Finance
BMO Joins IBM’s Quantum Network to Speed Up Innovation
- Bank sees quantum uses to manage climate risks, detect fraud
- BMO is building team of quantum scientists, eyes Chicago hires
A model of a Quantum System Two quantum computer by IBM in Ehningen, Germany, on Oct. 1.
Photographer: Marijan Murat/picture alliance/Getty ImagesThis article is for subscribers only.
Bank of Montreal is joining International Business Machines Corp.’s quantum network and building its own team of scientists in a bid to accelerate innovation in areas including climate-risk management and fraud detection.
The Canadian bank will join another 50 industry organizations including financial institutions such as Wells Fargo & Co. and HSBC Holdings Plc in gaining access to IBM’s quantum systems. The technology will be used by a team of quantum specialists BMO is currently building, said Kristin Milchanowski, chief AI and data officer at the bank.