Quantum computing is more than just a futuristic buzzword—it’s a technology poised to transform industries by tackling problems that classical computing struggles to solve.
While its promise is undeniable, quantum technology is still in its nascent stages, with many practical applications yet to be realised. Notwithstanding, quantum computing often finds itself shrouded in myths. For instance, there’s a common misconception that it will replace classical computing entirely or render all encryption protocols obsolete.
SoftServe is working to bridge the gap between quantum computing’s theoretical potential and its practical implementation, particularly in the financial services sector.
Quantum computing has been hailed for its ability to tackle classically difficult tasks with unprecedented speed. For instance, financial institutions are exploring quantum solutions for asset pricing prediction and portfolio optimisation. SoftServe highlights the transformative possibilities of quantum computing in risk management and forecasting, where quantum-powered machine learning (QML) could enable more accurate predictions and dynamic financial models.
“Quantum computing holds immense promise in solving optimisation and prediction problems,” said Dipen Mehta, head of financial services for APAC at SoftServe. “For example, using Quantum Monte Carlo processes for portfolio optimisation can significantly reduce timeframes and improve results.”
However, he also acknowledged that much of this potential is theoretical. “Quantum computing is still in its infancy, and these use cases need further research and validation to become a reality.”
Synergies with AI
Another area of exploration is the interplay between quantum computing and AI.
Quantum’s ability to process large datasets and run complex algorithms aligns with the computational needs of AI, particularly GenAI. SoftServe sees potential in leveraging quantum technology to build more sophisticated AI models, enhancing applications such as natural language processing and customer experience personalisation.
“Quantum and AI are complementary technologies,” explained Mehta. “Quantum computing could enable larger and more efficient AI models, while cloud integration offers scalability. For financial institutions, this could mean hyper-personalised customer interactions powered by advanced GenAI tools. While the synergies are exciting, businesses need to separate hype from actionable applications. Quantum is not a one-size-fits-all solution.”
Addressing quantum myths
SoftServe frequently encounters misconceptions about quantum computing, such as the belief that it will replace classical computing or render all encryption obsolete. The company stresses that quantum is a specialised tool, not a universal solution.
“Quantum computing will augment classical computing, not replace it,” said Mehta. “People always assume that quantum computing can solve every problem faster than classical computing. While it is true that quantum computing may outperform classical computing in certain scenarios, it is not necessarily faster across the board.”
“Quantum computing is useful for finding solutions for complex optimisation problems such as in supply chain management or financial portfolio optimisation. In such cases, quantum can help businesses solve optimisation issues quicker and more efficiently than classical computers can.”
This measured perspective underlines the importance of managing expectations. By offering workshops and consulting services, SoftServe helps clients navigate the complexities of quantum technology, ensuring a realistic understanding of its capabilities.
Talent and readiness challenges
One of the most significant barriers to quantum adoption is skills shortage.
Quantum technology requires expertise that is still rare in the global workforce. SoftServe is tackling this issue through initiatives such as its quantum bootcamps, which provide hands-on training for aspiring quantum professionals.
“Building a skilled talent pool is crucial for quantum to reach its potential,” Mehta asserted. “We also encourage businesses to invest in education and collaboration to prepare for the quantum future.”
Balancing hype and reality
While SoftServe is optimistic about the future of quantum computing, it emphasises the importance of a balanced approach. Financial institutions, for example, should start preparing for quantum advancements by upgrading to quantum-safe security protocols and exploring use cases through pilot projects.
“The financial services sector has moved past previous hardware limitations to become the single largest sector that is expected to be impacted by quantum computing, with an estimated US$450 billion at stake. It is best to think about what financial institutions should start doing now in terms of threats and opportunities,” said Mehta.
“At this stage, it’s about readiness. Quantum computing won’t solve every problem, but it will bring significant value in specific areas. Businesses that invest strategically now will be well-positioned to benefit as the technology matures.”
Quantum computing represents both opportunities and challenges. While its transformative potential is exciting, realising this potential requires significant research, investment, and a clear-eyed understanding of its limitations.
“In terms of opportunities, banks, hedge funds, asset managers and other institutions can potentially benefit from the ability of quantum computers to solve complex problems in many ways, from optimisation for better decision making to quantum AI.”
“To lead in a competitive market that demands constant innovation and stay ahead of the quantum future, several considerations for financial institutions include investing into the R&D, talent and technology developments for quantum adoption now,” said Mehta.
“Testing use cases against their existing processes, running benchmark tests on how quantum computing could potentially augment their productivity, educating their workforce on quantum capabilities—all of these are steps that financial institutions can and should take now, so that they are ready to incorporate and roll out quantum at scale when the opportunity arrives.”
“In terms of threats, financial institutions should start thinking about what will happen when other entities have a working quantum computer. One of the biggest threats is to their cybersecurity suite, with Shor’s algorithm being a threat to the RSA encryption protocol. And although quantum computers are not ready now, there is still the threat of a harvest-now-decrypt-later attack. For a financial institution that deals with private data daily, all it takes is one successful attack for trust to be damaged severely, so financial institutions should start investigating upgrading their cybersecurity suite to a quantum-safe one.”
“Overall, financial institutions need to build their quantum technology scaling in a way that is resilient to external turmoil and security threats, while still embracing the speed-ups that it might offer.”
SoftServe’s balanced approach—combining advocacy for quantum’s promise with practical steps for adoption—offers a roadmap for businesses looking to navigate this evolving landscape.
As the quantum era unfolds, organisations that strike the right balance between ambition and caution will be best placed to thrive in a quantum-driven world.
