BANKING ON THE QUANTUM REVOLUTION -A COMPREHENSIVE ANALYSIS

Abstract

Through exploring quantum, computing's capacity for change within banking; this research examines how its power to surmount present difficulties and unveil fresh prospects may reshape the industry. The study encompasses a comprehensive evaluation of the development and current status of quantum computing technology. It analyzes the versatile applications of quantum computing in banking, specifically in identifying fraudulent activities, enhancing risk assessment methodologies, and optimizing various financial processes. Additionally, the research assesses the obstacles and risks associated with integrating quantum computing into the banking sector, providing valuable insights for effective mitigation strategies. The findings of this study aim to offer guidance to banks on harnessing quantum computing to enhance security measures and gain a competitive edge. The results of the research offer useful suggestions for the strategic application of quantum computing in the banking sector, recognizing the technology's potential to transform established banking procedures and open the door to a more safe and effective financial environment.

Full text

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BANKING ON THE QUANTUM REVOLUTION – A COMPREHENSIVE
ANALYSIS
NOUR MOWAFAK JUMA 1, AL- HANOUF AL-KHAWALDEH 2 and
SALEH SHARAEH 3
1,2 Department of Computer Science, University of Jordan.
3 Professor, Department of Computer Science, University of Jordan.
Email: 1nor9220482@ju.edu.jo, 2alh9220480@ju.edu.jo, 3ssharaeh@ju.edu.jo
Abstract
Through exploring quantum, computing’s capacity for change within banking; this research examines how its
power to surmount present difficulties and unveil fresh prospects may reshape the industry. The study
encompasses a comprehensive evaluation of the development and current status of quantum computing
technology. It analyzes the versatile applications of quantum computing in banking, specifically in identifying
fraudulent activities, enhancing risk assessment methodologies, and optimizing various financial processes.
Additionally, the research assesses the obstacles and risks associated with integrating quantum computing into the
banking sector, providing valuable insights for effective mitigation strategies. The findings of this study aim to
offer guidance to banks on harnessing quantum computing to enhance security measures and gain a competitive
edge. The results of the research offer useful suggestions for the strategic application of quantum computing in
the banking sector, recognizing the technology’s potential to transform established banking procedures and open
the door to a more safe and effective financial environment.
Index Terms: Financial Processes Optimization, Quantum Computing, Risk Assessment.
I. INTRODUCTION
An unprecedented technology revolution is about to occur in the banking and financial sector.
The cutting-edge technology known as quantum computing, which makes use of the ideas of
quantum physics, has great potential to transform traditional banking procedures and address
complex financial issues [1]. Quantum computers use qubits to process data, in contrast to
classical computing techniques, which use binary bits (0s or 1s). Due to a fascinating
phenomenon specific to quantum physics, these qubits can exist in several states
simultaneously through superposition [2].
This allows quantum computers to execute calculations at a size and speed never before
possible for classical computers, and well beyond what they could ever imagine. Quantum
computing has a lot of potential to transform banking in straightforward ways. Enhancing
safety and optimizing risk management and portfolio review could be achieved through it.
This cutting-edge technology offers banks an endless number of advantages. Quantum
computing has the potential to revolutionize cryptography in a manner where the security of
encrypted data could be seriously compromised unless new secure encryption methods are
developed that are resistant to being cracked by quantum computers [3]. Banks heavily rely on
encryption algorithms to protect sensitive customer data and secure transactions.

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Quantum computers have the potential to undermine current encryption techniques, which
depend on the challenge of factoring enormous integers.
While quantum encryption techniques, including quantum key distribution, promise
unprecedented protection, their security remains theoretically unassailable but has yet to be
stress-tested by persistent real-world threats.
By leveraging quantum computing’s potential, financial institutions can ensure an unparalleled
degree of safeguarding for their clients’ most delicate information.
By streamlining intricate financial processes, quantum annealing has the potential to transform
the banking industry. When banks deal with large amounts of data and extensive computations,
they effectively solve complex problems, enhancing risk assessment, portfolio management,
and decision-making [4].
While there are still significant technological obstacles to be overcome before, quantum
computing can be considered commercially viable, its obvious potential to transform core
banking sector operations is highly anticipated.
The banks are establishing the foundation for a new era of innovation and efficiency in banking
as they investigate and invest in this groundbreaking technology. This research paper delves
into the following set of research questions:
• RQ1: What key milestones shaped quantum computing, and how do they influence its
current status?
• RQ2: How can quantum computing optimize financial processes in banking, and which
processes benefit the most?
• RQ3: What limitations hinder quantum-computing adoption in banking, and how can
these be overcome?
• RQ4: How can banks effectively fortify security and gain a competitive edge through the
strategic integration of quantum computing?
II. BACKGROUND
Quantum mechanics, a field of physics that explains the behavior of matter and energy at the
tiniest sizes, provides the foundation for quantum computing. Quantum bits, or qubits, can
concurrently exist in a superposition of both 0 and 1, in contrast to classical bits, which can
only exist in a state of either 0 or 1.
Quantum computers are capable of performing some computations far more quickly than
classical computers because of this special feature [5].

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Here, we will use Dirac notation to express a qubit in a superposition of states [6]; see equation
1:
|ψ⟩ = α|0⟩ + β|1⟩ (1)
Where
• |ψ⟩ are the qubit’s foundational states.
• α and β are complex values that, respectively, reflect the probability amplitudes of the
qubit being in state |0⟩ or |1⟩ respectively.
• |0⟩ and |1⟩ are the basis states of the qubit.
The squared magnitudes of the amplitudes represent the odds of measuring the qubit in either
state 0 or level 1:
The probabilities are given by equation 2:
P (0) = |α|2, P (1) = |β|2 (2)
Furthermore, in order to meet the normalizing criteria,
1) Quantum Gates and Operations: From qubit manipulation to quantum computation,
quantum gates constitute the fundamental components of quantum circuits [7]. A basic gate
that produces superposition is the Hadamard gate (H). The Hadamard gate is represented
mathematically by the matrix in equation 3 [8]:
Figure 1: Quantum Gates
(3)

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Applying the Hadamard gate to a qubit in state
2) Quantum Entanglement: One of the core ideas of quantum computing is entanglement.
Examine the following two-qubit system in an entangled state, which is a Bell state [9], see
equation 4:
(4)
Figure 2: Quantum Entanglement Illusion
III. METHODOLOGY
In our research methodology, we primarily utilized Scopus to acquire the articles. Particularly,
non-referred publications have been omitted out. However, Figure 3 illustrates the distribution
of the chosen publications in this particular database. The leading six databases are Scoups,
ACM, IEEE, Springer, Proquest, and Taylor & Francies.
Figure 3: Distribution of Papers across Databases

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We employed the subsequent search query: "Quantum Computing" AND “Banking Industry"
AND (LIMIT-TO (SUBJAREA,"COMP") OR LIMIT-TO (SUBJAREA,"ENGI")) OR LIMIT
-TO (DOCTYPE,"re") AND (LIMIT-TO (LAN-GUAGE,"English"). Over 100 papers were
discovered, with publication dates ranging from January 2018 to September 2023. Figure
illustrates the distribution of paper publications during this timeinterval.
We utilized the subsequent eligibility criteria for each paper:
(1) The language used is English,
(2) The subject matter is associated with quantum computing in banking industry,
(3) Only articles from journals and conferences are kept.
Kindly observe that non-refereed publications were omitted from the investigation.
We started by writing down the essential details, like the paper’s title, publishing year, author
list, and publisher.
We then included other details to carry out the systematic review, like the technique that was
applied and whether the paper simply addresses.
Figure 4: Distribution of Papers across Databases
IV. RESULTS AND DISCUSSION
Our initial search yielded 123 conference and journal papers for this systematic review. Once
redundant papers and unrelated studies have been removed we ended up with 86 papers related
to quantum computing in banking industry. Figure5 explains our search methodology

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Figure 5: Progression of Information across the Stages of a Systematic Review
A. Comparison Computing
Fundamental differences in their computational models are revealed when conventional and
quantum computing are compared.
Boolean algebra is a familiar environment for traditional computing, which is based on binary
logic and classical bits [10].
However, the concepts of superposition and entanglement of qubits underpin quantum
computing, indicating a potential shift in processing capability [11].
Promising solutions for fields like fraud detection and risk management, especially relevant to
the banking industry, can be found in quantum computing [12].
This additionally leverages quantum parallelism for quicker processing and polynomial
complexity for certain problems. With the advancement of quantum computing,

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Table 1: Comparison Between Traditional and Quantum Computing
Feature
Traditional Computing
Quantum Computing
Basic Unit
Bits (0 or 1)
Qubits (0, 1, or superposition of both)
Processing
Principle
Binary logic (classical gates)
Quantum gates and superposition
Information
Representation
Boolean algebra
Quantum superposition and entanglement
Parallelism
Limited by
classical parallelism
Exploits quantum parallelism
Speed
Limited by classical processing speed
Potentially much faster for certain tasks
Complexity
Exponential with problem size
Polynomial for certain problems
Memory
Classical bits (0 or 1)
Quantum bits (Qubits)
Entanglement
Not applicable
Key feature, entangled qubits share info
Error Correction
Uses classical error correction codes
Quantum error correction algorithms
Energy Efficiency
Limited by classical physics
Potential for greater energy efficiency
Applications
General-purpose computing tasks
Optimization problems, cryptography, etc
Decoherence
Rarely an issue
Major challenge in quantum systems
Fraud Detection
Relies on classical algorithms and
data analysis for pattern recognition
and anomaly detection
Has potential for enhanced pattern
recognition and optimization in fraud
detection due to quantum parallelism
Risk Management
Analyzes risk using classical
statistical models and algorithms
Quantum algorithms could provide more
efficient solutions for certain risk
management problems, such as portfolio
optimization or option pricing
Several facets of banking operations could undergo a radical transformation, bringing novel
methods to intricate problem solving and optimization assignments. It will take continued
research and development to fully utilize quantum computation’s unique advantages in the
dynamic financial industry in order to realize these potentials.With the advancement of
quantum computing, several facets of banking operations could undergo a radical
transformation, bringing novel methods to intricate problem solving and optimization
assignments [13]. It will take continued research and development to fully utilize quantum
computation’s unique advantages in the dynamic financial industry in order to realize these
potentials. For a succinct summary of the key points, please refer to the comparison table IV-
A.
B. Optimizing Portfolio Management and Risk Assessment
Figure 6: Optimizing Portfolio Management

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Quantum computing’s potential to concurrently process enormous volumes of information and
execute intricate computations could meaningfully benefit banks in their administration of
investment profiles through a markedly enhanced analytical edge [14]. By leveraging the power
of quantum algorithms, banks can quickly and accurately analyze multiple variables, including
market trends, asset correlations, and risk factors, to optimize their investment strategies [15].
Furthermore, quantum computing can enable banks to assess risk more effectively [16]. While
traditional risk assessment models frequently depend on simplified presumptions and
estimations, this tendency can potentially result in imprecision and erroneous evaluations [17].
Quantum computing, on the other hand, can handle the complexity of real-world scenarios and
provide more accurate risk assessments. Through quantum computing capabilities, banks have
the potential to model diverse market environments and concurrently assess how their
assortments may be impacted in real time, allowing for timely adjustments when needed [18].
This dynamic approach allows for proactive risk management, enabling banks to make
informed decisions and mitigate potential losses [19]. Quantum computing has the potential to
significantly improve the way stress testing is conducted to assess the robustness of financial
institutions, a process that is absolutely critical. By simulating extreme market conditions and
analyzing the performance of portfolios under such scenarios, banks can identify vulnerabilities
and take the necessary measures to strengthen their risk management framework [20]. In
summary, quantum computing has immense potential in revolutionizing portfolio management
and risk assessment in the banking industry. Through leveraging these innovations, banks can
refine their investment methodologies, conduct more precise risk appraisals, and guarantee the
sturdiness of their establishments within an increasingly intricate financial environment. The
future of banking lies in unlocking the power of quantum computing.
C. Revolutionizing Fraud Detection and Prevention
Fraud prevention and detection in the banking sector could be completely transformed by
quantum computing. Complicated algorithms and statistical models are frequently used in
traditional techniques of detecting and reducing fraudulent actions [21]. Nonetheless, these
procedures can be much improved according to the enormous processing capacity provided by
quantum computers. The capacity of quantum computing to handle enormous volumes of data
at once is one of its key advantages in the field of fraud detection [22]. Massive data sets can
be challenging for traditional computers to analyze quickly, and exposes organizations
vulnerable to sophisticated fraud schemes [23]. In contrast, quantum computers have the ability
to handle numerous data points at once, making fraud detection quicker and more precise.
Quantum computing can also improve the encryption techniques used to safeguard private
client data. Future hacking techniques that use quantum algorithms may be able to break
through traditional encryption systems. Banks can ensure the security of consumer data by
using quantum computing to develop stronger encryption algorithms that are resistant to attacks
based on quantum computing [24]. Furthermore, anomaly detection is a crucial component of
fraud protection that quantum computing might enhance. Banks can detect and flag fraudulent
transactions more accurately because quantum algorithms are more effective at observing
patterns and anomalies in data. This can aid in the detection of fraudulent activity such identity
theft, money laundering, and illegal account access [25]. It’s crucial to remember that the

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financial sector is currently developing and implementing quantum computing in its infancy.
To investigate the possible uses of quantum computing in fraud detection and prevention, banks
must make research and development investments. Banks may stay on the cutting edge of this
technological breakthrough by forming alliances with quantum technology companies and
collaborating with industry experts [26]. In general, the banking industry might greatly benefit
from the revolutionary potential of quantum computing for fraud detection and prevention.
Banks can improve their capacity to identify and counteract fraudulent activity, thereby
preserving their clients’ financial security, by harnessing the power of quantum algorithms and
processing skills [27]. D. Streamlining complex financial calculations
Simplifying intricate financial computations is one way that quantum computing could
transform the banking sector. Big data processing and quick, complex computations are two
things those traditional financial systems sometimes struggle with [28]. But with the
development of quantum computing, banks may now use their enormous processing capacity
to process these kinds of intricate financial computations at a speed and accuracy never before
possible. Risk assessment is one of the primary fields in which quantum computing can have a
major influence [29]. Banks work with complex risk models that require extensive data analysis
and careful consideration of many factors. Due to their ability to handle large amounts of data
quickly and run intricate simulations, quantum computers empower banks to assess risks with
greater accuracy and make decisions swiftly.
Quantum computing also has the potential to improve portfolio optimization. Finding the ideal
asset allocation that maximizes returns while lowering risks requires complex computations,
which are necessary for managing investment portfolios. Sub-optimal portfolio allocations
arise from traditional computer systems’ inability to manage the enormous number of
alternative combinations. However, because quantum computers can assess multiple situations
fast, banks will be able to improve investment outcomes and optimize portfolios more
successfully. Quantum computing can also be used to speed up fraud detection in financial
calculations.
The ever-evolving tactics of skilled fraudsters pose a persistent challenge to banks [30]. Banks
will be able to examine enormous volumes of transactional data in real-time and more precisely
spot suspicious patterns or abnormalities thanks to the utilization of quantum computing in
fraud detection algorithms’ enhancement. This can assist in stopping fraud and protecting the
assets of clients. Other financial computations, such pricing derivatives, refining credit risk
assessments, and optimizing trading tactics, can also be enhanced by quantum computing [31].
The enormous processing capacity of quantum computers allows banks to carry out these
computations at a level of sophistication and effectiveness that was not possible before.
To realize the full promise of this revolutionary technology, the banking sector must embrace
quantum computing as it continues to progress. Banks may improve portfolio optimization,
detect fraud more successfully, improve risk management, and ultimately provide better results
for their clients by simplifying intricate financial computations [32]. Banking’s future rests in
utilizing quantum computing to push the sector forward and open up new avenues for financial
innovation.

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D. Overcoming Constraints in Integrating Quantum Computing into the Banking Sector
Although quantum computing holds great promise for the banking sector, a number of obstacles
and restrictions must be removed before it can be widely used [33]. The current state of
quantum technology is one of the main obstacles. Due to their early development, quantum
computers are not yet able to handle sophisticated financial procedures or massive data
processing. The expensive infrastructure required for quantum computing presents another
challenge [34]. Many financial institutions—especially smaller ones—cannot afford the
substantial costs associated with developing and operating a quantum computing system [35].
Furthermore, a lack of experienced employees with the knowledge to deal with quantum
technologies prevents their adoption in the banking sector. Furthermore, it is impossible to
ignore the privacy and security issues surrounding quantum computing [36]. New
cryptographic techniques must be created that can withstand the power of quantum computing
because these machines have the ability to crack conventional encryption algorithms. When
quantum computing becomes more prevalent, protecting the integrity and security of sensitive
financial data will become crucial. Furthermore, it is impossible to ignore the security and
privacy issues concerning quantum computing [37]. New cryptographic techniques that can
survive the power of quantum computing are required since quantum computers have the
potential to break conventional encryption algorithms. During the shift to quantum computing,
protecting the integrity and security of sensitive financial data will be crucial [38]. The banking
sector is aware of quantum computing’s revolutionary potential despite its limitations and
obstacles. In the future, quantum computing has the potential to transform banking procedures,
improve data analysis, maximize risk management, and provide quicker and more precise
decisionmaking [39].
Current initiatives are aimed at overcoming these obstacles. Financial institutions need to
remain proactive in investigating the potential of emerging technologies and diligently
strategies the integration of these technologies into their operations as they develop and become
more widely available [40]. The financial industry will enter a new era of innovation and
efficiency only when the full potential of quantum computing is fully realized.
E. Quantum Computing’s Future Trajectory and its Effects on the Banking Sector and
beyond
Quantum computing has enormous potential for the future, not just in the banking sector but in
many other disciplines and industries as well. Quantum computing holds the potential to
completely transform data analysis, encryption, and optimization processes because to its
exceptional speed in processing complicated computations [41]. The technology of quantum
computing holds the ability to improve risk management, improve security, and speed up data
processing for the banking industry. The creation of quantum-resistant encryption algorithms
is necessary to protect sensitive financial data from quantum breaches, which might attack
traditional encryption techniques [42]. Quantum computing can also help banks evaluate
massive amounts of data in real-time, which will provide faster and more accurate insights for
decision-making [43]. This has the potential to significantly improve fraud detection systems,

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spot customer behavior trends, and maximize investment plans. Quantum computing has
applications outside of banking, including artificial intelligence, weather forecasting,
medication development, and supply chain optimization [44]. By simulating and analyzing
complicated molecular structures, researchers can find new medications or materials with the
computational power of quantum computers. Quantum computing has a wide range of
fascinating possible applications [45]. The application of quantum computing across a range
of industries will open up new avenues for research and development and change the way we
tackle challenging issues. Organizations must adopt this technology breakthrough if they want
to prosper and remain competitive in the future.
V. CONCLUSION
An insightful and enlightening viewpoint has been offered by the investigation of the potential
effects of quantum computing on the banking sector. Quantum computing stands out as a
potential driver for a significant transition within the banking industry as technological
breakthroughs continue to affect the industry’s future. Quantum computing has revolutionary
potential, as demonstrated by the envisioned applications that range from improved data
processing to optimized financial models and strengthened security procedures. In this ever-
changing environment, financial institutions are advised to stay alert and adjust to the
paradigm-shifting breakthroughs that quantum computing brings us. In order to fully capitalize
on the advantages that quantum computing presents, banks will need to stay up to date on the
most recent advancements in this field. Quantum computing and banking are set to
revolutionize the way financial operations are carried out, underscoring the necessity of early
adoption and integration of new innovations. Anticipation and excitement are generated by the
story of quantum computing’s emerging involvement in banking. Without a doubt, the
revolutionary potential of quantum computing will influence the financial sector going
forward. We are about to see the dawn of a new age in banking, one that will embrace efficiency
and creativity in ways that were previously unthinkable.
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