to the cloud provider.
Micro banking
Nowadays even developing countries are adopting cloud computing
whereby micro banks are running their entire business on cloud computing. In
such greenfield scenarios where there has been limited prior investment in
technology, it is obvious for micro banks to leverage cloud computing
as opposed to making the capital expenditure on actual data centres.
References:
1. Cloud Standards Customer Council, http://www.cloudstandardscustomercouncil.org
2. Cloud Computing : Tips for Financial Industry, http://dcvizcayno.wordpress.com/2012/04/13/cloud-computing-tips-for-financial-industry/
Jyotsana K.C. Student Id: 1142600
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