An Introduction to Quantum Computers and Their Effect on Banking Institutions

Abstract

Quantum computers leverage the incredible and dynamic properties behind quantum physics. In doing so, these computers are able to solve mathematical equations that, as of now, cannot be solved using today’s conventional computers. Realizing the potential that quantum computers represent, banking institutions are beginning to both analyze and apply these computers’ use potential, particularly in increasing the efficiency and speed of complex transactions. Simultaneously, banking institutions must also carefully examine quantum computers’ ability to bolster cybersecurity defenses. In the age of quantum computers, existing defenses will prove inadequate, even to lattice-based cryptography. At the dawn of the quantum age, banking institutions are in a unique position to leverage not only quantum computers’ vast computing power in completing complex transactions, but also to use such computers to counter the threat of quantum cybersecurity threats.