Banking Applications in Quantum Computing

~ Greg Smith

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.

Published by Greg Smith

Greg Smith is a writing coach, editor, and publisher. He founded the Agile Writer Workshop in 2011 with the mission of finding a method to help beginning writers complete a first-draft in 6 months. The Agile Writer Method is based upon the writings of experts in mythology, screenwriting, psychology, and a little project management. He also co-authored the Reel Heroes series; books on heroes in the movies. His seminars on the Agile Writer Method have informed and delighted thousands of writers, scholars, and university students. Since 2011, Agile Writer authors have completed dozens of first draft novels and 10 published novels. Greg is a developmental editor for novelists and memoirists. He also coaches authors through the self-publishing maze. Greg runs the popular Agile Readers Book Club where new writers can get a 'beta' read from a dozen or more readers. Greg can be reached at greg@agilewriters.com and http://AgileWriters.com.