International Journal of Multidisciplinary Research and Explorer (IJMRE) December-2021 https://doie.org/10.1222/IJMRE.2021691635 Website: www.ijmre.com Volume No. 1, Issue. 10 120 A Critical Appraisal of Cloud Computing Technologies for Banking Dr. Hema Mirji 1 , Ria Kapoor 2 , Riya Narang 3 , 1 Assistant Professor, Bharati Vidyapeeth (Deemed to be University), Institute of Management and Entrepreneurship Development, Pune. 2 Student, Bharati Vidyapeeth (Deemed to be University), Institute of Management and Entrepreneurship Development, Pune 3 Student, Bharati Vidyapeeth (Deemed to be University), Institute of Management and Entrepreneurship Development, Pune 1 hema.mirji@bharatividyapeeth.edu 2 ria2002kapoor@gmail.com 3 riya2183vitu@gmail.com Abstract— In coming years cloud computing is expected to become one of the most important inventions of the era. Cloud computing can offer banking sector a number of advantages like enhanced data processing capability, cost saving, agility of information technology and reduced risk of information technology. To further facilitate the implementation of cloud computing in banking, banks must consider the issues related to data confidentiality, security, regulatory compliance, quality of service and technical standards. With the help of cloud computing many services like storing, managing and accessing the information has become easier for both the bankers and the consumers. Cloud computing should be applied gradually from the minor business to the core business for better stability and unvarying expansion. In this paper cloud computing in banking sector has been examined with respect to its scope, advantages, disadvantages, applications and its comparison with traditional banking. Finally, this paper concludes that cloud computing is competent to provide the banking sector a more efficient and effortless working environment with promising future prospects. Keywords— Cloud computing, modern banking, use of cloud computing, Cloud computing in banking, Financial Services. I. INTRODUCTION In this fast-developing world of advanced technology and sciences, cloud computing has become a crucial aspect of the new generation of IT change. Cloud computing provides us the capability to use IT infrastructure and services that are not installed on any community server or computer. To make connections with external computers or servers for appropriate resources by using networks like internet or intranet (Poelker,2003). The general interest in cloud as a computing style is increasing an it is able to influence each and every sector undoubtedly. Most financial services IT leaders believe that provided taking the appropriate precautions cloud computing will play a major role in the evolution and growth of the banking sector. Still, banks have been sluggish in acquiring the cloud approach as there are worries regarding lack of control and environment spread out which may lead to security risks and management issues (Dr M. Parameswari,2018). Banking need to take financial innovations and safe place to conduct transactions (Dongol, 2021). Commercial banks also have to their financial risk disclosure which helps them to improve the performance (Debele, 2021) Banks work in a complex environment, as a result the need for data storage and processing power is increasing constantly. Real estate and human resources for data centre management come with a huge cost. Putting the data centre in cloud provides banks cost efficiencies, enables speed to market and helps in delivering quality services to customers. Cloud computing provides banks with extensibility and the ability to handle expansions and contractions of processing power requirements. With cloud, banks no longer have to worry about managing infrastructure and upgrading operating systems as the cloud provider takes care of that. Cloud computing make the banks competent to emphasise on its core competencies rather than focusing data management. In this paper we will also be taking a look at how cloud banking is different from traditional banking and how different aspects of working changes with the use of cloud banking. In order to make full use of cloud’s advantages banks must take care of itsdrawbacks and contemplate issues related to data security and quality of working standards for better results. FEATURES OF CLOUD COMPUTING A non- regulatory agency of the US Department of commerce (NIST), defines cloud computing as: a model for allowing omni present, suitable and on demand network access to a shared pool of customized computing resources which can be quickly provisioned and released with minimum effort of management and the service providers (NIST,2011), Cloud Computing is becoming new revolutionized concept in this era of modern technology. It is becoming easier for companies to maximize the potential benefits of cloud computing services as