Authors: Aditya Prakash
Abstract: Cloud-based financial systems have emerged as a transformative solution for modern financial institutions, enabling efficient, scalable, and cost-effective management of financial operations. This review explores the evolution, architecture, and key components of cloud-based financial systems, highlighting their role in enhancing data accessibility, real-time processing, and service delivery. By leveraging cloud computing models such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), financial organizations can streamline operations, improve customer experiences, and support advanced analytics. The paper examines the integration of emerging technologies, including artificial intelligence, machine learning, and blockchain, which further enhance decision-making, fraud detection, and transaction security. It also discusses various applications such as digital banking, payment processing, risk management, and financial forecasting. Despite the advantages, challenges related to data security, regulatory compliance, system integration, and vendor dependency are critically analyzed. The study concludes by emphasizing the importance of adopting robust security measures, governance frameworks, and innovative technologies to fully realize the potential of cloud-based financial systems in a rapidly evolving digital economy.
DOI: https://doi.org/10.5281/zenodo.20280537
