Cloud-Based Core Banking: A Catalyst for Scalability and Agility in Modern Banking

Authors

Abhijith Vijayakumar Binsu

Abstract

Traditional core banking systems (CBS) are increasingly constrained by their rigidity and high maintenance costs. Cloud computing offers a transformative solution, providing unprecedented scalability, flexibility, and cost-efficiency. This paper explores the advantages and challenges of adopting cloud-based CBS, highlighting its potential to revolutionize the banking industry. By leveraging cloud technologies, banks can respond swiftly to market changes, enhance customer experiences, and improve operational efficiency. However, challenges such as regulatory compliance, security concerns, and organizational resistance must be addressed to fully realize the benefits of cloud adoption. The paper concludes by emphasizing the strategic importance of cloud migration for banks aiming to thrive in the digital age.

Keywords

Cloud Computing, Core Banking Systems, Digital Transformation, Financial Technology, Cloud Migration, Data Security, Regulatory Compliance, Organizational Change

Cloud-Based Core Banking: A Catalyst for Scalability and Agility in Modern Banking. Abhijith Vijayakumar Binsu. 2020. IJIRCT, Volume 6, Issue 2. Pages 1-7. https://www.ijirct.org/viewPaper.php?paperId=2412117