NatWest Excited About Quantum Computing After Successful Test

NatWest has reportedly begun testing with “quantum-inspired” computing power, to help tackle some of the most complex and time consuming problems the bank faces. According to the bank, its technology team has completed a highly complex calculation that the bank undertakes regularly, at 300 times the speed of a traditional computer. This was done with what NatWest refers to as “quantum-inspired” computing, meaning that quantum algorithms were used to solve a problem, but qubits (the counterparts in quantum computing to binary digits or bits of classical computing) were not actually used in the process. After successfully experimenting with the method, the bank is now implementing the technology to help portfolio managers make decisions about the bank’s £120bn high quality liquid assets (HQLAs) portfolio. Beyond this initial application, NatWest hopes that, given the success of early testing, quantum computing can be applied to simplify processes at NatWest and the bank is now looking at what other portfolios can be calculated using the same technology. “We’re really excited about the possibilities that quantum computing presents us with,”said Natwest Director of Innovation, Kevin Hanley. “Given our first application of quantum computing power has been so successful we think the technology could be applied to many other calculations and problems the bank faces on a daily basis. In the long run, quantum computing could completely change the way banks operate, making them much more efficient and cheaper to run, which in turn would mean customers benefit from better deals and improved service.”