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Credits: The Exactitude Consultancy
Credits: The Exactitude Consultancy

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The benefits of quantum computing in banking and finance (The Exactitude Consultancy 2023 study)

In a recent study, the market research and consulting company The Exactitude Consultancy (TEC) forecasts that the size of the global quantum computing market is expected to reach USD 3941 million by 2029, with a CAGR of 30.5% in the forecast period from 2022 to 2029.

According to TEC, quantum computing is gaining significant importance in the banking and financial services industry, for example, which is focussing on increasing the speed of trading activities, transactions and data processing multiples. One of the most important potential applications of quantum computing is simulation. Quantum computing helps to find an improved and efficient way to manage financial risk. The processing time and cost of high-quality solutions can increase exponentially when traditional computers are used in financial institutions. In contrast, quantum computers can perform fast operations at optimised costs, leading to cost savings and new opportunities for revenue generation.

Potential benefits of quantum computing for financial services include providing relevant and necessary cybersecurity solutions to protect consumers' financial data using next-generation cryptography. In addition, the detection of fraudulent activity is rapid through the recognition of consumer behaviour patterns using quantum computing technology, leading to proactive fraud risk management. In addition, optimisation of portfolio management of assets with dependencies and predictive analytics in customer behaviour can be achieved by combining quantum computing with artificial intelligence (AI). It is expected that a combination of quantum computing and blockchain technology will lead to the development of the most hack-proof technology in this era of IoT. This combination is also expected to significantly increase transaction speeds and reduce processing costs in the banking and finance industry, thereby reducing infrastructure downtime.


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