Banking Business in Digital Transformation: The Role of Cloud Computing

Abstract

In the digital age, the banking industry is undergoing an unprecedented transformation. Cloud computing technology, with its advantages of elasticity, scalability, and cost-effectiveness, has become a key force in driving this transformation. This paper explores in depth how cloud computing technology aids in the innovation of banking business models, the enhancement of efficiency, and the improvement of customer experience. By analyzing the diverse applications of cloud computing in banking, this paper reveals its profound impact on payment systems, risk management, data analysis, and customer service. At the same time, this paper also focuses on the challenges and risks in the implementation of cloud computing, including data security and privacy protection, regulatory compliance, technological dependence and risk management, and technological integration and migration issues. In response to these challenges, this paper proposes a series of strategies and solutions aimed at helping financial institutions effectively utilize cloud computing technology while avoiding related risks. The research in this paper not only provides valuable insights for the banking industry but also serves as a reference for the application of cloud computing technology in other industries.