US-based Truist Financial and IBM have joined forces to drive innovation in banking technology and explore how quantum computing can be applied in the sector.
Through the collaboration, the bank will join IBM’s Quantum Accelerator programme and welcome the latter to its own Innovator in Residence programme.
As per the terms of the agreement, Truist Financial will get access to IBM’s quantum computing systems, expertise, and enablement resources.
Truist Financial chief information officer Scott Case said: “This collaboration with IBM is a reflection of our commitment to investing in new technologies to deliver on our purpose to inspire and build better lives and communities.
“Quantum computing has the potential to transform how we do banking and solve complex problems. IBM is a leader in quantum computing and their collaboration and expertise will be invaluable to ensure we are able to leverage these new technologies to the fullest potential.”
The parties aim to develop Truist Financial’s internal expertise in quantum computing to fulfil a quantum-ready state. This is expected to help the bank to tap the future potential of the technology.
Besides, IBM will collaborate with the bank’s team to develop quantum skills and examine the ways that technology can benefit their use cases in consumer banking.
IBM technology financial services industry general manager John Duigenan said: “Forward-thinking financial institutions around the world are actively exploring real-world application opportunities of quantum computing.
“Ensuring access to quantum talent, expertise and technology must be a prominent element of any enterprise architecture strategy today.
“Truist’s demonstrated innovation mindset is commendable and we are excited to join Truist in exploring transformative technologies that will benefit their customers.”
In September 2022, Truist Financial introduced an artificial intelligence (AI) powered virtual assistant called Truist Assist in its mobile banking app and online banking platform for personal banking clients.
