Not engaging is not an option: Financial institutions have realized that the best way to approach a still-developing technology like quantum computing is through lightweight tests and building internal expertise. 

Another week, another quantum computing announcement: Truist and IBM just launched a new partnership to help the bank prepare for the future of quantum computing.  

The accelerator program will help Truist train internal experts and start running tests that will eventually help it “leverage these new technologies to the fullest potential,” according to bank CIO Scott Case.  

This announcement comes hot on the heels of a similar initiative from HSBC. While quantum technology is still at least several years away from being ready for primetime, the overarching strategy for banks is simple: Prepare now or suffer the consequences later.  

The biggest risk of ignoring quantum computing is the security threat. Experts expect bad actors to wield quantum to break existing encryption, so FinServs will need to use the same tech to defend themselves. Meanwhile, banks are also eyeing the benefits it could bring for risk assessments, portfolio optimization, or rewards programs.  

As JPMorgan executive Marco Pistoia put it to American Banker last year: “We realize that if a company doesn’t do anything about the market right now, and just waits for quantum advantage to become a reality, when quantum advantage becomes real, it might be too late.” 

Read more of Insight Partners’ perspectives on the challenges of quantum computing and how firms are approaching it.