Will the Financial Services Industry Be the First to Benefit from Commercially Viable Quantum Computing?
Quantum Computing Holds Promise for Banks, Executives Say
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+ When quantum computing hits the market, the financial-services industry could be the first to benefit, a Goldman Sachs Group Inc. executive said at a quantum-computing panel event.
“In the universe of industries where there is a potential quantum advantage, you could argue that finance has got the shortest path to impact,” said Jeremy Glick, head of research-and-development engineering at Goldman Sachs.
+ [A] quantum algorithm could be deployed to a new financial model in days or weeks, while approving a new material or drug discovered by a quantum computer is likely to take years, he said at Thursday’s event, hosted by International Business Machines Corp.
+ But there’s a catch. Two, actually. First, no one is sure exactly how quantum computing could transform finance. “I think the big win is finding something entirely new, and we haven’t found that yet,” Mr. Glick said.
+ The second catch concerns quantum computing itself. Quantum computers promise to be extremely powerful—but no commercial-grade quantum machine has been built yet, although IBM and other companies are developing the hardware necessary to combat technical challenges.
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