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THE IMPACT OF CLOUD COMPUTING ON THE BANKING SECTOR

September 03, 2018 / Cary Springfield

The Big Data Revolution that has taken hold in recent years is now causing industries around the world to improve their capacity to access and mine data from all sorts of sources. In doing so, existing information-technology (IT) infrastructure is now being put under severe pressure, while increasingly innovative digital solutions continue to be sought, not least in the banking sector. And among the sector’s most transformative digital solutions is cloud computing. The cloud is proving to be a superior option to boost capacity to handle data, and is now providing an unrivalled level of agility, security and scalability to banks. For use cases such as data analytics, batch processing and data storage, banks can access the cloud as and when required, which means they can utilise such resources more flexibly and efficiently. Cloud computing is also enabling financial institutions to achieve considerable gains in efficiency and reductions in costs, as the technology requires banks to...