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Adoption of Cloud Services in Central Banks: Hindering Factors and the Recommendations for Way Forward

Author

Listed:
  • Darell Edmond

    (University of Liverpool, Liverpool, United Kingdom)

  • Vijay Prakash

    (Thapar Institute of Engineering and Technology, Patiala, Punjab, India)

  • Lalit Garg

    (University of Liverpool, Liverpool, United Kingdom and University of Malta, Msida, Malta)

  • Seema Bawa

    (Thapar Institute of Engineering and Technology, Patiala, Punjab, India)

Abstract

Current research on cloud computing often focuses on the technology itself and the benefits that one company can use and choose from cloud services. Most of the research has focused on mainstream enterprises and limited regard to Central Banks' (CBs') Cloud Computing Adoption (CCA). CBs are continually exploring opportunities to enhance IT efficacy while minimizing expenditures and ensuring data protection and network security. This paper investigates the factors affecting the CBs' CCA by surveying 40 CBs representing approximately 25% of total CBs worldwide. The main participants were senior IT managers who are responsible for any IT decisions in CBs. The findings are also significant for other organizations or businesses where data privacy is crucial. The study results indicate that CBs are still reluctant to migrate to the public cloud. Influential factors preventing CCA are data protection, privacy, and risks.

Suggested Citation

  • Darell Edmond & Vijay Prakash & Lalit Garg & Seema Bawa, 2022. "Adoption of Cloud Services in Central Banks: Hindering Factors and the Recommendations for Way Forward," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 11(2), pages 123-143.
    • Handle: RePEc:cbk:journl:v:11:y:2022:i:2:p:123-143
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    References listed on IDEAS

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    JEL classification:

    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • Y20 - Miscellaneous Categories - - Introductions and Prefaces - - - Introductions and Prefaces

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