Cloud Computing in UK Financial Sector

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ACKNOWLEDGEMENT

I would like to take this chance for thanking my research facilitator, friends & family for support they provided & their belief in me as Vestasll as guidance they provided without which I would have never been able to do this research.

DECLARATION

I, (Your name), would like to declare that all contents included in this thesis/dissertation stand for my individual work without any aid, & this thesis/dissertation has not been submitted for any examination at academic as Vestasll as professional level previously. It is also representing my very own views & not essentially which are associated with university.

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Abstract

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

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1: INTRODUCTION1

Background1

Research Focus3

Significance of Research6

Scope and Objectives6

Research Questions7

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

Research Methodology31

Research Instrument32

Sample Size32

Target Audience35

Internal Validity35

Ethical Considerations35

CHAPTER 4: FINDINGS AND DISCUSSION37

Qualitative Findings37

Quantitative Findings43

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS76

REFERENCES78

APPENDIX82

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

Background

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 ...