Coming from the banking industry, I find the idea of online only banking incredibly interesting. Below I will analyze a case study for UBank.
Link:
I feel like Cloud computing was advantageous for UBank in this situation. I believe for most other banks, however, Cloud ONLY computing is not all that advantageous. Most banks have more intricate processes that cannot be solved with Cloud computing.
- Banks offer:
- In-Person Transactions & Information
- Savings & CD’s
- Loans
- Wires
- Notaries
- Same Day Debit Cards
- Temporary Checks
- Cashier Checks & Money Orders
Banks provide valuable in-person communication and resources to help people understand their finances. The advantages and disadvantages really depend on what your ultimate goals are. For most banks, however, cloud computing alone will not be very effective.
Ultimately, I would agree with the IBM Cloud solution for UBank. For UBank, I think the cloud process was ideal and they seemed optimistic about their needs being met by IBM Cloud. IBM Cloud and UBank also seem to have the same priorities, which makes this project a viable solution. UBank also seems particularly pleased with the results.
I would disagree with IBM Cloud solution as a dominant form of banking. As I stated before, many customers need same day solutions. I imagine in the future technology will be advanced enough to solve those problems as well. Until then Cloud alone simply will not work for everything.