Innovations in Cloud Computing for Financial Services

Abstract

Currently, cloud computing has become a key technology in the financial

services industry, offering transformative advantages that surpass traditional IT

infrastructures. By providing flexible access to computing resources, cloud computing

enables financial institutions to significantly reduce operational costs in a more

efficient and time-saving manner, while enhancing interaction with customers.

However, data security, privacy concerns, and risks associated with vendor lock-ins

and regulatory compliance remain significant challenges. This paper provides a

comprehensive review of the benefits, challenges, and opportunities of cloud

computing in financial services and proposes directions for future research,

emphasizing the need for continuous adaptation to technological advancements and

the evolving regulatory landscape.