Application of quantum technologies in banking

Aim. IThe presented study aims to identify current trends and key directions for the introduction of quantum technologies into the management practices of Russian credit institutions to improve their performance in the medium term.

Tasks. The authors comparatively analyze current trends in the application of quantum technologies in the banking business; forecast key trends in their development in the medium term in the context of the Russian banking sector.

Methods. The authors use the methods of comparative and system analysis, scientific abstraction, and hypothesis.

Results. Practical examples of the introduction of modern quantum technologies in the foreign and Russian banking business are provided. As a result, priority directions and areas of their application are identified with an emphasis on the domestic banking sector: credit scoring, assessment of the value and risk of investment, diversification of investment portfolios, financial forecasting, crisis prediction, fraud detection,  protection  of  banking  and  customer  databases from the quantum threat, and increasing the level of banking cybersecurity in general.

Conclusions. Despite the novelty of quantum technologies in the banking business, the role they will play in banking in the near future is difficult to overestimate. Quantum computers can significantly improve the performance  of  banking  IT systems  by  solving  computational  tasks that even super-powerful conventional computers are not able to tackle on their own. They significantly increase the efficiency of modeling complex systems and processes; accelerate the soultion of problems associated with resource optimization, logistics,  finance,  and  trading; simplify work  with  big  data  using  artificial  intelligence  (AI)  and  machine  learning  models in neural networks; help to combat cyber attacks and fraud in financial markets.

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