Banking clouds provide an excellent way for online banking institutions to move their data and functionality to a third-party cloud service provider. This allows them to take advantage of the additional capabilities offered by the cloud. However, it also has some negative implications for users, especially if the bank is susceptible to security breaches. Here we’ll take a look at some tips for banking cloud customers to protect themselves.
Most banking cloud platforms are open source, but not all are. There are some open source banking platforms that are based on Java and/or Flash but offer significantly less functionality than the ones based on more established languages. In general, banks that offer banking cloud services should specify the version of their platform used. The best banks will use a stable programming language with a well-documented API that’s available to the community. In addition, any service offering significant functionality should be backed by a robust security model. Some banking cloud services have chosen to provide mobile functions through internet applications and mobile devices, so they may not have the same security concerns as a bank with physical premises.
Banks that provide banking cloud services need to clearly define their customer expectations. When using an outside provider, banks should clearly spell out the functionality they’re hoping to achieve. This can help minimize expectations when banks utilize external systems. For example, financial institutions may be banking on mobile devices that connect to the internet, but this won’t mean that bank employees will automatically be able to log in from any internet connection, not even their own.
Another way for banks to make the most out of a banking cloud platform is to know exactly what they want. Financial institutions should have a clear idea of what functionality they expect from their external systems, including details such as how much data they’ll be able to access, whether it’ll be secure, and whether they’ll be able to manage multiple devices. Many banks are starting to utilize their own mobile apps to streamline banking, and the banks themselves will probably want to have app versions of popular apps such as Google Finance and QuickBooks.
The banking cloud service should also be flexible. Different providers can have different plans for handling business. Ideally, banks will want to work with cloud service providers that can offer flexible plans for both personal and business use. Flexibility is key to allowing banks to take advantage of all that cloud service has to offer, and it also ensures that customers can get the kind of support they need.