(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.