As a senior professional actively engaged in technology, I took a keen interest in the various evolving technologies and how they affect the financial services industry, how governments look at them, and the evolving regulatory landscape. As my roles evolved, Information Security & Cybersecurity risks became fundamental to evaluating non-financial risks in the bank.
Over the recent years, some of the areas of focus have been Cloud, AI/ ML, and block-chain. I am deeply interested in their ‘use-cases’ by organizations and countries.
In recent years every country has been committing resources, drawing up legislation, and their banking sector has set deadlines, specifically, linked to cybersecurity for quantum computing.
In 2021, I found my interest in Quantum science evolving into learning about the implications of quantum computing for banking.
Governments of many countries have a clear strategy for Quantum with significant funding, including India with the Quantum Mission and Cybersecurity Mission with substantial budget allocations. Major universities have got funds and initiated programs. In India, the IITs have established centers of excellence.
Secondly, the major technology companies are setting up End-to-end “full-stack” services. They already provide cloud-based open-source software platforms with access to varying levels of hardware, simulators, and partnerships.
There are specific hardware and software players - both the tech giants as well as start-ups working to improve the processing power, increase stability & reduce errors. They are working to reduce timelines to market.
Then there are software and application service players. They are prioritizing the development of solutions for the future.
The niche players are focused on specific domains such as drug discovery. Professional services firms are also gearing up their capabilities in this area.
The main use-cases in the financial services space being worked on are investment portfolio optimization, risk optimization, asset trading optimization, fraud detection, customer targeting, prediction modeling, encryption, and cybersecurity.
Most large banks have a tie-up with the tech giants or specific quantum computing start-ups. There are already regulatory expectations evolving.
Most of this information is from the public domain. But it is indeed an exciting time for start-ups, technology professionals, and those already in this field. The recent updates from China and IBM tell us that the race has just begun.
