Banking Applications in Quantum Computing

See the full article from The Australian.

Australia’s Commonwealth Bank announced that it has developed a quantum computer simulator. This will help develop applications across a variety of industries rather than wait for the hardware to become available.

Applications for a large, complex bank like CBA start with so-called Monte Carlo simulations, where the impact of risk is assessed on the full range of scenarios under consideration. Under classical computing, it takes about a day to work out the risk position of the bank.

Quantum computing would deliver the same outcome in a matter of minutes, enabling more dynamic decision-making as a result of real-time data feeds.

Trading positions could be known in real time, with investment strategies chosen after consideration of millions of different scenarios. Beyond such base-level applications, the potential is mostly unknown because problem-solving in business is constrained by the limits of classical computing.