Quantum computing and the world of tomorrow!

Dr Leda Glyptis 11:FS Foundry CEO
5min read

Banking no longer has the luxury of getting up to speed with new technology. If you can’t adapt on the fly you’ll be left behind.

Quantum computing is the next big thing for the banking industry. It’s the next big thing for a lot of industries, an area filled with possibilities. Speed is the obvious gain but banks aren’t taking advantage of the speed available through technology right now. Risk and regulatory issues stop banks from hitting top speed and that won’t change any time soon. Focusing on speed is a mistake. It’s the smallest gain from the largest possible opportunity. Quantum computing allows us to connect the universe and synthesise information and allow us to do things differently.

Get comfortable being in the dark

Sometimes it must feel like banking is the busiest industry in the world. Just as you’re done trying to understand new technology like DLT, APIs or Machine Learning something new is thrown into the mix. Finding comfort through learning is not a luxury you can afford anymore. The good news is that you didn’t learn those other things anyway. We need to get away from the idea that bankers and CEOs need to go to school to learn about the latest technologies. If digital transformation and other emerging technologies haven’t made you realise you don’t need to learn everything, quantum computing will. The technical minutiae are so complex you won’t understand it without doing a degree. You likely don’t come from a technology background. So you need to be comfortable with the idea that you need experts in that field to inform you properly. There are possibilities quantum computing will bring that aren’t even defined yet. There are so many exciting opportunities from a banking perspective; risk analysis, pricing, stimulation and who knows what else will be unlocked by quantum computing. These are open and unanswered questions for banks.

Partner properly

Letting go of the need to understand how things work means you can engage in the art of the possible. Step past the technical minutiae and focus on the decisions that’ll decide the future of your business. It’s a little bit scary to accept, but the people who will guide you to those possibilities are not bankers. They’re the experts who, right now, are developing quantum computing and figuring out what it can bring to the table. Finding who to partner with is going to be the most difficult part of the quantum computing process. We need to be comfortable with not owning the hardware involved. Key to that is focusing on a partner who will invest in the technology and can help you think it through. Thinking through how to integrate quantum computing with banking is a task that requires bankers and experts to work together. Imagination is vital to the future of the industry. Solutions will be found through partnering with technology experts. Experts that can bring a lifetime of specialised knowledge to help you discover business applications of quantum computing.

Who should you hire?

Years ago I had to jump through every hoop imaginable to hire a theoretical physicist because no-one could see how the disciplines could interact. Now banks actively seek them out. The same will happen with quantum computing. There’ll be a skills gap within the business to account for. Unfortunately, there’s no telling where those gaps are just yet. Gaps will only become apparent as the technology progresses and reveals weaknesses you never knew you had.