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Cloud Computing in Banking
Introduction
Cloud computing has emerged as a transformative force in the banking and financial services industry, reshaping how institutions operate, deliver services, and engage with customers. By leveraging virtualized computing resources over the internet, banks can enhance efficiency, scalability, and innovation while reducing costs and improving security. The adoption of cloud technology marks a significant step in the digital transformation journey of modern banking, enabling institutions to stay competitive in an increasingly data-driven world.
Concept of Cloud Computing in Banking
Cloud computing refers to the delivery of computing services—such as servers, storage, databases, networking, and software—over the internet rather than through traditional on-premise infrastructure. In the banking context, it allows institutions to access shared computing resources on demand, thereby eliminating the need for heavy investment in hardware and maintenance. Banks can store and process vast amounts of data securely in the cloud while using advanced analytics…