The Essay On Mainframe And Cloud Technologies In Banking Operations.

The purpose of this assignment is to provide you with the opportunity to investigate why and how enterprises from the Banking sector use mainframe and  cloud  technologies  to  support their day-to-day operations. You are required to investigate usage of mainframe and cloud technologies by an enterprise (a bank or number of banks) from the Banking sector.

Your investigation should be supported by trusted Internet resources containing real life case studies, reports, on-line newspapers, videos, technical/research papers and academic journals. As a starting point it is advised to use FedUni on-line library eResources via “QuickSearch” and “Databases”.

In light of the investigation your findings should address the following requirements:

1. Describe (at least THREE) core business services offered by abank;
2. Provide a brief description of security and privacy needs in relation to the bank’s core business services;
3. Explain the bank’s needs for ICT workload types (batch, transactional andanalytics);
4. Describe how banks benefit of using cloudtechnologies;
5. Explain which cloud services are used in the banking sector and how they support one or more ICT workloadtypes;
6. Describe why major banks and financial institutions have mainframes at the centre of their technologicalstrategies;
7. Explain how mainframes support one or more ICT workloadtypes;
8. Provide at least five (5) references/resources used in your investigation (APA reference style) and a link to your YouTube videopresentation

Core Business Solutions in Banking Sector

The banking sector can be stated as one of the most crucial sector in the life of the common people (Islam et al., 2015). in the sector of the technological advancement the banking sector is also taking into consideration the adaptation of the concept of the cloud to gain different types of advantage.

The main consideration of the report is to take into consideration different aspects which are related to the banking sector in the concept of the cloud computing technology.

Part A

The core business solution which are provided by a bank are stated below:

• Payment service:The service which is related to the payment can be considered as one of the major backbone which is related to the entire flow of money relating to an economy. Earlier it can be stated that there were different options which were available such as the demand draft, cheque etc. but in recent times most of the sector are digitalized with the involvement of online transfer of money
• Financial sector:The financial sector can be stated as a sector which is recently launched taking into consideration different aspects which are related to financial. These solutions majorly focus on the aspect of the foreign exchange business, line of service of credit, management of wealth and broking system. These sector can be considered as very much beneficial for the bank due to the commissions which are gained from the concept or the approach
• Ancillary services:These can be stated as those service which are given from the end of the bank which is apart from the concept of the banking service. These services can be stated as minuscule of the different services which are offered by the bank. The main example which can be stated in the context are the cheque pick up facility, door step banking etc.

Part B

The main sector which can be taken into consideration relating to the security and the privacy can be applied to the digital or electronic banking sector. One of the aspect which can be considered here is the security of the personal data of the user. The data which is stored in the bank can be considered as very much crucial due to the economy of the person being related to the concept. Security and privacy implementation within the core area of banking can be stated as one of the most vital area which is related to the concept. One of the security aspects which are majorly included into the concept is the encryption of the data in the concept of the cloud were the data is stored. This directly helps the enhancement of the security of the data.

Part A

Batch: The focus sector which is linked to the concept of the batch can be related to the concept of creation of technique which can be implemented within the working of the bank.

Distribution: It can be stated it is directly related to the aspect of the operation and how the overall working of the bank is being conducted.

Part B

Transactional: There are different types of software which are readily available in the market which can be implemented within the concept which can directly enhance the service which is related to the concept of the operation.

Software: Software is very much beneficial due to the factor that it directly reduces error which are involved into the concept and different benefit can be directly be gained from the area of the implementation (Sanaei et al., 2014).

Part C

Analytics: The data of the system should be secured from different types of intruders so the sector of analytics can be considered as one of the most important area which can be included into the concept.

Security and Privacy Implementation

Operation: The operation can be stated as a main area of concern factor. It can be stated as one of the most crucial area of execution which is related to then operation of the banking sector

Part A

There are different types of benefit which can be seen in the sector of the implementation of the cloud computing into the concept of the working. The main aspect which can be taken into consideration is the reduction of the cost which is related to the concept. The main area of the reduction of the cost is due to the banks do not need to heavily invest in the sector of the dedicated hardware (Tebaa, Zkik & El Hajji, 2015). The cloud computing directly gives the aspect of flexibility to the working which can directly adopt different types of changes in the working. Risk factor reduction can also be considered as one of the factor which can be included into the advantage sector.

Part B

The cloud service which is implemented in the sector of the bank is the private cloud. This is due to the sector that there are different issue relating to the privacy and security implications which are avoided in the concept of the private cloud with the implementation of the VPN which is Virtual Private network (Awadallah, 2016). It can be stated that the concept of the working of the bank can be readily be moved to the concept of the infrastructure which can be very much beneficial in the sector of the working of the banking sector.

• Transactional workload:The concept can be directly being related to the overall transactions which are made in the concept of the bank. The main drivers in this context are the customer. The private cloud gives the direct provisioning of the different services which are related to the concept.
• Analytics Workload:The concept can be very much being beneficial in the sector of the working with large amount of data which is generated from the system.
• Database Workload:This can be related to the concept of the storage of the data which can be easily be done within the concept of the private cloud (Li et al., 2017).

Part A

The main reason behind the banking sector relying on the concept of the mainframe is due to the factor that the concept is very much reliable relating to the performance which is generated in the sector of the software and the hardware requirement (Oliveira, Thomas & Espadanal, 2014). On the other hand, the sector of the availability can also be stated as one of the points which can be added into the sector.

Part B

The main sector which can be related to the support to the mainframe is the analytics speed. This is due to the factor that the speed of transaction can be stated as one of the most important factor which can be related to the concept of the operation which is involved into the concept (Rittinghouse & Ransome, 2016). Each of the service which is related to the banking would be needed instance response.

Conclusion

At the end of the report a statement can be made that the banking sector can gain different types of benefit from the technology relating to the cloud computing. The sector can be stated to be in the stage of research and the technology would be playing a more dominating role.

References

Rittinghouse, J. W., & Ransome, J. F. (2016). Cloud computing: implementation, management, and security. CRC press.

Awadallah, N. (2016). Usage of cloud computing in banking system. International Journal of Computer Science Issues (IJCSI), 13(1), 49.

Li, P., Li, J., Huang, Z., Gao, C. Z., Chen, W. B., & Chen, K. (2017). Privacy-preserving outsourced classification in cloud computing. Cluster Computing, 1-10.

Oliveira, T., Thomas, M., & Espadanal, M. (2014). Assessing the determinants of cloud computing adoption: An analysis of the manufacturing and services sectors. Information & Management, 51(5), 497-510.

Sanaei, Z., Abolfazli, S., Gani, A., & Buyya, R. (2014). Heterogeneity in mobile cloud computing: taxonomy and open challenges. IEEE Communications Surveys & Tutorials, 16(1), 369-392.

Tebaa, M., Zkik, K., & El Hajji, S. (2015). Hybrid homomorphic encryption method for protecting the privacy of banking data in the cloud. vol, 9, 61-70.

Stergiou, C., Psannis, K. E., Kim, B. G., & Gupta, B. (2018). Secure integration of IoT and cloud computing. Future Generation Computer Systems, 78, 964-975.

Garrison, G., Wakefield, R. L., & Kim, S. (2015). The effects of IT capabilities and delivery model on cloud computing success and firm performance for cloud supported processes and operations. Intern

Alzahrani, A., Alalwan, N., & Sarrab, M. (2014, April). Mobile cloud computing: advantage, disadvantage and open challenge. In Proceedings of the 7th Euro American Conference on Telematics and Information Systems (p. 21). ACM.

Islam, M. A., Islam, M. K. B., & Beg, M. N. S. (2015, November). Paradigm shift towards cloud computing for Banking sector. In Computer and Information Engineering (ICCIE), 2015 1st International Conference on (pp. 126-129). IEEE.