Cloud finance: A review and synthesis of cloud computing and cloud security in financial services

Michael Imerman (), Ryan Patel () and Yoon-Do Kim ()
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Michael Imerman: Peter F. Drucker and Masatoshi Ito Graduate School of Management, Claremont Graduate University, Postal: ​1021 N. Dartmouth Avenue, Claremont, CA 91711, https://www.cgu.edu/people/michael-imerman/
Ryan Patel: Peter F. Drucker and Masatoshi Ito Graduate School of Management, Claremont Graduate University, Postal: ​1021 N. Dartmouth Avenue, Claremont, CA 91711
Yoon-Do Kim: Peter F. Drucker and Masatoshi Ito Graduate School of Management, Claremont Graduate University; Federal Reserve Bank of Minneapolis, Postal: ​1021 N. Dartmouth Avenue, Claremont, CA 91711

Journal of Financial Transformation, 2022, vol. 55, 18-25

Abstract: Cloud computing is hardly a new concept, although its embracement by the financial services industry has mostly occurred in the past few years. Unlike traditional computing infrastructure used by financial services firms, such as data centers and mainframes, cloud computing relies on the internet to access storage hardware as well as software applications from anywhere at any time. This is proving to be of tremendous value for many firms especially as remote work becomes more common and on-the-fly data access is expected by stakeholders. However, it is not without its risks and challenges. In this article, we review the current state of cloud computing as it applies to financial service firms and outline both the benefits and challenges, including cybersecurity issues for data and applications based in the cloud. Further complicating matters for incumbents in the financial services industry is the fact that fintech challengers are “cloud native”, in that they are built upon a cloud-based computing infrastructure and are, therefore, able to more easily adapt to changes with the technology.

Keywords: Cloud Computing; Fintech; Technological Change; Cybersecurity; Financial Regulation (search for similar items in EconPapers)
JEL-codes: G20 G28 M15 O33 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:1685

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