Enhancing the Financial Sector with Quantum Computing: A Comprehensive Review of Current and Future Applications

Quantum Computing is currently a disruptive and game-changing technology that challenges the development of various industries, and it is a new paradigm in business software development. In this paper, we explore the current and future applications and research of quantum computing in the financial sector and present a SWOT analysis to evaluate its potential impact. We begin by introducing the fundamental concepts of quantum computing. Next, we analyze existing use cases and research on quantum computing in the financial sector. Finally, the SWOT analysis highlights the strengths, weaknesses, opportunities, and threats associated with implementing quantum computing in the financial sector. Our study emphasizes the transformative potential of quantum computing to reshape the financial sector by enabling faster processing, faster communication, better security, new financial services, solving complex problems, and more accurate decision-making processes. Quantum computing can significantly impact the following financial areas: portfolio optimization, risk management, option pricing, high-frequency trading, blockchain and cryptocurrencies, and AI applications (such as fraud detection and credit scoring).