From Awareness to Implementing Quantum Computing in Banks
Machine learning is often called "the science of acronyms."
That, I'm sure you know!
SL, UL, RL, NN, RNN, SVM, KNN, PCA, NLP, ...
But acronyms not only populate machine learning, they are also common in other areas such as marketing and management.
Every time someone wants to remember the main characteristics of a concept or a process, they come up with an acronym.
That's exactly what I have done!
In order to remember the phases of the quantum adoption process, for example, in a bank, I have introduced the AEI acronym:
A. The A stands for Awareness.
This is the phase where the bank’s innovation team has most probably heard about quantum computing but has not yet delved deeply into it.
The knowledge at this level is rather elementary, and their main concern is to know if quantum computing may affect their operation and when.
This phase is often filled with questions such as "What exactly is quantum computing?", "How will it change our business?", "Is it relevant for us right now?"
E. Exploration is the next, more in-depth phase.
The bank has already surpassed basic awareness and seeks deeper understanding.
Perhaps the innovation team has consumed enough content or even hired a professional in the field.
Now, the focus is on educating technical employees, like quants and IT teams, about quantum technologies.
This may include quantum portfolio optimization, quantum machine learning and quantum cryptography.
I. Implementation is the third phase.
By now, the organization is ready to implement the technical solutions provided by experts from academia, startups, or large companies.
This phase may involve deploying early-stage quantum algorithms or even collaborating with partners in the quantum ecosystem.
Implementation requires a solid foundation of technical knowledge and careful project management to ensure successful integration.
Be aware that the elements A, E, and I do not commute! AEI ≠ AIE.
Moreover, the phases must follow in order and you cannot skip any of them.
For example, if a bank attempts to implement a quantum solution without educating its staff on the fundamentals of quantum technology, the implementation will almost certainly fail in the long run.
I have called this the AEI path and not the AEI cycle.
However, as the bank progresses and adopts new quantum solutions, the AEI phases will repeat.
As with any innovation cycle, new developments will lead to revisiting awareness, exploration, and implementation, which evolve over time.
The AEI path helps me use a structured framework for adoption, starting with raising awareness, progressing to deeper exploration, and culminating in thoughtful implementation.
I have introduced the AEI acronym for myself, but feel free to use it if you find it helpful!
Want to dive deeper? My eBook is a great place to start → https://www.ozatp.com/qaf
