Cloud Banking or Banking in the Clouds?

By Filip Blazheski

What are the potential risks and benefits of cloud computing for banks? Before making the switch, banks must weigh challenges against future cost and time savings.

Benefits of using cloud-based computing include lower costs due to the sharing of resources, a more agile environment for developing new products and services, greater security compared to traditional platforms, and richer data analytics insights. However, banks must consider the upfront costs, regulatory challenges, and security risks as they relinquish control over important parts of corporate infrastructure to third-party cloud services providers.