According to Porter & Miller (1985) Information technology (IT) is evolving and is transforming the nature of products, processes, companies, industries and competition itself. Present companies realize that adopting the latest IT developments will give them competitive advantage in the market.
Cloud computing has been identified as one of the key IT trend that can transform businesses to the next level and give them the competitive advantage to be successful in the coming future . Cloud computing is the internet revolution based technology that entails a service oriented architecture, with an on demand service offering to organizations, with greater flexibility and accessibility, reduced IT overhead to end users and cost of ownership of IT infrastructure and software services.
Having worked in the Information technology (IT) field for over fifteen years on many projects for companies in India, USA and United kingdom and serving customers all over the world and that used outsourcing companies for managing their technology needs as project or program manager, I have managed many different technology refresh or technology introductions in large financial organizations.
As a consultant for the offshore consulting firms, I have seen the various risks and issues that need to be managed before a new technology is accepted into the financial sector. With the industry moving to accept the latest technology trend and given my experience in Project Management and my Masters in Business Administration that I am about to complete it is very clear that my career has moved into being a specialist project/program manager who can create a business case, manage various stakeholder expectations and implement a new technology introduction into large companies. In addition to this it is important for me to become a key contributor to the development of IT strategy and aligning this to the overall business strategy. In the recent years IT executives in many organizations managing large IT infrastructure and services are facing various challenges due to the increased complexity and quick changes in technology trends. These changes are making the upfront cost of computing more expensive and one of the highest budgeted area in businesses.
The primary aim of this paper is to assess the acceptance level of cloud computing and identify the technology adoption and implementation issues of cloud computing in the banking sector in UK from the cloud computing consumer business perspective. In addition this paper also aims to identify how the financial services will choose its cloud boundary while satisfying the industry regulatory requirements. Finally this paper will conclude with recommendation for future development of regulatory standards for organizations and cloud service providers for the acceptance and implementation of cloud computing by financial organizations throughout the world.
Scope and Objectives
The research objectives are:
To identify the present acceptance level of Cloud computing in UK banking Sector
To review the regulatory issues in implementing cloud based architecture in the financial ...