IBM has signed a three-year agreement with HSBC to develop quantum computing applications for the finance industry.
As part of the deal, HSBC will join IBM’s Quantum Accelerator program, allowing it access to the firm’s premium quantum computing systems, which includes the recently announced 127-qubit processor Eagle.
RELATED RESOURCE
The new normal: The future role of finance
The changing role of the finance function during business disruption
"By investing in quantum computing we are innovating for the future, to make banking easier for our customers,” said Colin Bell, HSBC Europe CEO.
“This technology has the potential to transform how we run areas of the bank by addressing challenges which classical computers may never be able to solve, alone. Our work with IBM, a leading provider of quantum computing, is essential to harnessing this potentially game-changing technology for financial services,” added Bell.
In addition to optimizing pricing and services, HSBC will leverage quantum computing to identify and combat fraudulent activity, and further its net zero goals.
The bank also intends to upskill its employees through internal training programs and besides recruiting quantum computing researchers to build a dedicated quantum research capability within its innovation team.
"Financial institutions and organizations around the world are eagerly awaiting real-world applications of quantum computing and exploring industry applications for quantum computing should be a key tenet of any enterprise strategy today," said Dr. Darío Gil, senior vice president and director of IBM Research.
"We are excited to team with HSBC to explore applications of quantum technology to their business operations and help turn their aspirations into reality."
-
Manufacturers report millions in losses as downtime wreaks havoc on operationsNews UK manufacturers are losing up to £736 million every week due to downtime, according to new research, with outages lasting for several days on end.
-
Microsoft gives OpenAI restructuring plans the green lightNews The deal removes fundraising constraints and modifies Microsoft's rights to use OpenAI models and products
-
How AI is reshaping the role of spreadsheets in accountingIndustry insights Modernizing spreadsheets can enable secure and AI-ready accounting and finance functions
-
Implementation and atychiphobia: helping SMEs overcome fearIndustry Insights Fear of failure stalls SME system upgrades, but resellers can calm concerns and build confidence
-
HSBC says get back to the office or risk bonuses – and history shows it’s a tactic that might backfireNews HSBC is the latest in a string of financial services firms hoping to tempt workers back to the office.
-
‘There is no law of computer science that says that AI must remain expensive and must remain large’: IBM CEO Arvind Krishna bangs the drum for smaller AI modelsNews IBM CEO Arvind Krishna says smaller, more domain-specific AI models have become the most efficient and cost-effective options for enterprises.
-
IBM puts on a brave face as US government cuts hit 15 contractsNews Despite the cuts, IBM remains upbeat after promising quarterly results
-
IBM completes HashiCorp acquisition after regulatory approvalNews IBM has completed its $6.4 billion acquisition of cloud automation and security firm HashiCorp,
-
IBM eyes Oracle expertise gains with latest acquisition
News The deal aims to help IBM address the complexities of public sector cloud transformation
-
UK regulator to investigate IBM takeover of HashiCorp
News The CMA is concerned that the merger could affect competition in the cloud services market
