Top 10 US commercial bank to explore quantum capabilities for banking in joining the IBM Quantum Accelerator program.
Truist Financial Corp has joined the IBM Quantum Accelerator program – while welcoming IBM to the bank’s Innovator in Residence program.
This collaboration is said to spur technology innovation in banking while exploring opportunities for the application of Quantum Computing in the banking industry.
The agreement to participate in the IBM Quantum Accelerator program will focus on developing Truist’s internal expertise in Quantum Computing with the goal of achieving a quantum-ready state, positioning the bank to exploit the technology’s future potential.
Under the agreement, Truist will gain access to IBM’s premium Quantum Computing systems, deep expertise and enablement resources. IBM will work with the Truist team to build quantum skills and explore how the technology could benefit their use cases in consumer banking.
“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,” said Scott Case, CIO, Truist.
“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.”
According to IBM’s Institute for Business Value report The Quantum Decade, financial institutions around the world must be prepared for Dramatic changes as a result of the exponential power of Quantum Computing.
“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,” said John Duignan, Distinguished Engineer and General Manager Financial Services Industry, IBM Technology.
“Truist’s demonstrated innovation mindset is commendable and we are excited to join Truist in exploring transformative technologies that will benefit their customers.”
Additionally, building on more than 15 years of collaboration with the bank, IBM will become one of Truist’s Innovators in Residence. This program brings together tech giants and startups at Truist’s Innovation and Technology Center to collaborate with Truist’s resident innovators creating an environment to explore new and emerging technologies in finance.
As part of this commitment, IBM will deploy dedicated teams with subject matter expertise onsite and share knowledge relating to emerging payment technologies, operational resiliency, Artificial Intelligence, automation and business process and operations transformation.
“The core of our technology strategy is developing innovative solutions to complex challenges that will deliver real value for our customers,” said Ken Meyer, Divisional Chief Information and Experience Officer at Truist.
“We do this by creating a working environment where we can better collaborate with our teammates, clients, and partners to co-create solutions together. We’re thrilled to welcome IBM to our Innovators in Residence Program where their deep technology and banking industry expertise will contribute to discussions and explorations about the future of banking.”