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Let’s Talk Quantum In Banking & Finance

Utpal Chakraborty
.
Sep 23
.
4-5 mins

Table of contents

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Let’s Talk Quantum In Banking & Finance

In this series of “Let’s Talk Quantum”, let’s discuss some of the promises that Quantum Computing and AI bring for Banking and Finance. Banking and finance is a data-intensive business and many of the crucial decisions demand real-time data insights and predictions. The challenge with the classical computing approach to deal with the huge amount of data generated at a super-fast speed is that the outcomes in many cases are just postmortems. With quantum computing, not only can it be easily available in absolute real-time, but it also opens up far more possibilities in the field.

Banks and financial institutions can gain more value from Big Data by developing Machine Learning algorithms that build on the power of Quantum Computing. A great combination of powerful technologies and this trio is going to revolutionize every industry in a big way. Banks and other financial firms worldwide have started focusing on using quantum computing technology to manage and simulate investment portfolios. Quantum computing could lead to a range of applications such as analyzing large areas of heterogeneous data to make financial predictions and understand economic phenomena, analysis of financial markets, and the management of asset allocation and risk management. All these applications of quantum computers in finance and banking will offer potential value to the financial sector and other industries, especially those with high complexity.

Some complex derivatives which are path-dependent; evaluating in-numerous paths used to be computationally very expensive and difficult to understand their interdependence, hence we could never calculate them in near-real-time with classic computers, but a quantum computer can easily compute those in real-time. This is going to revolutionize financial market study and prediction of stocks and cryptocurrencies.

IDC Financial Insights has been exploring the world of quantum computing in the context of banking and finance. They are examining the potential real-world use cases being studied or already used by banks worldwide. As per some initial results from such different studies carried out in this sector, it has been evident that the use of quantum computing is definitely going to influence the industry's further transformation.

Few examples like JPMorgan is exploring the use of quantum computers to figure out how to streamline its investment and risk management systems. The current work seems largely exploratory and small demonstrations or proof of concepts are been developed to explore how quantum computing systems could serve financial institutions. Goldman Sachs and JPMorgan Chase expect to use quantum computers in their businesses in real-time in the next few years. Standard Chartered, meanwhile, is the latest bank to commit to research into quantum computers as part of an academic partnership. The partnership is already actively developing what is called the Quantum Computing System for Financial Services and will use it to address the security challenges posed by a super-powerful quantum computer.

The challenge in operating these kinds of programs even in partnership with Tech-Giants is that they are very expensive. So only the largest financial institutions can afford in-house quantum computing research and compete for the upper hand in this emerging technology until quantum computing services become widespread and economically viable.

As per some experts, within the next five years, companies around the world will have full access to quantum computing as a service and will benefit from a range of benefits including faster, more efficient, and more secure computing. The adoption of quantum computing has already grown rapidly in different industries. Many companies are also in the race of being fast-movers in their respective domain in this technological arena. Due to the growing interest in quantum computers, it is also believed that there will be a substantial demand for Quantum Computing talent in different industries.

Utpal Chakraborty

Utpal Chakraborty is the Head of Artificial Intelligence at YES BANK.

With over two decades of industry experience, he has been recognized as a leading thought leader, AI researcher, strategist, and as an eminent Data Scientist and Principal Architect in L&T (Larsen&Toubro) Infotech, IBM, Service Delivery Head at Capgemini and other MNCs in his past assignments.

He has also been recognized as a well-known researcher, speaker, and writer on Artificial Intelligence, IoT, Agile & Lean speaking at conferences around the world.

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