Bank of Montreal opened an institute Thursday focused on responsible AI innovation, application and governance and the development of quantum computing capabilities.
Kristin Milchanowski, who’s spent the last year-and-a-half as BMO’s chief AI and data officer, will lead the BMO Institute for Applied Artificial Intelligence and Quantum in an expanded role.
“BMO has been applying AI across the bank for decades to personalize client experiences, augment our teams and automate our business,” Milchanowski said in a prepared statement. “These capabilities continue to evolve rapidly, alongside the emergence of Quantum technologies, creating both extraordinary opportunity and significant responsibility.”
The institute will help further embed an enterprise-wide AI agenda, advance its quantum strategy and “[keep] us accountable and agile in this era of exponential change,” she said.
BMO has been using AI for decades, the bank said.
Quantum computing, though, is in its experimental stages. Quantum computers could have the ability to solve problems too complex for today’s most powerful computers.
BMO joined the IBM Quantum Network – a global web of academic institutions, startups and Fortune 500 companies collaborating with IBM to advance quantum computing – early last year, gaining access to IBM’s quantum infrastructure and thus enabling it to develop and deploy quantum solutions across operations.
Other banks that have joined the IBM Quantum Network include Barclays and HSBC. BMO is the first Canadian bank to join.
According to IBM, quantum computing will lead a significant transformation of the financial services landscape in the next five years, and there are competitive advantages for banks that adopt quantum early.
“BMO is committed to building AI and Quantum capabilities that are innovative, trusted and centered on our clients,” Steve Tennyson, BMO’s chief technology and operations officer, said in a prepared statement.
