Cloud computing-based banking and management control

Abstract

It is well known that firms nowadays operate in a VUCA (volatile, uncertain, complex and ambiguous) environment urging them to obtain a lasting competitive advantage sourced mainly from a technological innovation in order to ensure their prosperity and sustainability. New technologies play a pivotal role as they offer the potential of increasing efficiency, improving communication, streamlining business processes for more productivity and collaboration, from this perspective, cloud computing is a state-of-the-art technology that can provide valuable insights and support decision-making. It can have a significant impact on how businesses operate and compete in today’s fast paced and ever-changing business environment which makes it a source of competitive advantage, yet it raises concerns over data security and cybersecurity as well as it alters the day-to-day operational tasks arising from management control practices. In this paper we briefly review the literature in order to address and examine the impact of cloud computing technology in the banking sector on management control.