Adoption of Cloud Services in Central Banks: Hindering Factors and the Recommendations for Way Forward

Darell Edmond (), Vijay Prakash (), Lalit Garg () and Seema Bawa ()
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Darell Edmond: University of Liverpool, Liverpool, United Kingdom
Vijay Prakash: Thapar Institute of Engineering and Technology, Patiala, Punjab, India
Lalit Garg: University of Liverpool, Liverpool, United Kingdom and University of Malta, Msida, Malta
Seema Bawa: Thapar Institute of Engineering and Technology, Patiala, Punjab, India

Journal of Central Banking Theory and Practice, 2022, vol. 11, issue 2, 123-143

Abstract: Current research on cloud computing often focuses on the technology itself and the benefits that one company can use and choose from cloud services. Most of the research has focused on mainstream enterprises and limited regard to Central Banks' (CBs') Cloud Computing Adoption (CCA). CBs are continually exploring opportunities to enhance IT efficacy while minimizing expenditures and ensuring data protection and network security. This paper investigates the factors affecting the CBs' CCA by surveying 40 CBs representing approximately 25% of total CBs worldwide. The main participants were senior IT managers who are responsible for any IT decisions in CBs. The findings are also significant for other organizations or businesses where data privacy is crucial. The study results indicate that CBs are still reluctant to migrate to the public cloud. Influential factors preventing CCA are data protection, privacy, and risks.

Keywords: Central Banks; Cloud Computing Adoption; Cloud Services; Hindering factors. (search for similar items in EconPapers)
JEL-codes: I21 L32 L33 L52 Y20 (search for similar items in EconPapers)
Date: 2022
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