The Role of Cloud Technologies in Modern Development of Banking Institutions

The process of digitalization of the financial services sector today is due to objective reasons related to the inevitable development of digital technologies and their active implementation by banking institutions. Cloud technologies are an integral part of digital innovations that these institutions use in their activities. These technologies are in active development and adaptation to the specifics of the functioning of different financial intermediaries, in particular commercial banks. The article pays special attention to the study of using cloud technologies in the work of banking institutions, taking into account the specifics of their economic activity and their role in the development of the financial system and the national economy. For this purpose, the key characteristics of using cloud technologies are determined, and the specific features of the economic activity of commercial banks are substantiated, taking into account the possibilities of using artificial intelligence technologies. In addition, the role of cloud computing technologies in the modern development of banking institutions in the informational security system was analyzed. To understand the ambiguity of the consequences of using cloud technologies and the positive and negative consequences of their use in the work of commercial banks, the research was conducted. As a result, it is established that cloud technologies already today are already indispensable components of the development of any commercial bank. Thanks to their application using the potential of digital technologies and, in combination with the construction of effective systems, digital transformation is possible, to ensure high-level competitiveness and dynamic, regulated bank development in the conditions of digitalization of economic relationships and change of established models functioning of the financial market services. The article formulates promising directions for the use and adaptation of cloud technologies by commercial banks, taking into account their opportunities and threats. It is also determined that the gradual growth of demand from these institutions for relevant services will contribute to the emergence of new changes in the cloud services market, taking into account their capabilities to form such demand and the scale of their activities, which also determine the need to build effective information systems for their work.