Top 10 US commercial banks to explore quantum capabilities for banking
Truist joins IBM Quantum Accelerator to explore industry-relevant quantum computing applications with access to IBM technology and expertise
IBM becomes Truist Innovator in Residence to collaborate on financial services expertise and tools
July 12, 2023
CharlotteNorth Carolina, July 12, 2023 – Truist Financial Corp (NYSE: TFC) and IBM (NYSE: IBM) today announced that the bank will join the IBM Quantum Accelerator program in addition to welcoming IBM into the bank’s Innovator in Residence program. This collaboration will serve to stimulate technological innovation in the banking sector, while exploring opportunities for the application of quantum computing in the banking sector.
The agreement to participate in the IBM Quantum Accelerator program will focus on developing Truist’s internal expertise in quantum computing with the goal of achieving a quantum-ready state, positioning the bank to exploit the technology’s future potential. Under the agreement, Truist will have access to IBM’s premium quantum computing systems, in-depth expertise and enablement resources. IBM will work with the Truist team to build quantum expertise and explore how the technology could benefit their consumer banking use cases.
“This collaboration with IBM reflects our commitment to investing in new technologies to fulfill our purpose of inspiring and building better lives and communities,” said Scott Case, chief information officer at Truist. “Quantum computing has the potential to transform the way we bank and solve complex problems. IBM is a leader in quantum computing and their collaboration and expertise will be invaluable in ensuring we are able to leverage these new technologies to their fullest potential.”
According to the IBM Institute for Business Value report, The Quantum Decade, financial institutions around the world must be prepared for dramatic changes as a result of the exponential power of quantum computing.
“Forward-thinking financial institutions around the world are actively exploring opportunities for real-world applications of quantum computing. Ensuring access to talent, expertise and quantum technologies must be an important element of any enterprise architecture strategy today,” said John Duigenan, Distinguished Engineer and General Manager Financial Services Industry at IBM Technology. “The innovative mindset demonstrated by Truist is commendable, and we are thrilled to join Truist in exploring transformative technologies that will benefit their customers.”
Cultivate a culture of collaboration through Innovators in Residence
Also, building on more than 15 years of partnership with the bank, IBM will become one of Truist’s Innovators in Residence. This program brings together tech giants and startups at Truist’s Innovation and Technology Center to collaborate with Truist’s resident innovators creating an environment to explore new and emerging technologies in finance. As part of this effort, IBM will deploy dedicated teams with on-site subject matter expertise and share knowledge related to emerging payment technologies, operational resiliency, artificial intelligence, automation and transformation of business processes and operations.
“At the core of our technology strategy is the development of innovative solutions to complex challenges that will deliver real value to our customers,” said Ken Meyer, divisional chief information and experience officer at Truist. “We do this by creating a working environment where we can better collaborate with our teammates, customers and partners to co-create solutions together. We are thrilled to welcome IBM to our Innovators in Residence Program, where their deep banking and technology experience will contribute to discussions and explorations on the future of banking.”
Truist Financial Corporation is a purposeful financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country. The firm offers a wide range of services including retail, small business and commercial banking; resource management; capital markets; commercial real estate; corporate and institutional banking activities; insurance; mutual; payments; specialized loan; and asset management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $574 billion as of March 31, 2023. Truist Bank, a member of the FDIC. Learn more at www.truist.com.
IBM is a leading provider of global hybrid cloud and AI and consulting expertise. We help clients in more than 175 countries leverage insights from their data, streamline business processes, reduce costs, and gain competitive advantage in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to impact their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in artificial intelligence, quantum computing, industry-specific cloud solutions and consulting offer open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, accountability, inclusiveness and service.
Visit www.ibm.com for more information.
Contacts with the media
Mary Ellen Higgins
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