Jerry SilvaProgram Vice President. Opinions expressed by Forbes Contributors are their own. These relationships tend to steer researchers towards practical problems and specific business challenges and, in turn, helps in upgrading the skills of engineers working in large corporations and orient them toward quantum computing. BBVA, “the digital bank for the 21st century”—established in 1857 and today the second largest bank in Spain—is at the forefront of investigating the benefits of quantum computing. When you purchase this document, the purchase price can be applied to the cost of an annual subscription, giving you access to more research for your investment. Specifically, he thinks we will see the successful application of quantum computing to machine learning (e.g., improving fraud detection in the banking sector). In Kuchocvsky’s estimation, the connection between academia and industry is relatively weaker in Europe compared to the United States. “We are trying to understand the potential impact of quantum computing over the next 5 years,” says Carlos Kuchkovsky, global head of research and patents at BBVA. ", IDC Financial Insights: Worldwide Banking Digital Transformation Strategies, Digital transformation, The results released last month were for six of these challenges, serving as proofs-of-concept for, first and foremost, the development of quantum algorithms and also for their application in the following five financial services tasks: Static and dynamic portfolio optimization, credit scoring process optimization, currency arbitrage optimization, and derivative valuations and adjustments. Kuchkovsky advises technology and business executives in other companies, in any industry, to follow BBVA’s initial steps—surveying the current state of the technology and the major players, developing internal expertise and experience with quantum computing and consolidating the internal team, identifying specific business problems, activities and opportunities where quantum computing could provide an advantage over today’s computers, and develop an external network by connecting to and collaborating with relevant research centers and companies. At BBVA, we believe that quantum technology will be key to solving some of the major challenges facing society this decade. Quantum mechanics is very real, and scientists and engineers take advantage of its strange characteristics as they design faster and faster ways of computing. Electron tunneling, for instance, is a quantum effect that cannot be explained by classical physics, and yet it is the basis of flash memory devices we use every day. Previously, I held senior marketing and research management positions at NORC, DEC and EMC. Previously, I held senior marketing and research management positions at, I'm Managing Partner at gPress, a marketing, publishing, research and education consultancy. Addressing these challenges dovetails with BBVA’s strategic priorities, such as fostering the more efficient use of increasingly greater volumes of data for better decision-making as well as supporting the transition to a more sustainable future.”, I'm Managing Partner at gPress, a marketing, publishing, research and education consultancy. Kuchkovsky’s team looked at complex financial problems with many dimensions or variables that require computational calculations that sometimes take days to complete. Please fill out this form and we will get in touch. Financial resource management, While these machines are still in their infancy, the ecosystem of software and quantum simulators that have sprung up in anticipation of the physical machines represents a dynamic and forward-looking potential to transform many of the processes we count on in the banking industry. I write about technology, entrepreneurs and innovation. The development of a talent pool of experienced and knowledgeable quantum computing professionals depends among other things on close working relationships between academia and industry. This IDC Perspective presents initial research into the world of quantum computing in the context of banking. Another important dimension of BBVA’s quantum computing journey is developing an external network. Quantum mechanics is very real, and scientists and engineers take advantage of its strange characteristics as they design faster and faster ways of computing. With the growing interest in quantum computing, Kuchkovsky believes that in five years there will be a sufficient supply of quantum computing talent to satisfy the demand for quantum computing expertise. All Rights Reserved, This is a BETA experience. TECH BUYER "While it's still in its infancy, quantum computing through simulation is already showing tremendous potential, particularly in solving complex optimization problems," says Jerry Silva, research director, Global Banking at IDC.

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