TORONTO, Feb. 6, 2025
/CNW/ - 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.
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SOURCE BMO Financial Group
