Bank of Montreal is joining International Business Machines Corp.’s quantum network and building its own team of scientists in a bid to accelerate innovation.
The company logo hangs over the door to a BMO bank branch Thursday, Feb. 22, 2024, in Denver.
The finance industry is expected to be one of the biggest beneficiaries of quantum computers, which are exponentially more powerful than traditional machines. The technology helps sort large amounts of data and solve complex mathematical problems that would take binary computers days, months and even years.
“We can look at satellite data and run what’s called a quantum neural network, and we’re able to evaluate more components of that satellite image to then predict and and have more precision around where that wildfire could be traveling next,” Milchanowski said. “That’s relevant to our insurance sector as well as our banking clients.”
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