This IDC Perspective presents an initial research into the world of quantum computing in the context of banking and its possible use cases in the banking industry. Quantum mechanics is very real, and scientists and engineers take advantage of its strange characteristics as they design faster and faster ways of computing. 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. At the time this document was written, multiple companies have built real, usable computers based on quantum phenomena that seem unreasonable if not literally incredible. While these machines are still in their infancy, the ecosystem of software and quantum simulators that have sprung up in anticipation of the physical machines represents a dynamic and forward-looking potential to transform many of the processes we count on in the banking industry.
"While it's still in its infancy, quantum computing through simulation is already showing tremendous potential, particularly in solving complex optimization problems," says Jerry Silva, research director, Global Banking at IDC. "Banks worldwide should be not only investigating but also developing skills around quantum. As the hardware underlying quantum computing matures even further, those same solutions will reach exponentially faster speeds and be more and more available to the broader banking market.