BMO announced it is the first Canadian bank to join the IBM Quantum Network, gaining access to infrastructure and enabling the bank to develop and deploy quantum-powered solutions across its operations.
Utilization of the network will include accelerating the development of new approaches to help clients prosper and support business growth, optimizing investment portfolio strategies, and uncovering deep insights into risk management solutions.
“BMO’s access to IBM’s quantum systems represents a bold step forward in our Digital First strategy,” said Kristin Milchanowski, chief AI and data Officer at BMO, in a statement. “Quantum computing holds transformative potential, and BMO is now positioned as a leader in this space to drive future innovation.”
“Financial institutions around the world see the potential of real-world application of quantum computing and are rapidly making the technology a key element of their strategy, today,” said Scott Crowder, vice president for IBM Quantum Adoption and Business Development, in a statement. “We are excited for BMO to be part of the IBM Quantum Network, using our quantum systems and resources to begin developing applications for their business operations and help turn their aspirations into reality.”