Good morning, As readers will know, Archer is a materials technology company with a focus on developing innovative deep tech in quantum computing. I’d like to take this opportunity to share a recent expert report by Boston Consulting Group (BCG) titled It’s Time for Financial Institutions to Place Their Quantum Bets.
A key focus of the report is how a growing number of financial institutions are positioning themselves for a quantum future. BCG indicates that quantum computing could be both a strategic game-changing opportunity and an existential threat to the financial services business sector.
At a glance
- The size of the prize is enormous – up to US$70 billion in additional operating income for banks and other financial-services companies as quantum computing tech matures over the next several decades.
- Quantum computing can deliver a step-change in the ability of financial institutions to solve four problems: optimisation, machine learning, simulation and pricing, (e.g. cash management in ATM networks).
- In the past 18 months, several companies – including BBVA, CaixaBank, and JPMorgan Chase – have announced or publicly discussed experiments involving quantum computing.
- Since quantum computing is a truly disruptive technology, and one that is not plug-and-play, financial institutions are building their quantum capabilities, acquiring skills, and exploring partnerships in the quantum ecosystem.
Dr Mohammad Choucair, FRACI FRSN GAICD
Chief Executive Officer
Archer Materials Limited (ASX:AXE)