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Quantum Computing Holds Promise for the Financial Services Industry

By IQT News posted 12 Nov 2019

(WSJ) The financial services industry could be the first to benefit when quantum computing hits the market, said Jeremy Glick, head of research-and-development engineering at Goldman Sachs in a recent presentation. “In the universe of industries where there is a potential quantum advantage, you could argue that finance has got the shortest path to impact.”
Unlike with other industries, a quantum algorithm could be deployed to a new financial model in days or weeks, according to Glick.
JPMorgan Chase & Co. is also working to cultivate quantum-computing skills for some employees, Nikitas Stamatopoulos, the bank’s vice president of quantitative research, has also commented.
A quantum algorithm could be deployed to a new financial model in days or weeks, while approving a new material or drug discovered by a quantum computer is likely to take years.
How Financial Services Can Integrate Quantum Computing
There are two caveats that the banking industry must address:
1) No one is sure exactly how quantum computing could transform finance;
2) No commercial-grade quantum machine has been built yet.
One thing the finance industry can do is to gain the skills necessary to be “quantum-conversant,” Mr. Glick said, meaning professionals need to be well-versed in quantum computing and how the technology can be applied to finance and other industries. College students could, for example, study quantum computing as a minor and then work with banks and regulators on applications, he said.

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