This group of software provides a platform to build and manage applications in the cloud, without having to download or install any in-house software applications that are typically required for app development. This helps businesses reduce cost by eliminating server and storage overheads, makes managing software updates easier, and enables even beginners to develop applications. Companies across a wide range of industries can use Platform-as-a-Service to develop applications useful for their business. For instance, PAAS for financial institutions can be used to develop applications for internet banking, currency exchange, mobile banking and money transfer. Key features to look for include storage utilization, centralized access control, volume management, maximum uptime, and the frequency of security updates.