ANALYSIS OF CLOUD COMPUTING IMPLEMENTATION ISSUES AND BENEFITS IN BANKING FINANCIAL SERVICES SECTORS

Abstract

Technology is always considered to be a disruptive force behind the discontinuities and the changing business models and ecosystems across industries. Ironically, it has sometimes taken unwarranted advantages for some enterprises which is evident all throughout history from the stone era, to the industrial revolution, to the silicon era, to the internet / dot com era and to the current mobile cum digital era. Technology has transformed the entire world into a virtual space, enabling incessant cycle of innovation. Cloud computing happened to be a fastest emerging technology, which is a combination of technologies and is driven by the needs of the enterprises to deal with change in their markets and their financial circumstances. It is a “pay-per-use” or “pay-as-you-go” model that enables an effortless and demand based access to a common pool of computing resources viz. network, bandwidth, servers, storage, applications etc. This also helps the organizations in avoiding the large investments up-front and then hoping the investment pays off with the passage of time, which is quite uncertain. The resources on cloud could be swiftly provisioned and released back with least effort from management and minimal interaction with cloud infrastructure provider. The cloud computing services are delivered from a remote location through a network, usually the Internet.