This study aims to analyse how banks in Sweden are handling challenges with cloud computing today and which areas could benefit from improvement. A multiple case study was executed with an explorative approach by shedding new light on cloud computing in the context of banks in Sweden. Information assets can, if managed with cloud services, give banks competitiveness. This is essential for banks to be aware of as well as how to handle challenges most efficiently in order to gain the full potential of cloud computing. Banks could benefit from gaining more awareness of the full potential of information assets managed in cloud services. A digital transformation towards cloud is happening and banks would benefit from taking the leading role in managing the change by developing and updating in-house processes. Actors such as cloud suppliers and regulatory authorities should take responsibility and cooperate with banks. Suppliers could assist in enlighten banks of benefits and participate in discussions with the regulatory authority in order to define certifications corresponding to regulations. The regulatory authority could inform how they plan to execute their surveillance and appropriate controls for suppliers to remain the stability in the financial system. The efforts performed by all actors will most likely simplify the use of cloud in the banking sector.