Cloud computing - an essential tool for digital transformation

Per GlobalData, global spending by retail banks on cloud computing in 2022 amounted to $39 billion. Cloud computing has become a key technology enabler for retail banks. They typically deploy and use cloud infrastructure to store data and applications, and provide remote access to the same systems. Furthermore, cloud computing provides retail banks with a more flexible business model and lowers operational costs. Cloud-based systems have helped banks adapt to the rise in remote working, increased customer app use, and associated security and fraud risks.