JP Morgan ahead of quantum bank

Evident is a data analysis and performance platform specialized in monitoring and evaluating the adoption of artificial intelligence (AI) in the banking sector. In addition to its annual report on the subject, it has also published a benchmark focusing on the adoption of quantum technologies. JP Morgan is internationally distinguished, but in France, Mutual Credit Also pulls his pin from the game.

FACTS

• The Evident platform has just published the results of its recent research on the adoption and deployment of quantum technologies in the banking sector.

• It believes that the efforts made are important, as to date almost 80% of the world's 50 largest banks are actively involved in quantum computing. To achieve this result, Evident classified these banks into four categories according to their level of quantum activity, based on criteria such as:
  • the size of the specialised teams,
  • the hiring rate of new talent,
  • patents filed,
  • investments made,
  • public engagement.

• And while some 15 banks now refer to this technology internationally in their annual reports, it is the US bank JP Morgan that stands out by being recognized by this benchmark as the most advanced on the subject. In particular, it alone accounts for two thirds of all job offers related to quantum banking.

• More broadly, in Europe, HSBC is presented as the most advanced bank on the topic. And the Crédit Mutuel Alliance Fédérale stands out among French banks in quantum computing by ranking in the third category. It is followed by BNP Paribas and Crédit Agricole, also mentioned in the top 15 international banks on the theme.

ISSUES

• Highlighting a major market : According to Evident's estimates, the quantum computing market could generate an estimated $622 billion by 2035. Since last August, the quantum sector has also seen a 10% increase in the number of skilled professionals.

• Make a step point : Evident's new benchmark also highlights the fact that, beyond a purely forward-looking effort, some banking actors have already realized their investments in quantum computing by identifying usage cases and practical applications. This includes JP Morgan (which uses quantum-based algorithms to optimize portfolio management and cybersecurity) or HSBC that integrates quantum key distribution (QKD) into its foreign currency trading operations to enhance security.

PERSPECTIVE

• Progress is continuing on the subject of the application of the latest technologies to the banking sector and on the sidelines of artificial intelligence, so it is quantum computing that also provokes lust.

• In France, the Bank of France led first experiments on the theme from 2022 to secure communications using post-quantum algorithms and thus anticipate the threats of futures. In 2023, Crédit Mutuel Alliance Fed. announcing a partnership with IBM to develop quantum applications in areas such as customer experience, fraud management and optimization of its internal teams.

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