BMO Joins IBM Quantum Network to Accelerate Innovation of Financial Services

Rhea-AI Summary

BMO has joined the IBM Quantum Network, becoming the first Canadian bank to access IBM's advanced quantum computing infrastructure. This strategic move, announced on February 6, 2025, aligns with BMO's Digital First strategy to enhance its technological capabilities and deliver improved outcomes for customers and clients.

The partnership will enable BMO to develop and implement quantum-powered solutions across its operations, focusing on:

• Accelerating new approaches to help clients prosper
• Supporting business growth
• Optimizing investment portfolio strategies
• Developing enhanced risk management solutions

Through the IBM Quantum Network, BMO gains access to learning resources, experts, and collaborative events aimed at advancing quantum utility in financial services.

Positive

• First Canadian bank to access IBM Quantum Network, positioning BMO as a technology leader
• Access to advanced quantum infrastructure for developing innovative financial solutions
• Potential for enhanced investment portfolio optimization and risk management capabilities

Negative

• None.

TORONTO, Feb. 6, 2025 /PRNewswire/ - BMO today announced it has joined the IBM Quantum Network, extending its technology leadership in North America to further drive real financial progress for its customers, clients, and the communities it serves.

BMO gains access to IBM's advanced quantum infrastructure, enabling the bank to develop and deploy quantum-powered solutions across its operations. The investment in advanced capabilities is at the core of BMO's Digital First strategy to deliver progress and outcomes at scale by merging human expertise with cutting edge technology.

Driving Innovation

BMO is the first Canadian bank to access the IBM Quantum Network. Utilization of the network will include accelerating the development of new approaches to help clients prosper and support business growth, optimizing investment portfolio strategies, and uncovering deep insights into risk management solutions.

"BMO's access to IBM's quantum systems represents a bold step forward in our Digital First strategy," said Dr. Kristin Milchanowski, Chief AI and Data Officer, BMO. "Quantum computing holds transformative potential, and BMO is now positioned as a leader in this space to drive future innovation."

"Financial institutions around the world see the potential of real-world application of quantum computing and are rapidly making the technology a key element of their strategy, today," said Dr. Scott Crowder, Vice President, IBM Quantum Adoption and Business Development. "We are excited for BMO to be part of the IBM Quantum Network, using our quantum systems and resources to begin developing applications for their business operations and help turn their aspirations into reality."

The IBM Quantum Network supports businesses, universities, laboratories, and industry leaders on their journeys to advancing quantum utility. Members gain access to learning resources, experts, and events to accelerate research and foster collaboration.

About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.41 trillion as of October 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. 

View original content:https://www.prnewswire.com/news-releases/bmo-joins-ibm-quantum-network-to-accelerate-innovation-of-financial-services-302369531.html

SOURCE BMO Financial Group

FAQ

What is the significance of BMO joining the IBM Quantum Network in 2025?

BMO becomes the first Canadian bank to access IBM's quantum computing infrastructure, enabling development of advanced financial solutions and positioning itself as a technology leader in North America.

How will BMO use quantum computing in its financial services?

BMO will use quantum computing to optimize investment portfolio strategies, develop new client solutions, support business growth, and enhance risk management capabilities.

What advantages does BMO gain from the IBM Quantum Network membership?

BMO gains access to IBM's advanced quantum infrastructure, learning resources, industry experts, and collaborative events to develop quantum-powered financial solutions.

How does the IBM Quantum Network partnership align with BMO's strategy?

The partnership aligns with BMO's Digital First strategy, combining human expertise with cutting-edge technology to deliver progress and outcomes at scale.