The financial sector has advanced over the past years with developments in 5G, Blockchain, AI, deep learning, big data, etc. Processing of vast information of data has become a big complicated issue and so has the derivation of information and knowledge from data. To deal with these challenges, the Banking sector is turning to application and innovation of advanced scientific techniques such as quantum computing & technology.
What is Quantum Computing?
Quantum computing is a field that applies theories designed under quantum mechanics to solve problems. However, the real question is, how can it impact banking? In this post, allow us to enlighten you about this subject.
The banking sector has various areas were more secure and faster processing would be wanted. In fact, it has a plethora of transaction run by algorithms. With the help of quantum computing, it would substantially boost the speed of those transactions. Jean Chalopin, Chairman of Deltec International said, “Quantum Computing would enable organizations to scale their processing with fewer expenses rather than using more IT or human resources.”
The Impact of Quantum Computing in Banking Services.
Quantum computers with sufficient qubits (is the basic unit of quantum information) can assess a vast pool of information at the same time. Thus, they could use AI to make automated decisions via sets of pre-programmed rules. Functions like the approval of mortgages and bank loans will be much automated. Allowing this will make them quicker and more effective with flawless approvals and without delays.
The ability of quantum technology to manage billions of transactions per second will be a good addition to organizations that are bombarded with massive volumes of transactions. Downtime on infrastructures via quantum computing will be adjacent to non-existent.
The ideal key lies in a combination of quantum technology along with blockchain technology. That will be considered the most hack-proof expansion of IoT era.
Financial data encoded along with quantum cryptography is much secure than other sorts of digital security. The rise of the internet has made it thinkable for hackers to control, remove devices or edit confidential information. One can’t read data programmed in quantum states, as it shapeshifts through changing states.
It’s likely be many years before quantum computing begins to impact the banking services sector and our daily life. Let’s take one step at a time for the bank of the future where Big Data, A.I, Deep learning, and Quantum computing seamlessly interact and bring a synergistic financial way of life- a Quantum leap of life.
The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.