Impact Of Cloud Computing And Storage Facilities On Barclays Bank

Impact Of Cloud Computing And Storage Facilities On Barclays Bank

Introduction - Impact Of Cloud Computing And Storage Facilities On Barclays Bank

Get free samples written by our Top-Notch subject experts for taking the No.1 Assignment Help from native Assignment Help.

This proposal would be outlining the increased demand for technological advancement, Cloud computing and storage. The research proposal would be divided into segments which would be named firstly, background, discussing the concept of Cloud computing and storage and the ways in which, Barclays Bank is adapting the technology in its business. Apart from this, a briefing on Barclays Bank would be provided where it would specify the importance of adapting Cloud computing into the business. Moving forward, in the next segment of aims and objectives, the overall aim of this research would be outlined along with the aim of Barclays for adopting such technology. The objectives would be formed based on the impact of Cloud computing on the business of Barclays and the advantages they are gaining from the technology. Apart from this, the objectives would also be outlined based on the negative impacts of the technology it might have on Barclays. Moving onto the next point, in the literature review chapter, the objectives would be discussed more thoroughly. In the methodology chapter, the processes which were used by the researcher to conduct this proposal would be discussed with proper justifications.

Background

The purpose of choosing cloud computing and storage as the topic for this research is to specify The benefits gained by the businesses who are adopting this technology rapidly. Cloud computing is a technology which provides the leverage of accessing the uploaded files from any device and from any location but also ensures security as an individual can access those files only with the help of an ID and password (Barclays, 2022). This ID and password have to be kept safely by the organisation that is applying cloud computing to their businesses for ensuring the safety provided by this technology. being a multinational bank, this British organisation the Barclays bank operates in England headquartered in London and also across the world. It is very much necessary for Barclays to adopt cloud computing As they operate in two divisions which are Barclays UK and Barclays international (Barclays, 2022). In today’s world where technology has evolved in such a way that organizations are now exposed to new opportunities and improvements as well as to threats, which are considered to be the disadvantages of the advancement. This research proposal would be outlining these factors through the outlined objectives. To ensure the proper transaction of data is within the units of the bank, Barclays has now adopted cloud computing so that they can transfer the auditors and customer details which are sensitive information with the security of cloud computing and the swiftness in the transaction which is also provided by this technology (Barclays, 2022). As the bank is internationalised, it is important for the business to ensure that the consumers who are choosing Barclays are assured that their investments and their provided data are secured with the business.

Aims and Objectives

Aim

Cloud computing is considered to be the boon of the technological revolution. In this modern era, organisations and the banking industry as well as using cloud computing to ease up their storage facility and to ensure the utmost security of their confidential files. This research proposal would be focusing on the ways Barclays Bank is using cloud computing within their business for securing their data and lintels.

Objectives

• To evaluate the impact of cloud computing
• To understand the benefits offered by cloud computing
• To understand the disadvantages which might come from cloud computing
• To mitigate such disadvantages and use cloud computing to its fullest extent

Literature Review

Evaluating the impact of cloud computing

Understanding Cloud computing: Afrika, (2018) said that cloud computing is among the most recent ICT advancements, providing several benefits and facilitating the technological change of commercial and public enterprises. Despite the accompanying benefits, attempts for strategy implementation in government are in their early stages and moving at a slower pace than those in private enterprises due to a variety of contributing variables. Simultaneously, academics and practitioners believe that cloud computing not only has the potential to bring significant advantages to the public sector but is also expected to be a major component of future e-government strategy (Vinoth et al., 2022). ICT breakthroughs provide several benefits while also promoting commercial and public business technology transformation. Whereas, Stewart (2021) mentioned that amidst the associated benefits, efforts to execute strategy in government are in their early stages and proceeding at a slower pace than those in private companies due to a number of contributing circumstances.

Efficiency improvement in organizations: Baker et al (2019) claimed that when a company improves the efficiency of its product manufacturing through automation and manages its resources through advancements in systems and network such as cloud computing and cloud storage, needs to react appropriately to any anticipated challenges with performance through adapting capability through innovation, and Meng et al (2021) claimed that serves its client base with full efficiency while gaining consumer satisfaction, it achieves remarkable revenue growth (Singh et al., 2018). The aspect of the technological business on economic expansion information and the foundation's revenue has a positive impact on the structure of the company because staff members collaborating in under the establishment sustain a positive ecosystem for successfully implementing their employment and fines desire to participate in their presented position as the corporation continues to thrive in the long run (Hon and Millard, 2018).

Internationalization and Barclays: Thirupathi et al., (2019) said that the digitalization of a business indicates that the organisation is migrating from old business practices to adopting digital technologies and innovations to acquire precision in their produced products, which will also include characteristics found via innovation and technical breakthroughs. On the other hand, Najaf et al., (2021) said that an increase in efficiency indicates that the organisation that has adopted digitalisation has increased their production rate with the assistance of technologically advanced manufacturing machines, such as automatic systems processed with the assistance of robots and artificial intelligence, which is now replacing manual labour. Digitalised enterprises have achieved efficiency and excellence in a short period of time thanks to automated systems and artificial intelligence. As a result, Wang et al., (2021) said it can be claimed that when an organisation opts for digitization, it gains efficiency, and this efficiency motivates individuals to perform to their full potential since they are at ease at work.

Enhancement of security: Nuskiya, (2018) said that on the surface, the introduction of cloud computing and object-oriented programming has ushered in fundamental processes increasing the security of the organizations. In retrospect, however, preserving the profitability of these programmes is extremely challenging. Cloud computing is a sensitive asset that should only be handled by experts. Ismail et al., (2021) said that furthermore because the bulk of these applications is relatively new, knowledge about them is limited. Businesses must clearly enhance their skills in order to oversee the ever-changing technology field. Nithya et al., (2021) claimed that in order to use the most appropriate and up-to-date software, they must regularly confer with the expert team.

The benefits offered by cloud computing

Reduced IT costs: The turnaround of an organisation from traditional methods of conducting business to the use of digital technologies and innovations to gain accuracy in their produced products, which will also include features discovered through innovation and technological advancements, is referred to as digital business or digitalization (Carreiro et al., 2019). An improvement in efficiency shows that a company that has embraced digitalisation has raised its output rate via the use of technologically advanced industrial technology, such as automatic systems processed by robots and artificial intelligence, which is now replacing manual labour. Valverde et al., (2020) said that because of automated technologies and artificial intelligence, digitalized organisations have reached efficiency and quality in a short amount of time. As a result, when an organisation chooses digitalization, it gains efficiency, and this efficiency pushes workers to perform to their full capacity since they are at ease at work. As a result, when an organisation chooses digitalization, it gains efficiency, and this efficiency pushes workers to perform to their full capacity since they are at ease at work.

Efficiency in collaborations: Executives must clearly enhance their skills in order to oversee the ever-changing technology field. In order to use the most appropriate and up-to-date software, they must regularly confer with the expert team. These are tough projects that need a collaborative effort to perform within the annual time frame. The foundation of outstanding leadership is crucial to the long-term viability of the company. To cultivate their appealing personality, they must be attentive to the needs of each individual and build distinctive management skills (Baber, 2020). The experiences and challenges of a manager are useful in making such critical decisions. On the surface, the introduction of cloud computing and object-oriented programming has ushered in fundamental processes. In perspective, however, preserving the profitability of these programmes is extremely challenging. Cloud computing is a fragile asset that should only be handled by competent professionals. Furthermore, because the bulk of these applications is relatively new, knowledge about them is limited.

Flexibility in work practices: The foundation of exceptional leadership is critical to the company's long-term success. They must be sensitive to the demands of each individual and develop different management abilities in order to enhance their appealing personality. A manager's experiences and struggles are important in making such vital judgments. On the surface, cloud computing and object-oriented programming appear to have ushered in fundamental processes (Srivastava and Khan, 2018). In the long run, however, maintaining the profitability of these programmes is exceedingly difficult. Cloud computing is a delicate asset that should only be handled by experts. Furthermore, because the majority of these applications are new, awareness about them is limited. Cloud computing is a sensitive asset that should only be managed by experts. Furthermore, because the bulk of these applications is new, there is little knowledge of them (Rashid, 2019). Barclays must undoubtedly strengthen its skills in order to monitor the ever-changing technology business. In order to use the most appropriate and up-to-date software, they must engage with the professional team on a regular basis. 

The disadvantages which might come from cloud computing

Insecurity of data, remains: The notion of putting everything minute asset connected to the business reveals the characteristics of data vulnerability. It was argued that the advent of technical innovation permitted the involvement of external observation on the defining features of the organisation. Furthermore, it assists competitors in easy replication facilities, raising the odds of similarity and competitiveness. The distinctive characteristics are too difficult to sustain, limiting control over profit turnovers (Sunyaev, 2020). Data insecurity exposes the company's susceptibility by disclosing its clinical details in the market, allowing hackers and competitors to exploit the chance. As a result, the threat presented by data vulnerability is thoroughly examined in this section. Hackers may now target any system using software that can decipher even the most complex encryption. It has resulted in an alarming increase in the likelihood of criminal attempts. Hackers and ransomware have gained confidence as a result of improved abilities, technical backups, and cloaking software. It allows them to continue their immoral work while leaving no trace. As a result, criminal attempts have risen, with fewer possibilities of tracing down the hackers' physical location. As a result, it is clear that the likelihood of criminal attempts has grown.

Criminal attempts: Hackers may now target any system using software that can decipher even the most complex encryption. It has resulted in an alarming increase in the likelihood of criminal attempts. Hackers and ransomware have gained confidence as a result of improved abilities, technical backups, and cloaking software. It allows them to continue their immoral work while leaving no trace. As a result, criminal attempts have risen, with fewer possibilities of tracing down the hackers' physical location. As a result, it is clear that the likelihood of criminal attempts has grown. IT experts must deal with preserving the integrity of the encryption wall in order to prevent flaws and risks of attacks. The rising risk of privacy violation has raised the complexity of encrypted encryptions. This intricacy is a challenge for these specialists during times of inaccurate analysis. To pinpoint the exact flaw, they must decrypt the entire system. This method takes time and is frequently too late to save the system. As a result, complexity is highlighted as a drawback in this section. As previously said, it is critical for the business to remain relevant by remaining online.

Privacy issues prevail: However, the risk of adding all of the necessary facts leaves little room for privacy. This raises the likelihood of duplication, decreased job efficiency, a drop in stock values, and, eventually, replacement. Loss of goodwill and integrity results from a breach of privacy. As a result, concerns about privacy hazards are underlined in this section. The main issue with technological growth is that its meagre utility is restricted to an internet connection. The internet connection is far from steady in any region of the world, and it is certainly not reliant on pricey connection infrastructure. When the internet is down, the entire administration of the company comes to a halt. It succumbs to a large loss of turnover margin due to its incapacity to even execute basic sales and pitching. The most concerning aspect of internet connectivity is its unpredictability in terms of speed and availability. As a result, the organization's whole operation could not be based on a weak feature like the internet.

Methodology

Research Onion

Developed by Saunders, the research onion is used for describing the different layers of a research paper. The research onion helps a researcher to outline the research techniques to be used within the paper and with proper justification. With the help of this research onion, a researcher properly understands the layers which have to be undertaken by a research paper.

Figure 1: Research Onion

(Saunders et al., 2012)

Research Philosophy

The research philosophy of the methodology determines the nature of the research paper. Here, the researcher has chosen a realistic philosophical approach as the case study of Barclays bank, the UK would be used in this research paper (Alam. 2020). The realism philosophical approach is only chosen when a realistic case study or any realistic life event is chosen for the purpose of a research paper which is true in nature and not imaginary.

Research Approach

After the philosophical approach of the research paper comes the research approach stage where the researcher chooses an approach which outlines the structure and determines the ways which have been adopted for carrying out the research (Kollolu, 2020). For this research paper, the researcher has chosen a deductive research approach as the researcher would be doing you seeing the results and findings through a realistic case study of Barclays bank, UK.

Research Design

The researcher would be choosing a descriptive research design for this research paper as a case study has been chosen for conducting this research paper (Subramanian et al., 2019). The research design determines De outline of the outcomes and in this case, with the help of deductive research design, the researcher would be deducing the events which have been gained from the case study to describe the findings in an appropriate structure to identify proper findings.

Research Strategy

The researcher would be choosing case study and survey analysis strategies for this research paper as the research strategy.

Data collection method

The data collection method is the process through which the researcher collects data for the purpose of the research paper. For this research paper, the researcher would be collecting both primary and secondary data. As the case study of Barclays is involved in this research paper, the researcher would be serving the employees of the workplace as well as the consumers movies for understanding their feelings and emotions towards the business which would be the primary data collection system and apart from this the researcher would be also considering journals and articles for gaining data which is considered to be secondary data collection method.

Data Analysis  

The researcher would be using the mixed method in data analysis as well. As both the primary and secondary data collection method is considered in this research paper, the researcher would be considering both qualitative and quantitative data analysis technique for deducing proper findings through these details.

Sampling

The sampling size for this research paper would be 50 as random 50 employees of the Barclays would be surveyed by the researcher of this research paper for gaining data.

Ethical Consideration

The researcher should be considering the consumer data protection act along with the plagiarism act for ensuring that the collected data is or does not bring any harm to those who have participated in the survey.

Gantt chart

Steps	Week 1	Week 2	Week 3	Week 4	Week 5	Week 6 & 7	Week 8	Week 9 & 10	Week 11 & 12
Selection of the research topic
Topic selected/form submitted
Topic refined to develop project proposal
Developing literature review
Planning of data collection
With proper method collecting of data
Analysis of Data
Finding
Validation and testing
Delivery of the report

References

Afrika, R., (2018). Adoption of cloud computing services for sustainable development of commercial banks in Uganda. Global Journal of Computer Science and Technology.

Alam, T., (2020). Cloud Computing and its role in the Information Technology. IAIC Transactions on Sustainable Digital Innovation (ITSDI), 1(2), pp.108-115.

Baber, H., (2020). FinTech, crowdfunding and customer retention in Islamic banks. Vision, 24(3), pp.260-268.

Baker, C., Fratto, D. and Reiners, L., (2019). Banking on the Cloud. Transactions: Tenn. J. Bus. L., 21, p.381.

Barclays, (2022). About Us | Barclays US. [online] Cards.barclaycardus.com. Available at: <https://cards.barclaycardus.com/banking/about-us/> [Accessed 13 June 2022].

Carreiro, H. and Oliveira, T., (2019). Impact of transformational leadership on the diffusion of innovation in firms: Application to mobile cloud computing. Computers in Industry, 107, pp.104-113.

Hon, W.K. and Millard, C., (2018). Banking in the cloud: Part 1–banks' use of cloud services. Computer law & security review, 34(1), pp.4-24.

Hon, W.K. and Millard, C., (2018). Banking in the cloud: Part 2–regulation of cloud as ‘outsourcing’. Computer Law & Security Review, 34(2), pp.337-357.

Ismail, S.A.A., Mahmood, S.M. and Hussein, A.I., (2021). The impact of the agency costs on the going concern under the auditor industry specialization: An empirical study on private banks in Iraq. Academy of Entrepreneurship Journal, 27, pp.1-11.

Kollolu, R., (2020). Infrastructural Constraints of Cloud Computing. International Journal of Management, Technology and Engineering, 10, pp.255-260.

Meng, S., He, X. and Tian, X., (2021). Research on Fintech development issues based on embedded cloud computing and big data analysis. Microprocessors and Microsystems, 83, p.103977.

Najaf, K., Mostafiz, M.I. and Najaf, R., (2021). Fintech firms and banks sustainability: why cybersecurity risk matters?. International Journal of Financial Engineering, 8(02), p.2150019.

Nithya, N. and Kiruthika, R., (2021). Impact of Business Intelligence Adoption on performance of banks: a conceptual framework. Journal of Ambient Intelligence and Humanized Computing, 12(2), pp.3139-3150.

Nuskiya, A.F., (2018). The Effect of Information Technology on Employees’ Performance in the Banking Industry in Sri Lanka. Empirical Study Based on the Banks in Ampara District. European Journal of Business and Management, 10(16), pp.47-52.

Rashid, A. and Chaturvedi, A., (2019). Cloud computing characteristics and services: a brief review. International Journal of Computer Sciences and Engineering, 7(2), pp.421-426.

Singh, M., Tanwar, K.S. and Srivastava, V.M., (2018), August. Cloud computing adoption challenges in the banking industry. In 2018 International Conference on Advances in Big Data, Computing and Data Communication Systems (icABCD) (pp. 1-5). IEEE.

Srivastava, P. and Khan, R., (2018). A review paper on cloud computing. International Journal of Advanced Research in Computer Science and Software Engineering, 8(6), pp.17-20.

Stewart, H., (2021). The hindrance of cloud computing acceptance within the financial sectors in Germany. Information & Computer Security.

Subramanian, N. and Jeyaraj, A., (2018). Recent security challenges in cloud computing. Computers & Electrical Engineering, 71, pp.28-42.

Sunyaev, A., (2020). Cloud computing. In Internet computing (pp. 195-236). Springer, Cham.

Thirupathi, M. and Yamuna, P., (2019). Cloud security concern and risk management in cloud banking. Asian Journal of Multidimensional Research (AJMR), 8(2), pp.114-119.

Valverde, S.C. and Fernández, F.R., (2020). Financial digitalization: banks, fintech, bigtech, and consumers. Journal of Financial Management, Markets and Institutions, 8(01), p.2040001.

Vinoth, S., Vemula, H.L., Haralayya, B., Mamgain, P., Hasan, M.F. and Naved, M., (2022). Application of cloud computing in banking and e-commerce and related security threats. Materials Today: Proceedings, 51, pp.2172-2175.

Wang, Y., Xiuping, S. and Zhang, Q., (2021). Can fintech improve the efficiency of commercial banks?—An analysis based on big data. Research in international business and finance, 55, p.101338.