Technologies based on quantum theory are coming to the financial sector. It is not an "if," but a "when" for banks to begin using this option to evolve current business practices.
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Quantum computing stayed in the world of academia until recent years when technology developers opened trial opportunities. The banking sector was one of the first to start experimenting with what might be possible.
Their efforts have led to the development of four positive outcomes that can occur because of the faster processing power that quantum computing offers.
1. Big Data Analytics
The high-powered processing capabilities of this technology make it possible for banks to optimize their big data. According to
2. Portfolio Analysis
Quantum computing permits high-frequency trading activities because it can appraise assets and analyze portfolios to determine individual needs. The creation of algorithms built on the full capabilities of this technology can mine more information to find new pathways to analysis and implementation.
3. Customer Service Improvements
This technology gives banks more access to artificial intelligence and machine learning opportunities. The data collected by institutions can improve customer service by focusing on consumer engagement, risk analysis, and product development. There will be more information available to develop customized financial products that meet individual needs while staying connected to core utilities.
4. Improved Security
The results of quantum computing in banking will create the next generation of encryption and safeguarding efforts to protect data. Robust measures that include encrypted individual identification keys and instant detection of anomalies can work to remove fraudulent transactions.
Although some firms are working with
An example of this effort comes from Rigetti Computing. This company offers a product called Forest(TM), which is a downloadable SDK that is useful in the writing and testing of programs using quantum technologies.
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How the world approaches banking and finance could be very different in the future because of quantum computing. This technology might not solve every problem the industry faces today, but it can certainly put a significant dent in those issues.
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