Truist is partnering with tech giant IBM to explore the potential applications of quantum computing to its consumer banking functions.
The financial services group has joined IBM’s Quantum Accelerator program, while IBM has been added to Truist’s Innovator in Residence program.
Truist plans to develop internal expertise in quantum computing using IBM’s facilities to explore how this technology can benefit Truist’s consumer banking use cases.
Quantum computing uses a different form of technology from regular computers to significantly expand the complexity of models that can be generated. While the technology is still in its infancy, many scientists and researchers in the field believe it has the potential to revolutionize many industries.
Other corporate giants including Mercedes-Benz, ExxonMobil and the CERN nuclear facility in Switzerland have all employed quantum computing systems from IBM.
Scott Case, chief information officer at Truist, emphasized the bank’s commitment to investing in new technologies that can transform banking and solve complex problems. He cited IBM’s leadership in quantum computing, and said the collaboration would be instrumental in maximizing the use of these technologies.
As an Innovator in Residence at Truist, IBM will deploy teams with subject matter expertise onsite, contributing knowledge on emerging payment technologies, operational resiliency, artificial intelligence, automation, and business process and operations transformation.
Ken Meyer, divisional chief information and experience officer at Truist, said this would enable discussions and explorations about the future of banking, leveraging IBM’s deep technology and banking industry expertise.
The collaboration between Truist and IBM signifies a commitment to innovation and the exploration of transformative technologies that can enhance the banking experience for customers.
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