Accenture and BBVA Collaborate to Explore Quantum Computing in Financial Services
Accenture has collaborated with multinational financial services company BBVA to explore the potential of quantum computing in the financial services industry. Three use cases were identified where the complexity of the data, variables, and outcomes presented significant challenges for modern computer systems and software packages, including currency arbitrage, credit scoring, and portfolio optimization.
To tackle these challenges, a team of researchers from Accenture, D-Wave, and BBVA constructed quantum algorithms to find opportunities for currency arbitrage, credit scoring, and optimizing trading trajectories. The final quantum algorithms were implemented and tested using quantum annealers and hybrid solutions provided by D-Wave Systems.
The project has helped BBVA position itself as a digital and innovative firm, with a system that will identify new areas of growth, and deliver better returns on customers’ investments. The initiative has contributed to BBVA’s position at the forefront of exploration of quantum technologies and has helped the firm forge a path of innovation in the field of quantum computing.
The project demonstrated that quantum computing has the potential to revolutionize the financial services industry by tackling computationally challenging problems that traditional computing cannot handle. By leveraging the best technology across many parts of the ecosystem and having the right talent at all levels, useful quantum applications can be created that will enable firms to gain a competitive advantage.
The project also highlighted the challenges that need to be overcome before quantum computing can be widely adopted in the financial services industry. These challenges include the need for specialized hardware and software, as well as the development of new algorithms and applications. However, the success of this collaboration demonstrates that with the right partners and a strong commitment to research and development, these challenges can be overcome.
Overall, Accenture and BBVA’s collaboration has shown that quantum computing has the potential to transform the financial services industry by significantly increasing computational power and enabling complex modeling and simulations. The project has also positioned BBVA as an innovative firm and a leader in the exploration of quantum technologies, paving the way for future developments in this exciting field.
In addition to financial services, quantum computing has the potential to transform many other industries, including healthcare, energy, and logistics. For example, quantum computing could be used to improve drug discovery by modeling complex molecular interactions, or to optimize energy production by simulating complex systems.
As quantum computing technology continues to evolve and become more widely available, it is expected to have a significant impact on a wide range of industries. Companies that are able to leverage the power of quantum computing will be better equipped to tackle complex problems, gain a competitive advantage, and drive innovation.
Accenture is committed to staying at the forefront of the quantum computing revolution and is working with its clients to explore the potential of this exciting technology. By combining its deep industry expertise with cutting-edge technology, Accenture is helping its clients unlock new opportunities and achieve their business goals in a rapidly evolving digital landscape.