Cloud-driven modernization of financial systems

The modernization of financial systems through the adoption of cloud computing has emerged as a transformative force in the financial sector. This paper explores how cloud technologies have reshaped financial institutions' IT infrastructure, focusing on system modernization, disaster recovery, and resilience. With legacy financial systems being constrained by scalability, flexibility, and security issues, the cloud provides a scalable, cost-effective, and dynamic solution for meeting the evolving demands of the financial industry. The research examines the role of cloud computing in facilitating operational efficiency, improving disaster recovery strategies, and enhancing business continuity through real-time data replication, failover capabilities, and high availability. The study also delves into the regulatory challenges and compliance considerations associated with cloud adoption in financial services. Through a comprehensive review of industry reports, case studies, and expert interviews, this paper provides insights into the adoption trends of cloud technologies in the financial sector, along with the potential for future advancements. Ultimately, the research highlights the key benefits and challenges of cloud-driven financial system modernization, offering strategic recommendations for financial institutions looking to leverage cloud solutions for enhanced resilience and innovation.