The April 2023 report outlines how quantum technology could reshape financial institutions by transforming data protection, risk modeling, portfolio management, and AI/ML-driven processes. It notes that interest in quantum applications is at an all-time high, with many firms investing in research and exploring business uses. While quantum offers competitive advantages in areas like advanced modeling and AI, it also presents major security threats, as future quantum machines could break current public-key encryption. The report recommends banks integrate quantum strategies into five-year IT roadmaps to capitalize on opportunities while addressing risks.

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