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Applying Quantum Computing and AI in Healthcare and Financial Services

Applying Quantum Computing and AI in Healthcare and Financial Services

Can quantum computing really change the world? We know quantum computers are not exactly a brand-new topic as the idea has been floated for decades. Why is it important to explore the idea of quantum computing right now? As a rapidly emerging technology, its ability to solve complex problems in a fraction of the time as classical computers is a game-changer for businesses.

However, limitations still exist when it comes to quantum computing. Quantum computers struggle to load large volumes of classical data but are good at discovering complex correlations in data. The goal is to integrate classical and quantum with artificial intelligence (AI). As new technologies materialize that help to advance it as a service model, its anticipated power, speed, and efficiency will be recognized across various industries. From a research and development standpoint, the investment of technology will bring great value to many businesses.

Looking ahead, healthcare and financial services are two industries with potential to benefit the most from the idea of quantum computing. From a healthcare perspective, the application of quantum computing has life-saving capabilities. When used in financial services, it can help to heighten security, protecting data and the financial livelihood of millions.

When AI and Quantum Computing Converge

Because of the demand for AI, standard computers can reach their limitations. It’s fair to say that the power of AI systems is in the data. Today, industries utilize datasets to make AI models more useful and efficient. However, a need exists for alternative ways to enhance AI algorithms as datasets become limited. Quantum computing is a field that will facilitate greater AI algorithms. Quantum computing has the potential to change AI as we know it, making AI training more efficient. In addition, the ability to handle larger datasets will make quantum AI faster than traditional AI.

AI + quantum computing fast facts:

  • AI can optimize quantum computing tasks
  • AI can quickly find the resolution to problems
  • AI can help to further develop quantum computing capabilities that are somewhat limited right now

Quantum Computing in Healthcare

Quantum computing with AI is important for the healthcare industry because it can help augment patient-centric care. Healthcare can often leave patients and healthcare facilities financially burdened, but faster and more accurate diagnoses with quantum computing can lead to lower costs for treatment. Quantum computing allows for a more precision-based approach, enabling providers to be more proactive when interacting with patients, better assessing risk pertaining to their medical conditions, and personalizing diagnostics and treatment.

Use Cases of Quantum Computing in Healthcare

The application of quantum computing can speed up drug design, testing, and development, bringing life-saving drugs to market faster and with less risk.

Additional applications for healthcare include:

  • Genomics – Innovations in the field of AI and machine learning (ML) have already helped to propel genomics. Quantum computing can make it easier to determine how genes affect individual health
  • Drug design and discovery – Quantum computing can be the key to helping researchers design and develop drugs more quickly. Rather than take a trial-and-error approach, which can be costly and risky, researchers can more readily understand the effect of drugs on humans with quantum computing. Rapid drug discoveries can help pharmaceutical companies unlock new medical treatments for patients without going over budget
  • ML algorithms – Quantum computing will allow researchers to use even greater data sets. What does this mean for healthcare? There exists greater potential for improved patient outcomes
    • Data management – With the ability to find patterns in large amounts of data, quantum computing can better organize health processes
    • It is believed that quantum computing can further AI in medical sciences by increasing the efficiency, accuracy, and speed of ML methods
  • Radiotherapy/Improved radiation therapy – An optimal radiation therapy plan is necessary for treatment to be effective. Because numerous simulations are often needed to find an optimal plan, quantum computing can effectively speed up the process. Additionally, quantum ML algorithms can optimize the radiation dose. Physicians can then execute therapeutic plans faster and more accurately

Quantum Computing in Financial Services

According to a new report, in the financial services industry, worldwide quantum computing expenditures are forecast to exceed $630 million in 2027 and by the year 2030, surpass $2 billion. By implementing quantum computing and AI, banks can find themselves in a win-win scenario. They can gain a competitive advantage, providing increased services to clients with greater speed and efficiency, while internally reducing processing times and cutting costs.

Reasons Why Banks are Investing in Quantum Computing

Let’s explore some areas where banks are betting on the power of quantum computing:

  • Business optimization
    • Accurate predictions and risk management allow for the optimization of client portfolios and compliance. This would be especially helpful when it comes to maximizing returns and minimizing risk in relation to investments
    • Implementing better operational processes would enable banks to exercise greater client management
  • Cybersecurity
    • Financial institutions need to protect highly confidential data, especially in high-security and regulated environments. Implementing quantum-safe security measures and keeping up to date as quantum computing and AI advance will help institutions to secure their data
    • According to ETSI, quantum-safe cryptography surrounds efforts for algorithm identification resistant to attacks from classical and quantum computers
  • Customer targeting and data prediction
    • The ability to analyze large data sets could enable banks to make better decisions, improve customer service, and create highly personalized experiences. An example would be stock market data where analysts could use quantum computing and AI to assist with market trend predictions
    • Improving inaccurate fraud detection systems – Being overly risk adverse can hinder the customer onboarding process, causing banks to lose customers. With improved fraud detection systems, banks can secure the validity of customers more quickly

The Future of Quantum Computing

It’s no secret that quantum computing can help to deliver results more quickly than classical computers. The potential applications of quantum computing and AI are some of the reasons this emerging technology is being seen as such a formidable force in both the healthcare and financial services industries. According to a recent study, 69% of global executives have already or plan to adopt quantum computing shortly. What’s more is that the majority of global enterprise leaders agree that those who fail to adopt quantum computing will fall behind. Companies that are willing to invest in technology will be prepared when the full potential of quantum computing and AI is realized in the future.

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