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Running head: CLOUD-BASED APPLICATION IN THE BANKING SECTOR

Cloud-Based Application in the Banking Sector
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Security assessment of the cloud-based application in the banking sector
Introduction
Cloud-based application refers to the software program whereby the logical components
and cloud-based work together. The model of the cloud-based application relies on the utilization
of the remote servers which are used in processing logic accessed through the application of the
web browser in a continuous internet connection. In banking sector, the cloud-based applications
have been used in facilitating faster development of the services and products being provided to
the customers. It helps in the provision of the insight that is essential in the creation of
customized services being provided to the clients in banking sector. Besides, the use of cloudbased application has also been considered as being essential in banking sector in enhancing a
boost in computing. These roles are essential since they help to ensure achievement for meeting
the needs of increased customers in banking sectors. In general, it can be recommended that the
main essence of the cloud-based application in banking sector aims at increasing efficiency due
to the increased demand of the customers.
Based on this, the overall research paper is aimed at providing an overview of ways
through which the cloud-based application has been used in banking sectors along with
challenges being faced in the overall operation process. Besides, it shall provide an overview of
what strategies can be incorporated to curb the challenges incurred during the implementation
and utilization of the cloud-based application in banking sector.
Kind of cloud-based application
There exist various cloud-based applications that useful in banking sector in the essence
of enhancing overall service provision. Based on this case, the cloud-based which regards to be
analyzed is the use of software-as-a-service (SaaS) in banking sector. Software-as-a-service

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(SaaS) is among cloud computing applications which have greatly been developed in reflection
of its application in the organization operation. In the situation of banking sector, the application
of the software-as-a-service (SaaS) has been evident to ensure increased and viable interaction
between bank organization and customers (Cowling, 2020). In most cases, the implementation of
the software-as-a-service (SaaS) in banking sectors has been considered to be associated with
low cost specifically when compared to traditional banking software.
In terms of its application in the services provided in banking sector, the software-as-aservice (SaaS) does not necessarily require the availability of other hardware like in the case of
the other cloud computing application. The implementation of the software-as-a-service (SaaS)
has been researched to provide banks with an opportunity in the utilization of available resources
hence leading to the achievement of the main objective aligned with its establishment. Its
application has also led to the introduction of SAB which is important to enhance security to the
information concerning the customers along with the financial transaction which may be done in
the banking. Besides, the SAB has been important in upgrading the system along with ensuring
effective maintenance of the information something which has contributed to the increased
achievement of data confidentiality and privacy. In this scenario, the issue which can be incurred
in the case of the financial transaction like financial fraud is reduced hence leading to
transparency among the customers.
Besides the application of the software-as-a-service (SaaS) will contribute to ensuring a
decline in the cost associated with the application of the models which can be used in the
enhancement of the services in banking sector, there faster delivery of the services in the
availability of the software-as-a-service (SaaS) in banking sector. This is mostly associated with
a reason that the increased number of people in the banks that will be served with a set time

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duration. In general, the main application of the software-as-a-service (SaaS) in the banking
section is to enhance faster delivery of the services required by the customers which shall also be
important in the creation of an opportunity to achieve more funds for further investment.
Example in application
There are various ways through which the software-as-a-service (SaaS) can critically be
applied in banking sector. This generally comprises the following; the application of the
software-as-a-service (SaaS) in banking sector has been considered to be an essential
specification in the creation of intermediate value. This is because they have been faster in
delivery of the services required and helps in the elimination of the needs to install, test, planning
for activities like data backup and to procure along with maintenance of the hardware (Meissner,
2020). These factors have been contributed to an upsurge in the cost of installing the software
hence negatively affecting the banks. Therefore based on this, there is a chance to reduce the cost
in the introduction of the software-as-a-service (SaaS) hence the available funds can be utilized
in the improvement of the service provided to the customers. In general, one of the main
applications of the software-as-a-service (SaaS) in banking sector in to reduce the cost associated
with the installation of the other models and software which can be required in the process of
being used in service delivery.
The other application of the software-as-a-service (SaaS) in banking sector is to enhance
availability among the customers in consideration of the services being provided. Through the
application of the software-as-a-service (SaaS) in the banks, there has been better consideration
of the confidentiality and privacy of the customers. This is because the research has indicated
that some of the customers’ information concerning financial transactions may be hacked.
Therefore the software-as-a-service (SaaS) will help to ensure better security strategies and

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hence increase transparency for the better outcome. The issue of the financial audits and
management requirement has critically been enhanced through the implementation of the
software-as-a-service (SaaS) in the banks hence leading to reduced issues of financial fraud. The
procedure and policies which are considered in the operation of the banks have also been
enhanced through the introduction of the software-as-a-service (SaaS). This has contributed to
ensuring that there is trust among the customers hence developing an interest in being interactive
with specific banks.
Challenges faced
In banking sector, various challenges have been faced. This generally comprises the
following. Cybercrime in the financial transaction; generally the banks have been faced with
increased issues of the information hacking by the hackers. In this case, customers may not be
willing to interact with certain banks. Therefore, one of the critical problems being incurred in
banking sector is increased loss of privacy and confidentiality in consideration to the customer’s
information hence leading to the cybercriminal (Amornvetchayakul, & Phumchusri, 2020).
Besides, there is a problem in the retention of the customers due to increased demand in the
market. Increased number of the customer in banking sector has been considered as a problem
since the traditional hardware which had been incorporated have not been effective in ensuring
that the service can be delivered in time. Otherwise, there has been an issue of congestion in
cases when the customers are being serviced. Banks have also been faced with a great challenge
in terms of the competition from the other organization involved in the exchange and transaction
of the finance. The issue of the increased capital demand in banking sector has also been
considered as the challenge especially in the management and retention of the employees and
other stakeholders who have been providing services to the customers.

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