Banks are using cloud computing to improve process efficiency and scalability. They are investing in as-a-service offerings, which provide cost-effective solutions tailored to avoid relying on in-house expertise. Cloud managed services relieve internal teams from the burden of managing cloud usage, security, and operations, allowing them to focus on product development. Banks are also adopting a hybrid cloud model, a combination of both public and private clouds, to store customer data in the private cloud or on-premise for security and compliance reasons.