Innovate in Finance by leveraging quantum technologies
Quantum technologies are crucial to sustaining innovation in the banking sector and can radically transform multiple activities.
Banks and financial institutions are a vital part of today’s economy. In a sense, they act as the circulatory system of the productive economy, transferring capital to where it is most needed and thereby enhancing society’s economic growth and welfare.
This highly relevant role requires the values of effectiveness and efficiency to drive the activities of banking and financial institutions. Therefore, for any institution, the continuous improvement of operational processes is a daily challenge.
In addition to this continuous improvement, everyone in the sector is currently exposed to a whole series of challenges, many of which require using new technologies to overcome.
Compliance with new regulations is a clear example of such challenges, as a central issue for all financial institutions since the financial meltdown of 2008, which forced an increase and reinforcement of existing legal constraints for financial institutions. . Regulations such as Basel III or the Dodd-Frank Act have substantially increased costs for financial institutions. The more accurate risk estimation required by these regulations demands a more significant computational burden in the form of a much larger number of simulations linked to increasingly complex market models.
Likewise, the entry on the scene of many new competitors, such as Fintech companies, together with an exclusive customized offer of financial products, requires enormous responsiveness and adaptability from financial institutions to respond efficiently and in a personalized way to customer demands. Enabling these offerings also requires a tremendous computational capacity.
Finally, another major challenge facing today’s banking and financial industry is ensuring its systems’ cybersecurity. Data breaches,, show that banks and financial institutions are a prime target for cybercriminals and that their protection is of the utmost importance. Thus, having the most advanced cybersecurity technologies and tools guarantees minimal data leak risk.
As the above use cases indicate, innovation becomes the main driver of such improvements to maintain the effectiveness, efficiency and security of financial transactions and thus maintain sustained growth of the sector.
Focusing on how we can help different banks and institutions to overcome these challenges, we at Quside have put our random number generation technology at the service of several banking institutions. Our proofs of concept of using our QRNG devices in both cybersecurity and simulation environments have allowed us to validate their great potential as a tool for these use cases, providing more secure environments and faster and more reliable simulations: the two major functionalities needed to overcome the current challenges of the industry.
José Ramon Martínez
Leader of the computing activities
He got his BSc in Physics from the UCM (Madrid); his MSc in Photonics from the UPC-UB-UAB (Barcelona); and his Ph.D. in Photonics from ICFO, where he worked at the Nanophotonics Theory Group. His research focused on Computational Physics in Nanophotonic systems, publishing 10+ articles in high-profile journals and developing various advanced high-performance computing systems.
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