Ally Explores Fintech Products Using Quantum Computing with Microsoft

(VentureBeat) Microsoft has announced that fintech firm Ally will join the former’s Azure Quantum program to explore how quantum computing can create opportunities in the financial sector. The two companies say that they’ll apply research on quantum-inspired algorithms to understand ways they can be tapped to solve complex optimization challenges.
Using optimizers designed to run on classical hardware in the cloud, Ally says it’ll be able to explore quantum use cases without having to invest in specialized hardware. Collaborating with Microsoft as part of its Enterprise Acceleration Program, Ally plans to begin developing quantum subject-matter expertise and fostering relationships with an ecosystem of quantum computing partners.
“We have been able to benefit from the deep experience of the Microsoft Quantum research team, learn about the types of problems quantum can help solve within the financial services industry, and begin developing quantum computing skills using Microsoft’s quantum development kit,” Ally wrote in a blog post. “Through this relationship, we are gaining the insight and experience from Microsoft’s leading researchers. Leveraging Microsoft’s Azure capabilities, Ally has access to the software languages, APIs, and infrastructure to build quantum skills.
problems Ally hopes to solve with quantum computing, they could include anything from knowing why a customer is likely to contact a call center to portfolio management and streamlining business processes, according to Microsoft.
“Technology has always played an important role in the financial sector, and it has been shown, time and time again, that those who lead with technology make the market … Even though large-scale quantum computers won’t be available in the near term, their future availability is something for which businesses across the board need to prepare,” Love said in a press release. “With access to Azure Quantum, Ally is preparing a quantum-ready workforce that will be able to leverage scalable hardware as it becomes available.”