Major global banks including JPMorgan, HSBC and Intesa Sanpaolo are increasingly investing in quantum computing, recognising its potential to revolutionise the financial sector. New research from benchmarking and intelligence platform Evident reveals that nearly 80% of the 50 largest banks worldwide are now actively engaging with quantum technology, marking a shift from experimentation to strategic investment. […]
Major global banks including JPMorgan, HSBC and Intesa Sanpaolo are increasingly investing in quantum computing, recognising its potential to revolutionise the financial sector.
New research from benchmarking and intelligence platform Evident reveals that nearly 80% of the 50 largest banks worldwide are now actively engaging with quantum technology, marking a shift from experimentation to strategic investment.
JPMorgan Chase leads the way, accounting for two-thirds of all quantum job postings among the banks surveyed and publishing over half of all quantum-related research papers.
The bank has already implemented quantum-inspired algorithms to enhance portfolio optimisation and cybersecurity.
HSBC has also made notable strides, integrating quantum key distribution (QKD) technology into foreign exchange trading and tokenised gold for improved cybersecurity.
Meanwhile, Italy’s Intesa Sanpaolo is exploring quantum applications in credit scoring, fraud detection, and derivative pricing.
HSBC explores quantum computing in banking
“Unlike AI, which permeates all aspects of banking, quantum will revolutionise select use cases with profound impact,” predicted Alexandra Mousavizadeh, co-founder and co-CEO of Evident.
“Quantum will transform areas such as portfolio optimisation, credit scoring, and fraud detection in ways that far exceed today’s computing capabilities.”
Quantum talent and use cases
The research reveals that the growth of quantum talent is also accelerating. Since August, the number of quantum professionals in banking has risen by 10%, and research by bank-affiliated quantum experts has been cited over 3,000 times.
Evident’s Alexandra Mousavizadeh
This expansion signals an increasing focus on preparing for the future, as banks aim to secure a competitive edge at the intersection of AI and quantum computing.
McKinsey estimates that by 2035, quantum computing use cases in finance could generate up to $622 billion in value.
While full-scale, fault-tolerant quantum computing remains years away, banks are already investing heavily to develop business capabilities that will enable rapid integration when the technology matures.
Financial institutions are exploring numerous applications for quantum computing. In corporate banking, the technology is being tested to improve collateral optimisation, default probability estimation, and liquidity management.
In investment banking, quantum computing shows promise in portfolio modelling, derivative pricing, and high-frequency trading. Wealth management, retail banking, and payments may also see transformative advances, particularly in data security and risk assessment.
“Banks that fail to prepare risk being left behind as quantum advances,” Mousavizadeh warned. “Those that embrace quantum now will be well-positioned to harness its transformative potential in the years ahead.”
As quantum technology continues to evolve, financial institutions are laying the groundwork to capitalise on its potential, ensuring they are prepared to seize future opportunities while mitigating emerging risks.
NCSC issues post quantum cryptography guidance
Meanwhile this week the UK’s National Cyber Security Centre (NCSC) issued new guidance urging large organisations to migrate to post-quantum cryptography (PQC) by 2035 to protect against emerging quantum computing threats.
The NCSC recommends businesses begin planning their transition within the next three years to mitigate risks posed by quantum systems that could compromise existing encryption methods.
PQC standards were formally recognised in late 2024, but no global consensus exists on the best approach.
Daniel Shiu, chief cryptographer at Arqit, welcomed the guidance but warned that implementing it will vary by organisation and require specialist skills. He advised companies to assess their current cryptography use and create a comprehensive migration plan to safeguard against vulnerabilities.
