TITLE:
Navigating Digital Transformation in Banking with Cloud Computing Solutions
AUTHORS:
Sonai Singaram Jeyaraj, Chelliah Paramasivan, Maduraiveeran Sumathi, Sasankan Silpa
KEYWORDS:
Banking Industry, Cloud Computing Models, Digital Transformation, Operational Efficiency, Information Security, Regulatory Compliance
JOURNAL NAME:
Open Journal of Business and Management,
Vol.12 No.6,
November
18,
2024
ABSTRACT: The banking sector is undergoing a digital revolution that is drastically changing how banks run, interact with clients, and handle internal procedures. But the advent of digital technologies has forced a change in direction toward more adaptable, scalable, and economical solutions. Banks are currently utilizing cloud technologies more and more to accomplish their many goals and to establish an adaptable and agile banking environment that can react rapidly to changing business requirements. The main purpose of this paper is to examine how cloud computing is conceptualized through digital transformation, and how it performs smooth adoption of cloud computing in the banking industry. With the help of previous research studies, models of cloud computing, cloud operating models, best practices, and challenges from the viewpoint of the customer pointed out clearly. First, the review revealed that more easily than not, Saas can help bank customers complete their regular financial transactions. Second, while public financial clouds are better suited for smaller banks, private clouds are better suited for larger banks. Third, through personalized services, it helps banks to improve efficiency and customer satisfaction while streamlining operations, optimizing resource utilization, ensuring cyber security, reducing operating expenses and adhering to regulatory requirements. The findings suggest that cloud computing is a key driver of the banking sector’s digital transformation. However, for this to be implemented successfully, it takes careful planning, constant funding, and a dedication to accepting change in the name of long-term expansion and sustainability.