Information Technology Management Assessment Questions and Answers
- Number of Words: 4000
- Citation/Referencing Style: Harvard
Cloud computing is a type of on-demand service that provides access to shared resources, applications, or storage over the Internet. It enables financial institutions to store and process data in remote servers instead of local systems. While the financial industry has been slow to adopt cloud technology due to concerns about giving up their legacy on-premises applications, regulatory compliance and data privacy issues, this position is starting to change as more financial institutions realise how technology can help them meet their business objectives while satisfying customers’ needs at the same time.
Answer ALL the questions in this section
Usage of cloud computing in finance has skyrocketed throughout the pandemic and is showing no sign of slowing down anytime soon. The shift to remote working has resulted in more financial businesses utilising cloud-based technologies than ever before. Discuss the business benefits of cloud computing in the financial sector.
While there are many benefits to using cloud technology in banking, the challenges that come with cloud adoption may be the reason so many financial institutions are lagging behind other industries. Discuss the challenges that could arise from banks’ migration to the cloud environment.
The common application used on the cloud platform by the banking sector is customer relationship management (CRM) systems. One of the biggest challenges that many banks are facing these days includes meeting their clients’ expectations. To stay afloat, they must have in-depth knowledge of each client they serve and act faster than competitors. Therefore, many teams invest heavily in CRM for banks. Discuss possible reasons for banks to use CRM software.
In relation to question 3, banks have the choice of utilizing on-premise or cloud-based CRM applications. Critically discuss the differences between on-premise and cloud-based CRM systems. Include your view on the best option banks should consider.
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