Faster than a speeding bullet…
Quantum Computing is set to transform the way we think about data and information – calling it a tech revolution is not an understatement. Indeed, they’re so powerful now, they’re making our smartphones and current computers look positively docile. It’s set to disrupt myriad industries, but perhaps none more than banking – the head of enterprise process transformation and corporate strategy at Habib Bank Limited believed that Quantum Computing in banking isn’t just the future of banking. He believes it’s the future of everything.
This week, McKinsey & Company’s brightest authors have deployed a set of reports that outline the future of digital transformation, the economic potential of generative artificial intelligence, and how we best prepare for the Fourth Industrial Revolution, or as McKinsey puts it, Industry 4.0. It’s the next phase in the digitisation of the manufacturing sector, driven by “disruptive trends including the rise of data and connectivity, analytics, human-machine interaction, and improvements in robotics”.
And Quantum Computing is leading the charge.
“Quantum Computing in Banking: It is so fast that it makes Usain Bolt look like he’s standing still.”
– Faisal Malik
Malik’s the head of Habib Bank Limited, so when he’s got an opinion, people take notice. His statement might be humorous, but it highlights just how much faster quantum technology operates than not just modern computers, but us, too. So how will it affect banking? If you prefer your information audible, I’d recommend you click here. Radiolab once posited on a Podcast, how fast could the stock exchange truly be; Malik’s written an article on LinkedIn that pushes the conversation even further.
Quantum computing in banking – charging ahead!
Quantum mechanics is, of course, the foundation of quantum computing – its processing is nonlinear, wrangling countless Qubits to crunch numbers. Malik mentions the Schrödinger Equation, the Born Rule, and the Pauli Exclusion Principle [read more about the fundamentals here at Quantum Tech] and queries whether the current FinTech (financial technology) model is ready for such a dramatic shift.
Banks, as he notes, are racing to get the upper hand, exploring the potential of Quantum Computing to wrangle risk management, trading strategies, product personalisation and even fraud detection, a matter that to this day doesn’t seem to have a feasible, future-proof solution. As you might expect, Google is working in the future, and it’s helping global leaders like JPMorgan Chase stay one step ahead.
The financial future
So where do we go from here? The integration of such radical tech won’t be easy, and banks will likely struggle to keep up. Of course, for every well-meaning technologist, a safecracker is lurking, and quantum-safe cryptography will require some serious focus. Quantum computers could chew through traditional security measures like breakfast – but that’s the crux of advancement. Everybody has to get on board. There’s also new software to consider; in a world where some banks pride themselves on traditional values, will some simply not join this race for supremacy at all?
Does your bank offer you what you need right now? McKinsey estimates that quantum computing will begin significantly transforming the financial services landscape over the next five years. Should quantum mechanics shift your savings?
How’s QC transforming Europe? IBM Steps Up Quantum Computing with Its First European Data Center.