Ubiquitous Banks: Cloud Based Design for Core Banking

Abstract

Cloud computing has already started reaching markets in the form of Infrastructure, Platform and Software as a service; HRMS systems, Retail support, Banking and many more. Every business is trying to improve its quality of services by exploiting reduced overheads, downtime, and automation cost. In this paper, we have proposed Cloud Based Core Banking System architecture that can be used seamlessly for automating various banking services on cloud. This will not only improve the system efficiencies, but can also be enhanced further to provided more ubiquitous features which require minimal user intervention. Nevertheless, the cloud security features need to be integrated with multiple levels of authentication which will have to include biometric features like finger-print, palm-print, retina scan, iris scan and so on. Further, we have tried to compare this design architecture of Cloud Based Core Banking System with existing bank architectures in terms of its pros and cons in regards to the current core banking systems.

Keywords: Core Banking; Cloud based bank; Artificial Intelligence; Data mining; Cloud computing; Digital banking