Harnessing Cloud Computing To Redefine Banking It Operations For Scalable And Secure Systems
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Harnessing Cloud Computing to Redefine Banking IT Operations for Scalable and Secure Systems
Author: Sapana Garud
language: en
Publisher: Xoffencer International Book Publication House
Release Date: 2025-02-18
The growth of high-speed networks and computing power is making possible to process different banking services or applications in microseconds undreamed of in the past. These rapid explosions of technology are changing the banking industries from paper and branch banks to digitized and networked banking services (Wakeham, 2010). Delivering banking services on this networked environment are more convenient and effective than ever before. Expanding the geographical coverage of digitized and networked banking services are the mainstreams for banks to deliver QoS to customers (NBE, 2012). In developing countries, the cost of expanding the geographical coverage of digitized and networked banking services to customers would be difficult for a single bank. In this environment, banks would start to collaborate to pool non-differentiated activities using private cloud computing within a closed group of banks in a similar way to telecommunication sharing network infrastructure (Sardet, 2012). These bundling could provide shared services that interact with customers in more engaging ways while simultaneously freeing banks from the burden of routine transactions. Thus, when the transaction volumes decline this collaboration could enables banks to stop duplicating investment, industrialize their security processes for economies of scale, gain new service options and have immediate access to the latest apps. These collaborative private clouds could even be hybrid cloud powered by a third-party, increasing the benefits of cost and flexibility (Sardet, 2012).
Modernizing Legacy Banking Systems: A Practical Guide to Digital Transformation 2025
Author: Malli Temburu, Rakesh Kumar
language: en
Publisher: YASHITA PRAKASHAN PRIVATE LIMITED
Release Date:
PREFACE The financial services industry is at the precipice of a profound transformation. As technology continues to evolve, so too does the need for banks and financial institutions to modernize their core systems, many of which are deeply entrenched in legacy infrastructure. These outdated systems, while functional, are increasingly becoming impediments to growth, innovation, and customer satisfaction. To remain competitive and relevant in the modern world, banks must embrace digital transformation, adopt new technologies, architectures, and processes that enable them to meet the expectations of today’s digital-first customers. “Modernizing Legacy Banking Systems: A Practical Guide to Digital Transformation” is written for banking executives, IT leaders, and financial technology professionals seeking to navigate the complex journey of modernizing their legacy systems. In this book, we delve into the strategic, technical, and operational considerations of digital transformation in the banking sector. We examine the key challenges faced by institutions operating with legacy systems and provide practical guidance on how to evolve these systems to harness the full potential of modern technologies like cloud computing, data analytics, artificial intelligence (AI), and open APIs. This guide aims to provide a comprehensive, step-by-step approach to the modernization process, exploring everything from understanding the fundamentals of legacy banking systems to leveraging new technologies for improved operational efficiency, customer experience, and regulatory compliance. With case studies, industry best practices, and expert insights, we outline how banks can transform their IT infrastructure while minimizing risk and ensuring that customer needs remain at the heart of the process. The traditional model of banking—characterized by rigid, monolithic, and often siloed systems—is no longer suitable in an era where customers expect seamless, personalized, and always-on services. Modern banks are increasingly turning to cloud computing, data analytics, artificial intelligence, and API-driven architectures to provide more agile, scalable, and cost-effective solutions. Yet, the journey to digital transformation is complex. The scale of change required is vast, and each institution’s path will be unique, depending on its existing technology landscape, organizational culture, and strategic goals. We also explore the critical importance of data management, cybersecurity, and compliance in this transformation. As banks modernize their systems, they must ensure that security and privacy remain top priorities. Ensuring compliance with financial regulations, including GDPR, CCPA, and Basel III, is essential for both mitigating risk and maintaining customer trust in an increasingly interconnected digital world. The challenges of modernizing legacy banking systems are significant, but the opportunities are equally vast. With the right tools and strategies in place, banks can not only improve their internal operations but also enhance customer satisfaction, drive innovation, and create new avenues for growth. From improving operational efficiency to offering new services, the benefits of a well-executed digital transformation are clear. This book aims to serve as both a roadmap and a reference for financial institutions at any stage of their modernization journey. Whether you’re just beginning to explore the potential of digital transformation or are during overhauling your systems, this guide provides valuable insights and actionable strategies that can help ensure success. In the chapters that follow, we will walk you through the essential components of modernizing legacy banking systems, covering topics ranging from the technical architecture of cloud-based core banking platforms to the role of artificial intelligence in improving customer service. By the end of this guide, readers will have a clear understanding of how to navigate the complexities of digital transformation and unlock the full potential of modern banking technology. As we move forward into this digital age, one thing is certain: banks must evolve, adapt, and embrace change if they are to thrive. This book will help you take the first steps on that transformative journey. Authors
Cloud Computing
Cloud Computing: Web-Based Applications That Change the Way You Work and Collaborate On-Line Computing as you know it has changed. No longer are you tied to using expensive programs stored on your computer. No longer will you be able to only access your data from one computer. No longer will you be tied to doing work only from your work computer or playing only from your personal computer. Enter cloud computing—an exciting new way to work with programs and data, collaborate with friends and family, share ideas with coworkers and friends, and most of all, be more productive! The “cloud” consists of thousands of computers and servers, all linked and accessible to you via the Internet. With cloud computing, everything you do is now web-based instead of being desktop-based; you can access all your programs and documents from any computer that’s connected to the Internet. Whether you want to share photographs with your family, coordinate volunteers for a community organization, or manage a multi-faceted project in a large organization, cloud computing can help you do it more easily than ever before. Trust us. If you need to collaborate, cloud computing is the way to do it. • Learn what cloud computing is, how it works, who should use it, and why it’s the wave of the future. • Explore the practical benefits of cloud computing, from saving money on expensive programs to accessing your documents ANYWHERE. • See just how easy it is to manage work and personal schedules, share documents with coworkers and friends, edit digital photos, and much more! • Learn how to use web-based applications to collaborate on reports and presentations, share online calendars and to-do lists, manage large projects, and edit and store digital photographs. Michael Miller is known for his casual, easy-to-read writing style and his ability to explain a wide variety of complex topics to an everyday audience. Mr. Miller has written more than 80 nonfiction books over the past two decades, with more than a million copies in print. His books for Que include Absolute Beginner’s Guide to Computer Basics, Googlepedia: The Ultimate Google Resource, and Is It Safe?: Protecting Your Computer, Your Business, and Yourself Online. His website is located at www.molehillgroup.com. Covers the most popular cloud-based applications, including the following: • Adobe Photoshop Express • Apple MobileMe • Glide OS • Google Docs • Microsoft Office Live Workspace • Zoho Office CATEGORY: Web Applications COVERS: Cloud Computing USER LEVEL: Beginner-Intermediate