HSBC and IBM today announced that they will work together on exploring applications for quantum computing in financial services.
The new three-year collaboration is designed to bolster HSBC’s expertise in quantum computing and ensure its organizational readiness to take full advantage of the technology.
As part of the agreement, the bank will join the IBM Quantum Accelerator program, giving it access to IBM’s premium plan of quantum computing systems, including its recently announced 127-qubit processor, Eagle, as well as IBM’s quantum expertise, to help validate and progress potential quantum use cases.
HSBC will explore the use of quantum computing for pricing and portfolio optimisation, to advance its net zero goals, and to mitigate risks, including identifying and addressing fraudulent activity. The bank will upskill colleagues in quantum technology through internal training programmes, as well as actively recruiting quantum computing research scientists, to build a dedicated capability within its innovation team.
A recent report from IBM’s Institute for Business Value, The Quantum Decade, delineates how the exponential power of quantum computing could dramatically reshape the way financial institutions and other organizations tackle their most pressing challenges in a post-pandemic world with a discovery-driven approach that may spur new hyper-automated and deeply integrated business models.
