Quantum for Quants
Growing interest for quantum computing in banking and finance
Hey there!
Long time no see, and it’s on me. But this still aligns with the scope of this newsletter because no update is an important snippet of a physicist’s life. Sometimes, life is swamped with thinking, calculating, coding and traveling. With World Quantum Day only a few days behind us, in this issue of The Quantum Vibe I will share my piece of information about quantum computing in banking and finance.
World quantum day, celebrated worldwide on April 14, marks a significant initiative brought together by scientists, engineers, educators and communicators, and endorsed by the US senate under the resolution passed in May 2022. The date is signified by the first 3 significant digits of Planck constant (4.14) in units of eVs. Personally, this day is the celebration of synergy of academic and industrial research at great levels which has enabled rapid progress in quantum science and technology. Moreover, physics conferences are better with corporate parties🕺.
The Q-day is around the horizon. The applicability of quantum in solving real life problems is a near future. Not just IBM, Google and Microsoft are racing to build quantum computers but research and development plans are coming up to harness their potentials. The financial sector, in particular, is keenly interested in the immediate applications of quantum computing, especially in revolutionizing encryption systems. For example,
J.P. Morgan Chase, one of the first financial institutions worldwide to invest in quantum computing has built an internal team of scientists to work on new quantum algorithms and applications. Not to forget the $300 million investment in Quantinuum.
Citi group has made many investments in start ups, published extensive reports on quantum computing and sensing. Click here to read the Citi GPS report (Global Perspectives & Solutions).
🤔 Interesting thing I noted on LinkedIn, there might be just as many quantum job openings in Citi group as there are in Google .
Other major players in the financial sector, such as HSBC, Wells Fargo, and Barclays, have also joined the quantum revolution. In fact, quantum security has emerged as a focal point in fintech conventions. For more information, click here to read an informative blog by “The Quantum Insider”.
Apart from encryption, quantum computing awaits its potential to unleashed for the changing the entire spectrum of financial services. One interesting example is real-time equity price analysis. Given how noise is managed by quantum computing algorithms, they can prove fruitful in managing live-stream data of equity prices which carry a high level of random noise.
🤔 📈 Perhaps, this might create a future free from financial depression and a market less dependent on BlackRock.
👉🏻 Click here to read a nice perspective by McKinsey & Company on quantum and financial services.
Quantum is an expensive industry and will only become bigger in future. Recent advancements of quantum computing are taking the mankind closer to the Q-Day as many exciting applications wait to unfold.
So that’s that from this issue. Until next time, stay curious.