Quantum Computing Technology is fast evolving with applicability across a whole range of scenarios / use cases. In short, Quantum computing enables very high grade security, faster and more accurate processing. Who would not want it?
As a priority quantum is being applied mostly to communication and security scenarios across industries. But it holds promise and can be tested for application across use cases in Fintech as below: -
a. Credit Scoring & Risk Modelling
b. Portfolio Management including Asset Allocation, Risk, Optimisation,
c. Fraud Management & Exception Handling
e. Client Profiling
f. Product Matching & Advisory etc.
g. Enhancing your AI & ML Models
The best part is that many scenarios and datasets can today be tested with available softwares, and many leading tech companies provide rented quantum infrastructure to test these models. Many have already done so!
Though in the current state the technology is still costly, it has demonstrated very good improvements over existing technology, in terms of security, speed and accuracy. Also, as the technology matures and so does usage, it will become more feasible.
Nevertheless, even in the current state, we can use this technology to refine / optimize our models and use across some of the use cases, say over a weekly, monthly, quarterly frequency.
Finally, it is said that quantum is not a replacement for classical computing and we need to use it selectively for use cases across Optimisation, Security, Machine Learning & Simulation.
With complexity of the digital ecosystem in future and big data being applied, this technology can along with 5G be a big boon. So, we need to watch the Quantum space more keenly as it is no longer just the future, but becoming a reality.