IBM, Truist Team for Quantum in Banking

Truist Financial Corp. has joined IBM’s Quantum Accelerator program to develop internal expertise in quantum computing to prepare to use the technology for future financial services applications.

IBM is also taking part in Truist’s Innovator in Residence program, in which Truist technologists exploring how to use new and new and emerging technologies with external experts. 

This two-way collaboration aims to accelerate technology innovation in banking while exploring potential quantum computing applications for financial services.

IBM Quantum Accelerator program

Membership in IBM accelerator program offers Truist access to IBM's quantum computing systems, expertise and support resources. IBM plans to 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 Truist chief information officer Scott Case.

“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.”

Related:University Set to be First to Host IBM Quantum System One

IBM financial services general manager John Duigenan added: “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.”

Innovators in Residence

Having collaborated with Truist for 15 years, IBM joins other technology companies and startups as part of Truist’s innovators in residence program at the bank’s Innovation and Technology Center to explore new and emerging technologies for finance.

IBM’s contribution provides onsite access to specialists to share knowledge in fields including 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 Truist divisional chief information and experience officer Ken Meyer.