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Cloud Computing:
Uses of technology are necessity and thus have a heavy acquiring and operational cost too. Adoption of information technology (IT) base in banks needed to be examined by keeping the issue of shared IT resources in order to optimise cost while maintaining the expected levels of efficiency, effectiveness and security. The feasibility of shared resources by the banking sector required to be explored at all point of time and place considering security issues, data integrity and confidentiality. For the purpose one avenue is cloud computing. It is large scale parallel and distributed computing system. It is a system which is consists of collection of interconnected and virtualised computing resources that are managed to be one or more unified computing resources. It opens up the world of computing to a broader range of uses and simplifies the use by providing access through any internet connection. It is a pay per use model which is available, convenient and is on demand network accessed to a shared pool of configurable computing resources like networks, servers, applications, services etc. It can be extensively provisioned and can be released with least management efforts or by a service provider interaction. Structure of cloud computing is having three broad segments that is “application, storage and connectivity” and this model is composition of three specific service models, five essential characteristics and four deployment models. The cloud computing providers by managing certain technical variation among these three fundamental models provide services to the banks and banks avail the advantage of maximising cost efficiency, accessibility, agility, scalability, high availability but also have some serious concerns to banks related to privacy as service provider at any point of time may access the data of banks, in order to obtain compliance with the regulations the banks may have to adopt private cloud deployment modes that may cost them high.
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