Questions Banks Should Be Asking About Quantum Computing

Are you up to speed on quantum computing? It has the potential to lead to major advances in healthcare, aerospace and defense, chemicals, information technology, and pharmaceuticals. It is also poised to be a game-changer for banks, where it could revolutionize fraud detection and derivatives pricing.

“Quantum computing will be able to perform calculations that are simply impossible to tackle with any device created up to this point,” said Mauro F. Guillén, Dean of the Cambridge Judge Business School at the University of Cambridge, in a recent RMA Journal article by Dean Yoost. “Quantum’s potential is almost impossible to imagine.”

Also hard to grasp: The science that powers quantum computing. Luckily, board members will not be called on to explain wave-particle duality. But they will need to understand and appreciate quantum computing, which has the potential to create enormous opportunities … and risk. With that in mind, Yoost’s article suggests questions bank board directors should be asking about quantum computing.

Here are five highlights:

• What problem(s) has the organization not been able to address using high-performance classical computing? How critical is the solution to the organization’s success? How could the business be transformed if this problem could be solved?
• How should the organization become engaged in quantum computing? What can the organization expect to achieve with quantum computing and what level of investment is required and over what period of time?
• How could the arrival of quantum computing affect the organization’s plans to invest in artificial intelligence and machine learning, blockchain, and other new technologies?
• How can the organization protect its data and customer information from evildoers who could use quantum technologies with malicious intent? What should be done to prepare for post-quantum cryptography? How can the organization protect against a “harvest now, decrypt later” attack?
• What ethical risks need to be considered (and mitigated) to prepare for the future of quantum computing?

For the complete list, and to read the accompanying primer article on quantum and banking, click here.