Getting Quantum Ready in the financial industry by Moody's Analytics

In September 1955, Bank of America unveiled ERMA, the Electronic Recording Method of Accounting. The computer processed checks and automated account management. It was the first computer ever used in banking. The computer did not create anything new. It solved banking problems in a unique way that was orders of magnitude faster.

The finance industry may be one of the first to benefit from quantum computing, with many use cases which require substantial amounts of live data and complex computational tasks. The methods used to tackle these problems take a lot of time, space, and resources via today’s classical computers. However, some of these can be adapted and will potentially be solved effectively on quantum devices, providing a business advantage versus the classical approach.

Now the biggest question is, how will quantum disrupt the financial industry? Who will benefit from this and how? Although the power of quantum computing is still beginning to show and there are many open questions, major financial institutions such as JPMorgan Chase & Co, Goldman Sachs, HSBC or Barclays have been working for some years to understand how to harness quantum computing. Moody’s announced last year the creation of a Quantum Computing unit. This group objective is to evaluate how quantum computing can disrupt the financial industry and Moody’s products in the market. The team creates proofs of concept and final applications that are embedded in the current classical products.

In this meet-up two of the team members of Moody's Quantum Taskforce, Irene Papaefstathiou & Lukas Mouton, will tell you about how to design a strategy to get quantum ready, what are the most relevant use cases they are working on, and the quantum methods they are exploring.

After the talk we will all have some time for networking with a cold beverage. The whole Moody's team, which happens to have 3 of our organisers will be in the meet-up, come meet them, and other quantum enthusiasts.

See you all there!

Thank you so much to our partner Barcelona Technology School for hosting our event.