Research on World Agricultural Economy

Enhanced Agricultural Financial Services through Cloud Computing: A New Paradigm of Security and Efficiency

Xiaoguo Zhang

International College, Seoul School of Integrated Sciences and Technologies University，46, Ewhayeodae 2-gil, Seodaemun-gu, Seoul, Korea

DOI: https://doi.org/10.36956/rwae.v5i4.1315

Received: 10 September 2024; Published: 5 December 2024

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Abstract

The agricultural sector has long faced significant challenges in accessing efficient and secure financial services, hindering its growth and sustainability. This study investigates the transformative potential of cloud computing in enhancing agricultural financial services, with a particular focus on improving security and operational efficiency. Through a comprehensive literature review and the development of a multi-dimensional security framework, the research explores the integration of cloud technologies in agricultural finance. The framework addresses physical, network, application, and data security aspects, tailored to the unique challenges of rural environments. A detailed case study of AgriBank’s implementation of a cloud-based agricultural financial services platform provides empirical evidence of the benefits and challenges associated with this technological shift. The results demonstrate substantial improvements in key performance indicators, including a significant reduction in loan processing time, enhanced credit risk assessment accuracy, and a notable increase in the agricultural loan portfolio. The study also highlights the importance of addressing rural-specific issues such as intermittent connectivity and varying levels of digital literacy. The findings contribute to the growing body of knowledge on financial technology applications in agriculture and offer valuable insights for policymakers and financial institutions seeking to leverage cloud technology to enhance their agricultural finance capabilities. This research underscores the potential of cloud computing to foster greater financial inclusion, promote sustainable agricultural development, and ultimately contribute to global food security.

Keywords: Cloud Computing; Agricultural Finance; Financial Technology; Big Data Analytics; Risk Assessment; Financial Inclusion

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