The all-digital bank has teamed up with Microsoft to explore the possibilities of quantum computing, an emerging technology for which talent is scarce and tools remain immature.
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Quantum computing is much ballyhooed for its potential to run simulations vast amounts of data, ideally to help enterprises solve hairy optimization problems. And while the relative immaturity of quantum technology has dampened some of its attendant enthusiasm, one financial service provider is forging ahead.
Ally Financial has partnered with Microsoft to leverage the tech giant’s quantum computing assets in its Azure cloud. With quantum, Ally is aiming to run sophisticated simulations exploring new financial products for customers more efficiently than with conventional computers, says Sathish Muthukrishnan, the all-digital bank’s chief information, data and digital officer.
“We believe quantum is well suited to solve a range of complex computational problems,” Muthukrishnan says. Ally must “constantly innovate and look at what’s next” in a competitive environment, he adds.
Quantum solves the ‘maze challenge’ in parallelThinking in terms of “what’s next” is apropos for quantum computing. The technology’s machinations beggar easy description, but at a high level quantum computing uses specialized hardware and software to process large numbers of simulations more quickly than conventional computers.