Cloud Computing and Its Impact on Financial and Banking Domains

Abstract

The world of computing has undergone significant transformation as a result of recent technological advancements. Distributed computing, cloud computing, grid computing, and parallel computing are just a few examples. One of the most significant developments in computer history may have been the evolution of cloud computing during the last several years. Regrettably, a lot of institutions are still reluctant to use cloud computing. Artificial Intelligence and cloud computing will have the largest effects on the banking sector. Cloud technology gives banks and credit unions the ability to react quickly to shifting market conditions, improving customer experience and operational productivity through the use of data and applied analytics. This allows for better corporate agility. Cloud computing therefore steps in to address these issues and make banking a dependable and trustworthy service. This essay explores the concept of cloud computing, its effects on banks and other financial organizations, and how heavily cloud computing is used.