Page 34 - BANKING FINANCE NOVEMBER 2023

ARTICLE

THE QUANTUM

REVOLUTION IN

FINANCE: BANKING

ON THE POWER OF

QUANTUM

COMPUTING

Introduction classical computers as reliable old cars - they get you from
point A to point B, but they're not breaking any speed
In recent years, the world of finance has stood on the
precipice of a technological revolution poised to reshape the records. These machines use bits, which can only be in one
industry at its core. The arrival of quantum computing, with of two states: 'on' (1) or 'off' (0). It's like having a light switch
its ability to perform mind-bogglingly complex calculations with only two options - not very versatile.
at speeds previously deemed unattainable, has grabbed the
Now, let's shift our attention to quantum computers, the
attention of banks and financial institutions across the globe.
Ferraris of the computing world. Instead of bits, they use
So, let's dive deep into the transformative potential of
quantum computing within the realm of banking, elucidating qubits. And here's the magic - qubits can exist in multiple
the key areas of application, the challenges that accompany states simultaneously, thanks to a phenomenon called
this quantum leap, and the urgent need for early adoption. superposition. It's like having a light switch that can be both
'on' and 'off' at the same time, and every shade in between.
This property allows quantum computers to explore a
To truly grasp the magnitude of quantum computing, we
need to pit it against its traditional counterpart. Imagine staggering number of possibilities at once, solving complex
problems with unprecedented efficiency. It's like having your
cake, eating it, and magically having more cake left - all at
About the author the same time!

Nirooj Fidin Qubits also exhibit another phenomenon called
Research Officer, Senior manager (IT) entanglement. Imagine two qubits, each doing their own
Union Learning Academy, thing, but when they become entangled, they start
Digital Transformation influencing each other's behaviour, no matter how far apart
Union Bank of India, Mumbai
they are. It's like having a telepathic connection with your

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