Truist Financial Corp, one of the top 10 commercial banks in the US, has joined forces with IBM to explore the potential of quantum computing in the banking industry. The collaboration will see Truist participate in IBM’s Quantum Accelerator program, which aims to develop the bank’s internal expertise in quantum computing and position it to fully utilize the technology in the future.
By joining the program, Truist will gain access to IBM’s premium Quantum Computing systems, as well as its deep expertise and resources. The two companies will work together to build quantum skills within Truist and explore how the technology can benefit consumer banking.
Scott Case, CIO of Truist, emphasized the importance of investing in new technologies to deliver on their purpose of inspiring and building better lives and communities. He noted that quantum computing has the potential to transform banking and solve complex problems, and that IBM’s collaboration and expertise will be invaluable in leveraging these new technologies.
According to IBM’s Institute for Business Value report, financial institutions worldwide should be prepared for significant changes as a result of the exponential power of quantum computing. John Duignan, Distinguished Engineer and General Manager Financial Services Industry at IBM Technology, stated that forward-thinking financial institutions are actively exploring the real-world applications of quantum computing and highlighted the need for access to quantum talent, expertise, and technology.
In addition to joining the Quantum Accelerator program, IBM will become one of Truist’s Innovators in Residence, building on their longstanding collaboration. This program brings together tech giants and startups at Truist’s Innovation and Technology Center to explore new and emerging technologies in finance. IBM will deploy dedicated teams with subject matter expertise onsite and share knowledge on various topics, including emerging payment technologies, operational resiliency, artificial intelligence, automation, and business process and operations transformation.
Ken Meyer, Divisional Chief Information and Experience Officer at Truist, emphasized the bank’s focus on developing innovative solutions that deliver real value to their customers. He expressed excitement about welcoming IBM to their Innovators in Residence Program, highlighting IBM’s deep technology and banking industry expertise.
The collaboration between Truist and IBM marks an important step in the exploration of quantum computing in the banking industry. As the potential of quantum computing continues to evolve, financial institutions like Truist are positioning themselves to leverage this groundbreaking technology for the benefit of their customers and the industry as a whole.
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