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Cloud finance: A review and synthesis of cloud computing and cloud security in financial services

Author

Listed:
  • Imerman, Michael

    (Peter F. Drucker and Masatoshi Ito Graduate School of Management, Claremont Graduate University)

  • Patel, Ryan

    (Peter F. Drucker and Masatoshi Ito Graduate School of Management, Claremont Graduate University)

  • Kim, Yoon-Do

    (Peter F. Drucker and Masatoshi Ito Graduate School of Management, Claremont Graduate University; Federal Reserve Bank of Minneapolis)

Abstract

Cloud computing is hardly a new concept, although its embracement by the financial services industry has mostly occurred in the past few years. Unlike traditional computing infrastructure used by financial services firms, such as data centers and mainframes, cloud computing relies on the internet to access storage hardware as well as software applications from anywhere at any time. This is proving to be of tremendous value for many firms especially as remote work becomes more common and on-the-fly data access is expected by stakeholders. However, it is not without its risks and challenges. In this article, we review the current state of cloud computing as it applies to financial service firms and outline both the benefits and challenges, including cybersecurity issues for data and applications based in the cloud. Further complicating matters for incumbents in the financial services industry is the fact that fintech challengers are “cloud native”, in that they are built upon a cloud-based computing infrastructure and are, therefore, able to more easily adapt to changes with the technology.

Suggested Citation

  • Imerman, Michael & Patel, Ryan & Kim, Yoon-Do, 2022. "Cloud finance: A review and synthesis of cloud computing and cloud security in financial services," Journal of Financial Transformation, Capco Institute, vol. 55, pages 18-25.
    • Handle: RePEc:ris:jofitr:1685
    as

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    More about this item

    Keywords

    Cloud Computing; Fintech; Technological Change; Cybersecurity; Financial Regulation;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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