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IDC Financial Insights Presents Inaugural Research on Quantum Computing for Banking

January 15, 2020 GMT

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Jan 15, 2020--

IDC Financial Insights today announced publication of a two-part series that delves into the world of quantum computing in the context of banking. According to the new reports, quantum computing services will play an important role in the bank’s infrastructure arsenal going forward, delivered through cloud services. This initial research will help IT leaders within the banking industry better understand how and where to implement quantum computing to improve existing infrastructure.

The first report, Quantum Computing in Banking: Part 1 — The Technology (Doc #US45721219), serves as a primer designed to support the fundamental understanding of quantum computing and highlights the physics behind this transformational technology, critical to understanding why quantum computing is (or will eventually be) superior to classical computing platforms. The second report, Quantum Computing in Banking: Part 2 — The Algorithms and Use Cases (Doc #US45721419), reviews potential and real use cases being explored and deployed by banks worldwide today and where specific types of quantum computing will influence the industry’s further transformation.

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Quantum computing is a technology that promises to improve the bank’s ability to address problems in speeds that are exponentially faster than today’s best computers and has the potential to help solve problems the industry thought would always be intractable. 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.

To leverage the opportunities in quantum computing, IDC recommends three action items:

Quantum computing represents a tremendous opportunity to solve problems that have heretofore been classified as intractable or infeasible to solve given the pace of banking. According to the new reports, there are definite areas of quantum computing, particularly around optimization, that have already been shown to be amenable to quantum simulators. And the effort involved to solve those problems will not be wasted as the software developed on simulators will be portable to true quantum hardware when it becomes more available.

“While it’s still in its infancy, quantum computing through simulation is already showing tremendous potential, particularly in solving complex optimization problems,” said Jerry Silva, research director, Global Banking at IDC. “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.”

To arrange a one-on-one briefing with Jerry Silva, please contact Sarah Murray at 781-378-2674 or sarah@attunecommunications.com. Reports are available to qualified members of the media. For information on purchasing reports, contact insights@idc.com; reporters should email sarah@attunecommunications.com.

About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation ( IDC ) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a wholly-owned subsidiary of IDG, the world’s leading tech media, data and marketing services company. For more information, please visit www.idc-fi.com, email info@idc-fi.com, or call 508-620-5533.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200115005079/en/

CONTACT: Sarah Murray

Attune Communications

781-378-2674

sarah@attunecommunications.com

Amber Daigneault

IDC

508-935-4079

adaigneault@idc.com

KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS

INDUSTRY KEYWORD: PROFESSIONAL SERVICES DATA MANAGEMENT TECHNOLOGY SOFTWARE NETWORKS BANKING HARDWARE

SOURCE: IDC Financial Insights

Copyright Business Wire 2020.

PUB: 01/15/2020 08:30 AM/DISC: 01/15/2020 08:31 AM

http://www.businesswire.com/news/home/20200115005079/en