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The banking sector is making enormous transformations. Consumers nowadays have influence over the bank rather than the other way around. Consumers have been leading the innovative business opportunities. Differences inside society as well as economic relations, as well as associated utilization technologies, are promoting corporate innovation. Banks must modernize their business strategies, operations, as well as information technology on the way to adjust this emerging customer-driven economy. Banks would be more capable of providing dependable service towards consumers across divisions as well as countries, along with integrating an excess of dislocated client information as well as insights (Afrika, 2018). In the direction of modifying anything inside the financial system, banks must look at issues through the outside, from the perspective of the client. Banking's tremendous developments necessitate novel strategies for increasing revenues as well as profits. Cloud technology provides safe installation solutions that may aid banks in improving new client experiences, facilitating outstanding cooperation, as well as developing market speed whilst raising IT effectiveness. Cloud computing has become increasingly popular inside a variety of businesses, including banking. The literature review chapter consists of conceptual framework, thematic analysis as well as critical review relevant to the research topic. At the end a literature gap has been presented.
List of Keywords: Banking sector, Customer perspective, Cloud computing.
Q1: How will privacy be maintained while using cloud computing security?
Q2: Is there any data recovery as well as backup option available inside the system?
Q3: How will the cloud architecture be regulated perfectly?
Q4: Is cloud computing a safe method for the banks?
Q5: What are the other features of cloud computing security systems?
Cloud computing in banking sector
According to the author Asadi et al. (2017), Cloud computing may be seen as a byproduct of the modern IT era. Several banking systems now use cloud computing technology on the way to accomplish a variety of tasks. Banks may establish a dynamic as well as adaptive economy which could adapt rapidly to changing customer requirements through utilizing cloud technology (Balanagalakshmi et al. 2020). It also saves money because banking firms only have to spend for operational usage as well as the products they utilize.
Furthermore as per the author Miftakhov et al (2021), banks are estimated to lead the globe throughout cloud acceptance as well as SaaS service development. Having service as well as strict financial constraints, a matured financial software industry, as well as quickly changing laws, banks must explore creative solutions in the direction of satisfying corporate goals in today's server hard situation. Meanwhile, the financial system continues to be concerned about cloud technology (Bose et al. 2019). The most significant of such problems include safety, anonymity, data location, backup & recovery, secrecy, reliability, as well as user trust.
From the related study of the author Asadi et al. (2017), Safety, trustworthiness, as well as anonymity are always issues for enterprises that use cloud computing. Privacy, transparency, as well as trustworthiness are critical components of both cloud technology as well as financial services. According to this paper, this is the most secure secure server. Cloud security seems to be analogous towards security measures within online banking systems across several ways (DeviPriya and Lingamgunta, 2020). In the direction of verifying the corporate information in various situations, they both require on the way to include advanced technologies like firewalls, vulnerability scanning devices, anti-virus, identification, authorization, as well as encryption, among others.
The author Hassan et al. (2020) stated that, Trust may be described as the willingness to embrace risk depending upon favorable assumptions about another's motives or actions. Trust has been a crucial element influencing technology acceptance. The confidentiality aspects of the chosen distribution mechanism affect confidence inside a cloud infrastructure. If cloud service suppliers comply with tight privacy along with confidentiality regulations, confidence could develop, which in turn influences consumers' willingness for using such services. Reported confidentiality as well as anonymity have been directly associated to confidence throughout cloud storage services as well as indirectly linked with behavioral intents to use cloud computing throughout this research.
In case of the Price savings as well as usage-based invoicing financial organizations may use cloud computing on the way to convert a big initial capital expenditure within a low-cost, continuous operational expense (Jeyalakshmi and Rani, 2019). There's no point in spending a fortune upon new gear or software. Furthermore, due to the distinct properties of cloud computing, banking firms may select as well as pay for the treatment they require by the side of a pay-as-you-go approach.
For Business Continuity the supplier seems to be in place to manage the equipment within cloud computing. Investment companies can increase data security, high availability, as well as recovery plans. Cloud computing, as compared to traditional target servers, delivers superior resilience as well as recovery at a lesser cost. In different cases it is observed that the cloud computing is more secure when they are using two step verification process. On the other hand application of the firewall system is helpful for the exclude different kind of malware function and virus threat for the overall system. As the security is high in this system, the complexity is also high for this system. In this case the basic database can be easily created and on the other hand this also can be accessed easily but for the restore process the accessibility is quite complex.
When it talks about Business Responsiveness as well as Motivation then due to the obvious versatility of cloud-based operating models, financial organizations may accelerate the pace of manufacturing. It enables a greater quick as well as effective reaction towards the demands of bank customers. Since the cloud has been accessible when needed, this requires less infrastructure investment as well as needs minimum time on the way to get up & running (Nedaria and Banubakode, 2022). Cloud computing additionally enables item innovation to proceed without incurring financial costs. Cloud computing may also be used on the way to migrate non - critical functions towards the cloud, like software patching, servicing, as well as other system difficulties. As a consequence, companies can decide to concentrate on financial products instead of information technology. [Refer to appendix 1]
On the other hand, the Multi-tenancy provides statistical accessibility via the distribution of actual rules or equipment, along with standardized application programs (organizational memory, hard disc data, grids flow, hardware measures, as well as presentation screens) across a large number of independent consumers as well as organizations (Owusu-Tucker and Stacey, 2018). Analyzing is equally hazardous to use such a confidential material as this is to get it. Whenever operating inside the cloud environment, privacy could be breached in order to obtain notification of vital operations like additional performing tasks or document generation. Semantic Gap is also crucial to discover knowledge through low-level bytes.
In case of the Trust due to the obvious afraid of ruining personal access over the data, this is a critical aspect towards enticing additional employees to work inside the cloud. As a consequence, businesses have been attempting on the way to build trust within their customers through guaranteeing them of verified conformity within organizational safeguards as well as regulations (Sharma and Al-Muharrami, 2018). The major concerning feature of the latest digital structure is attack. Inside an unsecured cloud computing system, the danger of data buffering attacks has been significantly higher.
According to the author Delavari et al. (2019), The foregoing discussion give an outline of the major significant components of doing systematic research within cloud computing-related disciplines (Singh et al. 2018). This research, as a tertiary level, employs a scientific conceptual approach that employs a three-layered incremental algorithm, such as:
Input/output: This layer provides the inputs as well as outputs of every research phase, comprising the online databases, the amount of publications retrieved within every stage of the discovery as well as filtering stage, as well as the standard methods used to complete the tasks.
Research process: The research process, comprising the key stages as well as procedures along with the things involved with each, has been specified at this layer.
Tools: This layer specifies software tools utilized on the way to assist as well as encourage the study procedures along with development (Stewart, 2021). The research graphically maps this three-layered structure, which includes the research procedures, outcomes, and tools employed within every phase.
From the related study of Kun Shin et al. (2018), the research activity as well as organizational considerations are used to find the size of the event period as well as the estimating time frame. A one-day program is typically advised. Therefore, while the activity notice emerges inside the media, this is unknown if the marketplace was told before the previous trading day's closing. As a result, if the release happens after the preceding day's end of trade, any instant appraisal implications would be correlated with stock value on the day the news is published in paper.
If the data has been disclosed before the closing of trade, any direct value impact would be recognized on the day before the notification appeared in paper. The standard solution towards this issue is to extend the timeframe between one & two days (Thabit et al. 2019). As a result, this research implemented a two-day event span, which included both the day of the announcement's publishing & the day before it. For regular research, however, the interval for determining average returns generally varies from 150 to 350 days. To allow for comparability with other research, this report estimated the predicted return as well as trade activity 250 days before the occurrence.
According to the author Balanagalakshmi et al. (2020), the banking business has been currently dealing with a number of issues, including huge costs for modern technologies as well as superior hardware utilization. Cloud computing provides network infrastructure within banking systems via the web without any need for additional operational expenditures such as staff, equipment, hardware, as well as software. The primary problem before the banking sector would be to lower the huge costs associated with the implementation of modern information technology as well as the efficient use of hardware. A practical implementation of these technologies inside banking sector has been a fantastic option for this. With the implementation of "cloud computing" technologies into banking sectors, they may provide exceptional services as well as clients could easily acquire financial services (Tiwari et al. 2021). Clients, for example, may simply access as well as complete their purchases using their Smartphones that could conveniently carry out. This has been one of the key advantages of "cloud computing", as this provides many types of services without the need for human interaction with the assistance of many other service suppliers.
From the related study of Bose et al. (2019), the contemporary banking firm faces a b competitive climate. Any blunder regarding big brands or erroneous movements within controlled contexts may be expensive. As a result, compliance regulations, combined with commercial concerns, temper the many aspects of basic banking activity (Vijai and Anitha, 2020). Whereas several novel security controls have been devised as well as implemented for banking activities, public cloud-based innovations as well as relevant safety controls have yet to be widely used via banks. Worries about privacy along with data protection have been two of the main reasons that banks have been cautious to utilize cloud-based technologies.
In this study it has been used as the secondary data for conducting the research. There are certain drawbacks found during the research. This kind of literature review might not exactly answer the research questions (Vinoth et al. 2022). There have also been some limitations of the data. It is not possible to maintain the quality of the research every time. It is also found that certain journals have a shortage of exact information relevant to the topic.
The banking industry is undergoing massive upheavals. Individuals now have power over banks instead of the other way around. Customers have been at the forefront of new business prospects. Changes within society and economic interactions, as well as related use technologies, are encouraging company innovation. To adapt to this developing customer-driven economy, banks must update their strategic plans, operations, and information technology. Banks would've been significantly more able to supply trustworthy service to customers across departments and nations, as well as combining an abundance of displaced customer information and insights. To change anything within the financial sector, banks should look at challenges externally, from the standpoint of the client. The significant advancements in banking need unique techniques for raising sales and profitability. Cloud technology offers secure installation options that may help banks improve new client experiences, facilitate amazing collaboration, and enhance market speed while increasing IT profitability. Cloud computing is becoming increasingly popular across a wide range of industries, particularly banking.
Inside the study of cloud computing security as well as their mitigation techniques within the banking sector it has been presented a thematic analysis which also includes different themes. After that a critical review is illustrated based on the cloud computing in the banking sector and the literature gap sections will help anyone to understand the gaps inside the research and this will be also helpful on the way to mitigate those gaps in future studies.
Massive upheavals are occurring inside the financial business. Customers have always been at the forefront of new investment opportunities. Bankers must adjust existing corporate strategy, processes, as well as computer technology on the way to adjust towards this evolving customer-driven market. Banks must approach challenges through the customer viewpoint while implementing any improvements inside the financial business. Significant developments within finance necessitate the creation of fresh techniques on the way to increase productivity along with revenue. Cloud technology offers secure installation options which might help banks improve experiences for consumers, facilitate amazing collaboration, as well as increase marketplace pace whilst increasing IT profitability. Cloud computing is now widely used in a wide range of industries, including banking. Various strategies have been employed for this aim that would be addressed more below.
The research methodology chapter has been further separated into some subsections. These methods also can be visible in the research onion figure (Balanagalakshmi et al. 2020). This subsections are Research philosophy, approach of the research, the suitable design according to the research, methods which are used, some special strategies, data collection methods as well as the data analysis techniques. At last it has been added a Gantt chart which presents the time table of the research and particular time taken by each part.
For discussing the cloud computing techniques inside the banking sectors the positivism research philosophy is best suitable for this research. There works a belief system inside this research philosophy. This assists the researchers on the way to complete the research successfully. It is among the most relevant research theories that will help with the study. The bases for selecting and employing this research methodology include a variety of factors that will assist in giving freedom to the value while also revealing trends and patterns. This is also advantageous in terms of data display and data dependability.
This is one of the major significant part of any research. In the direction of meeting all the tasks of the research the research approach which is used here is inductive in nature (Tiwari et al. 2021). There are lots of benefits of using this type of research approach. This kind research approach always help on the way to predict the exact future result.
The research design of this particular research is exploratory in nature. This is all about the cloud computing security as well as their mitigation methods. For this reason there needs to be performed lots of exploration. The design of the research will help to construct the research in a perfect manner (Alizadeh et al. 2020). By following proper research design one can easily complete any research step by step basis. There are many reasons behind choosing this research design. According to the research it has been observed that the exploratory research design is best suitable for this research. This always helps users for understanding better as well as this research design provides numerous chances on the way to learn latest things.
Research method is the core of any research. In this research it has been used the Qualitative research method. With the help of the research method one can easily understand the main motive of this research. Previously it has been discussed that the research is all about the innovative cloud computing technologies inside the banking sector (Afrika, 2018). So, there should have the better quality software for better performance. Having the perfect quality cloud computing software always assists the banks on the way to mitigate the risks.
In this research several actions have been taken on the way to meet all the needs of the banking sector. For this reason it is an action-oriented research (Alizadeh et al. 2020). The main reason of action oriented research is the survey. In this research the proper survey will be organized to collect essential response from the different participants of the survey. This is typically action oriented research for this reason as researcher perform this survey questionnaire and collect essential data. An action-oriented approach is a beneficial technique of doing research between experts and people in society with the goal of directing practice, program, social inclusion, and guidelines while also contributing to the professional arena of study.
In this research paper proper quantitative Primary data are collected via survey. At first all the participants or the respondents are selected for thus survey and note down the essential response of this respondents. This primary data will help to recognize the proper impact of the cloud computing in the different banking sector. For this reason, in this research proper quantitative primary data are gathered via proper response rating method (1 to 5) or the Yes or No process.
Data analysis Technique
Throughout this research it is used the Primary data analysis. This kind of analysis generally takes minimum time as well as less resources on the way to perform any research. Not only the time, does not take lots of cost to be spent (Afrika, 2018). The data can be easily obtained from the secondary source as well as require minimum staff time. The data representation can be more perfect as it does not take lots of time. The chance of getting wrong become less. Anyone can handle the data collection very easily. In this case proper quantitative data is analyzed to generate accurate outcomes which will be helpful to reach the actual goal of this research.
This entire research is based on the survey method. According to the survey response primary data is collected and on the basis of this proper quantitative analysis is performed. For this research a specific number of participants is selected for the proper evidence collection. In the next step questionnaire is designed which will help to identify the impact of the cloud computing on the security protocols of the Banking sector. All the participants are pre informed about this survey.
In this over all survey 50 participants of the different banking sector is gathered and according to the questionnaire this survey is organized. The essential response of this participants will be gathered for the proper analysis.
In this Methodology chapter it has been discussed several methods which are used in the research. This methods are employed on the way to express the cloud computing techniques for mitigating the risks inside the banking sector. Banks should approach challenges from the client's perspective while making any improvements in the financial business. Major advancements in banking need the creation of fresh techniques to increase trades as well as the viability. Cloud technology provides safe deployment solutions which might assist banks throughout improving experiences for consumers, facilitating incredible cooperation, as well as enhancing market velocity whilst boosting IT efficiency. The cloud has become extensively employed in a variety of businesses, particularly finance. Several strategies have been employed for this aim, which will be addressed more below.
Cloud computing is very much beneficial for the security service. Nowadays different banking sector use this technology to identify the basic threats for the organization. If this system can be developed more for the viruses and other sector future business can use this service to gain more trust from the consumer. Further research can be developed on the basis of the proper implementation of Cloud computing in other business. If different industry implement this system the third party threat can be easily minimized.
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Q1: What is the author's frame or orientation?
The author’s orientation in this article is to show the cloud computing security with their mitigation techniques in the banking sector.
Q2: What type of article (i.e., research, literature review, secondary source, theoretical, opinion) (Collins, 2003) is this?
This is mainly a literature review by which people can know different researchers perspective in terms of cloud computing security.
Q3: What theoretical frame does the article take?
It is mainly focused on the thematic frame. Except this, methodological and chronological frame are also used in this article.
Q4: What is the purpose of the article (research question & goals)?
The purpose of this research is to discuss about the cloud computing security with their mitigation techniques in the banking sector.
Q5: What methodology is used to gather data?
Secondary data collection method.
Q6: What are the major findings of the research article?
It has been observed several cloud computing security with their mitigation techniques.
Q7: What are the outcomes of the study?
With the help of cloud computing security with their mitigation techniques it is provided the assurance to the banks in terms of security.
Q8: What recommendations are made? Are the recommendations aligned with the results of the study?
During the research it has been found several drawbacks of the cloud computing security which is recommended to improve such portions in future studies by introducing some novel methods.
Yes, the recommendations are aligned with the results of the study.
Q9: Other relevant information (e.g., first study of its kind, unusual results, etc.)?
There are numerous information present related to the cloud computing security in the internet. It is expanding day by day and in future it will be more improved.
Q10: What are the key thoughts about the article?
The main reason behind conducting this article is such that this article will help the banking industry and show them the perfect way of using the cloud computing security.
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