ADS Meetup: Quantum Computing in Banking & Finance
Quantum computing is not a new innovation area, but it is a research field that will change the world as we know it. In collaboration with Big Data Alliance, we showcased the recent developments in quantum computing for banking and finance.
We had a full-house on Friday 8th November, with over 150 people attending the event covering quantum hardware as quantum software. We were treated to insight from both highly technical professionals and operational executives.
The Meetup kicked-off with a talk from Barbara Terhal, the first person to get a PhD in the quantum computing in the Netherlands. She has spent her whole career doing research in this field and currently works for QuTech at TU Delft. Focusing on hardware, she presented ‘Outlook on Quantum Computing Technology’.
Stacey Jeffrey followed with a presentation on ‘Algorithms and Software for Quantum Applications (in Finance)’. This focused on the software side of the quantum field. Stacey works at QuSoft at CWI & UvA as a senior researcher.
The third speaker was Mark Mattingley-Scott from IBM. He is the IBM Q Ambassador in Heidelberg. During his presentation (‘General Overview’) he also highlighted the different fields current IBM partners are working on with the help of quantum computing. This varied from portfolio analysis in the finance field to improved machine learning algorithms in the data science fields.
After the break, three more presentations followed. The first was from Drona Kandhai and Adil Acun on ‘Risk Analytics’. Both work for the Quantitative Analytics group at ING and presented their current work at the bank. They stated that although implementing quantum computing at the company is difficult, it is necessary as quantum computing software can highly impact the market and safety of their systems.
Oscar Covers from the Betaalvereniging added to this by presenting ‘Quantum Computing in Payment Systems’ and showed some examples of the risks quantum computing can have on the current market. However, we should keep in mind that although it can negatively impact the market, it can also have a huge positive impact.
ABN AMRO closed the event with ‘Information Security’, presented by Dimitri van Esch and Shairesh Algoe and they showcased the different application areas ABN AMRO has been working on to understand and use quantum computing better
Overall, the event showcased the developments and applications of quantum computing in the Netherlands. It also highlighted the different levels of technical and abstract impacts of the field. Furthermore, the interest from higher level executives attending the event showcased the relevance of this research area.