HSBC, multinational banking and financial services organisation, and technology corporation IBM, have announced that they will work together on exploring applications for quantum computing in financial services.
The three-year collaboration is designed to bolster HSBC’s expertise in quantum computing, and as part of the agreement, the bank will join the IBM Quantum Accelerator programme. This will provide it with access to IBM’s premium plan of quantum computing systems, including its recently announced 127-qubit processor, Eagle.
Using technology to make banking easier for customers
With assets of US$2.958bn on 31 December 2021, HSBC is one of the world's largest banking and financial services organisations. Through this partnership it 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, Chief Executive Officer, HSBC Bank plc and HSBC Europe, said: “By investing in quantum computing we are innovating for the future, to make banking easier for our customers. This technology has the potential to transform how we run areas of the bank by addressing challenges that classical computers may never be able to solve, alone. Our work with IBM, a leading provider of quantum computing, is essential to harnessing this potentially game-changing technology for financial services.”
Exploring industry applications for quantum computing
The Quantum Decade, a recent report from IBM’s Institute for Business Value, outlines how the power of quantum computing could reshape the way financial institutions and other organisations tackling challenges in a post-pandemic world with a discovery-driven approach that may spur new hyper-automated and deeply integrated business models.
“Financial institutions and organisations around the world are eagerly awaiting real-world applications of quantum computing, and exploring industry applications for quantum computing should be a key tenet of any enterprise strategy today,” said Dr. Darío Gil, Senior Vice President and Director of IBM Research. “We are excited to team with HSBC to explore applications of quantum technology to their business operations and help turn their aspirations into reality.”
More than 175 clients, including Fortune 500 companies, start-ups, academic institutions and research labs, work with IBM Quantum technology to advance quantum computing and explore practical applications.