Data Management and Deployment of Cloud Applications in Financial Institutions and its Adoption Challenges

The Cloud has become a new vehicle for delivering resources such as computing and storage to customers on demand. Rather than being a new technology in itself, the cloud is a new business model wrapped around new technologies such as server virtualization that take advantage of economies of scale and multi-tenancy to reduce the cost of using information technology resources. From one perspective, cloud computing is nothing new because it uses approaches, concepts, and best practices that have already been established. From another perspective, everything is new because cloud computing changes how we invent, develop, deploy, scale, update, maintain, and pay for applications and the infrastructure on which they run. Nonetheless, there exist an increasing number of large companies that are offering cloud computing infrastructure products and services that do not entirely resemble the visions of these individual component topics. The challenge of building consistent, available, and scalable data management systems capable of serving petabytes of data for millions of users has confronted the data management research community as well as large internet enterprises. Financial institutions are not strangers to cloud computing adoption. One of the earlier cloud uses in banks and financial institutions were for SaaS deployments, which allowed for more social media banking. However, now FI's face the issue of security due to the increased number of data leaks. As a result, cloud within IT strategies and architecture for FIs will increase the risk of a security breach among servers and networks unless there is an adoption of a multiyear cloud strategy to keep data protected. This paper highlights the data management in cloud applications and deployments of various services of cloud computing in Financial Institutions with the study of risk factors in deployment of transaction data of Financial Institutions on clouds.