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Cloud Technologies in Retail Banking

Written by CFTE’s Experts

Cloud services have changed the way the world functions. Interestingly, today every single thing or service is shifting to the cloud or using partial cloud services. Cloud computing technology can be simply defined as the delivery of computing services over the internet – or the ‘cloud’. Retail Banks are first in the line to use cloud technologies, mainly because of the potential they see in this domain

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How is Cloud Technologies Transforming Retail Banking?

Here are some ways cloud technologies are transforming retail banking:

Banking will become more Personalized

Cloud technologies allow for a more personalized banking experience for the customers. With all the data stored in the cloud, the banks can keep track of customer behavior and preferences and make decisions accordingly. Those decisions will be more personalized for the customers, as they will be able to better relate to and benefit.

The Need for Complex Paperwork Remains No More

In the past, and many banks even today, still see the use of paperwork is common. It increases a lot of complexity as everything needs to be stored and kept in a safe place. The retrieval of the stored information is also relatively slow, as it takes time to fetch the vital information manually. With the cloud, everything can be easily automated, and thus, the need for paperwork remains no more.

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Improved Quality of Databases

Databases were not primarily used, except by massive banking systems. However, cloud technologies open up the door for new and improved database systems, as they have become more scalable for banks. This improvement has the potential to be a game-changer.

Applications of Cloud Technologies in Retail Banking

Here are some interesting (potential and in-use) applications of cloud technologies in retail banking:

Cloud Technologies may be used for data storage and data analytics.

Retail banks use the cloud to make use of AI services.

Customers are getting personalized updates and offers with the help of information gathered via cloud services.

Cloud services are also being used to secure important data.

Companies Using Cloud Technologies in Retail Banking

Here are some banks (companies) making use of cloud technologies:

TD Bank Group

They have collaborated with Microsoft to use the Azure cloud services. In the cloud, TD bank would be provided with services concerning access to information and AI technologies.

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Royal Bank of Canada

Royal Bank of Canada is making use of IBM’s cloud services. In these services, they aim to increase the agility of their business and services and significantly reduce their marketing time. This technology will make use of its scalability to improve the services provided to the Royal Bank of Canada.

J.P. Morgan Chase & Co

This bank is making use of Amazon’s cloud, which is a part of AWS. They aim to use the cloud to make complex computations and calculations at irregular intervals.


Cloud technologies in banking are still at their starting point. As of yet, the scope and future of this technology cannot be guessed, but the future seems to be quite promising. Apart from an improvement in customer experience, the cloud is providing lots of benefits to the banks as well.

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