HSBC and IBM are work together on exploring applications for quantum computing in financial services, intending to bolster HSBC’s expertise in quantum computing and ensure the bank’s organisational readiness to take full advantage of the technology.
As part of the three-year agreement, the HSBC will join the IBM Quantum Accelerator program, giving the bank access to IBM’s premium plan of quantum computing systems, including its recently announced 127-qubit processor dubbed “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.
Colin Bell, CEO of HSBC Bank and HSBC Europe, said that by investing in quantum computing they are innovating to make banking easier for their customers.
“This technology has the potential to transform how we run areas of the bank by addressing challenges which classical computers may never be able to solve, alone,” said Bell. “Our work with IBM, a leading provider of quantum computing, is essential to harnessing this potentially game-changing technology for financial services.”
Darío Gil, SVP and director of IBM Research, said financial institutions and organisations around the world are anticipating real-world applications of quantum computing. He adds that exploring industry applications for quantum computing should be a key tenet of any enterprise strategy today.
A recent report from IBM’s Institute for Business Value delineates how the power of quantum computing could dramatically reshape the way financial institutions and other organisations 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.
The IBM Quantum team and clients are researching and exploring how quantum computing will help a variety of industries and disciplines, including finance, energy, chemistry, materials science, optimisation and machine learning, among many others.