Year: 2024
Type: article
Abstract: Various ways in which quantum computing may transform the financial industry are also explored in this research, and this includes its potential to deal with the problems that we are currently faced with and the opportunities that it may bring. The research starts with a general survey of the existing situation in the area of quantum computing technology which contains lowering of costs and increase in effectiveness. It proposes how quantum computing can vastly change the current performance of banking regarding fraud detection, improvements in risk management measures, and better optimization of various financial process. Additionally, the report reviews the barriers and possible risks that exist in the banking industry implementing quantum computing techniques and, thus, offers crucial points for the successful mitigation of these risks. This study’s outcomes are expected to provide banks with helpful information on how they can exploit the capacities of quantum chips to reinforce their data security strategies and assert themselves against their competitors. The research results present the findings that are practical for the strategic application of quantum computing in the banking sector, identifying an opportunity for the transformative effects of the technology to start changing the expensive and inefficient banking processes and giving rise to a safe and efficient financial environment.
Author: Jabin Geevarghese George
Language: English
Subfield: Artificial Intelligence
Field: Computer Science
Domain: Physical Sciences
Open Access status: diamond
OpenAlex ID: W7216638174