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The purpose of this research is to provide the viewpoint on how cloud computing technology is adopted by the banking and financial institutes in UK. This research provides an approach for the acceptance of this technology by financial institutes and banks. The research has started by introducing cloud computing technology and its characteristics. The research has outlined the main challenges that financial institutions and banks face at the time of implementing cloud computing technology.
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION1
Significance of Research6
Scope and Objectives6
CHAPTER 2: LITERATURE REVIEW8
Introduction to Cloud Computing8
Outsourcing and Cloud Computing Solution for Banks9
Acceptance Level of Cloud Computing in UK Banking Sector13
Available Cloud Computing Models for Financial Sector16
Benefits of Cloud Computing For Financial Sector in UK19
Risks and Challenges Involved in Cloud Bases Solution for Financial Sector22
Successful Strategy for Cloud Computing Implementation in UK Financial Sector27
CHAPTER 3: METHODOLOGY31
CHAPTER 4: FINDINGS AND DISCUSSION37
CHAPTER 5: CONCLUSION AND RECOMMENDATIONS76
LIST OF FIGURES
Figure 1: Gartner Hype cycle for emerging technologies 20104
Figure 2: ROI and Cloud12
Figure 3: Cloud Computing Survey15
Figure 4: The key impact on the financial operations of users and providers of cloud services18
Figure 5: Challenges in Financial Services Industry and Benefits of Cloud Computing21
Figure 6: Banking Applications and Cloud22
CHAPTER 1: INTRODUCTION
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 (Porter &Millar, 1985).
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 (PWC, 2009, Gartner, 2010).Cloud computing is the internet revolution based technology that entails a service oriented architecture, with an on demand service offering to organisations, with greater flexibility and accessibility, reduced IT overhead to end users and cost of ownership of IT infrastructure and software services.
Deloitte (2012) has identified Cloud computing as one of the fastest growing technology trend. In cloud computing virtualized resources which are dynamically scalable are provided as a service over the Internet. Users of this technology solution do not need have knowledge of, expertise in, or control over the technology infrastructure "in the cloud" that supports them. Cloud computing can be viewed as a collection of services which can ...