Dec 2019 - IDC Perspective - Doc # US45721219, By: TECH BUYER But there are examples of such collaboration, such as BBVA’s work with CSIC and the European Union’s Quantum Technologies Flagship, bringing together research centers, industry, and public funding agencies. BBVA, “the digital bank for the 21st century”—established in 1857 and today the second largest bank in Spain—is at the forefront of investigating the benefits of quantum computing. Addressing these challenges dovetails with BBVA’s strategic priorities, such as fostering the more efficient use of increasingly greater volumes of data for better decision-making as well as supporting the transition to a more sustainable future.”, I'm Managing Partner at gPress, a marketing, publishing, research and education consultancy. Computers have underpinned the digital transformation of the banking and financial services sector, and quantum computing promises to elevate this transformation to a radically new level. The development of a talent pool of experienced and knowledgeable quantum computing professionals depends among other things on close working relationships between academia and industry. In the case of investment portfolio optimization, for example, they found that the use of quantum and quantum-inspired algorithms could represent a significant speed-up compared to traditional techniques when there are more than 100 variables. This IDC Perspective presents initial research into the world of quantum computing in the context of banking. This IDC Perspective presents initial research into the world of quantum computing in the context of banking. As for how to organize internally for quantum computing explorations, Kuchkovsky thinks there could be different possibilities, depending on the level of maturity of the research and technology functions of the business. Will quantum computing move banking to a new level of digital transformation? Electron tunneling, for instance, is a quantum effect that cannot be explained by classical physics, and yet it is the basis of flash memory devices we use every day. Twitter: @GilPress, © 2020 Forbes Media LLC. Kuchkovsky’s team looked at complex financial problems with many dimensions or variables that require computational calculations that sometimes take days to complete. With the growing interest in quantum computing, Kuchkovsky believes that in five years there will be a sufficient supply of quantum computing talent to satisfy the demand for quantum computing expertise. Quantum mechanics is very real, and scientists and engineers take advantage of its strange characteristics as they design faster and faster ways of computing. You may opt-out by. All Rights Reserved, This is a BETA experience. These relationships tend to steer researchers towards practical problems and specific business challenges and, in turn, helps in upgrading the skills of engineers working in large corporations and orient them toward quantum computing. Meanwhile, Standard Chartered is the latest bank to commit to researching the potential use of quantum computing in the banking industry, through an academic partnership. “We are trying to understand the potential impact of quantum computing over the next 5 years,” says Carlos Kuchkovsky, global head of research and patents at BBVA. Last month, BBVA announced initial results from their recent exploration of quantum computing’s advantage over traditional computer methods. Quantum computing is evolving rapidly and Kuchkovsky predicts that in five years, companies around the world will enjoy full access to quantum computing as a service and will benefit from the application of quantum algorithms, also provided as a service. Computers have underpinned the digital transformation of the banking and financial services sector, and quantum computing promises to elevate this transformation to a radically new level. ", IDC Financial Insights: Worldwide Banking Digital Transformation Strategies, Digital transformation, In BBVA’s case, the effort started in the research function and he thinks will evolve in a year or two to a full-fledged quantum computing center of excellence. Jerry SilvaProgram Vice President. Kuchkovsky advises technology and business executives in other companies, in any industry, to follow BBVA’s initial steps—surveying the current state of the technology and the major players, developing internal expertise and experience with quantum computing and consolidating the internal team, identifying specific business problems, activities and opportunities where quantum computing could provide an advantage over today’s computers, and develop an external network by connecting to and collaborating with relevant research centers and companies. Quantum mechanics is very real, and scientists and engineers take advantage of its strange characteristics as they design faster and faster ways of computing. After hiring researchers with expertise in quantum computing, BBVA identified fifteen challenges “that could be solved better with quantum computing, faster and with greater accuracy,” says Kuchkovsky.

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