15+ Global Banks Exploring Quantum Technologies [2026]

Insider BriefQuantum Banking is a new type of banking system that makes use of quantum technologies. This system has the potential to revolutionize the banking sector by providing more secure and efficient banking services as it can handle large amounts of data quickly and accurately.On the flip side, quantum technologies have the potential to threaten the existing modus operandi of banks in regard to security issues. Aware of this, banks globally are planning for a scenario with quantum-safe protocols etc.The financial services industry stands at the forefront of quantum computing adoption. Banks and financial institutions recognize that quantum computers will enable solutions to computationally intensive problems that currently consume significant infrastructure resources and processing time. As quantum computing technology matures from theoretical research to practical implementation, financial institutions are increasingly deploying quantum pilot programs and exploring production-ready applications.This article examines 15+ global banks actively investing in quantum computing technologies, their strategic partnerships with quantum companies, and the specific use cases driving their quantum initiatives. From JPMorgan Chase’s quantum algorithms research to Goldman Sachs’ quantum partnerships, financial institutions are positioning themselves to capitalize on quantum computing advantages while preparing for post-quantum cryptographic transitions.Risk Modeling and Portfolio Optimization: Quantum computers excel at evaluating large numbers of scenarios simultaneously, enabling banks to perform sophisticated financial risk models vastly faster than classical computers. Monte Carlo simulations, a cornerstone of financial risk assessment, can be accelerated significantly using quantum algorithms. Portfolio optimization – determining optimal asset allocation given thousands of securities and constraints – represents a natural application for quantum computing in investment management.Fraud Detection and Prevention: Quantum machine learning algorithms can identify fraudulent transactions and suspicious patterns more efficiently than existing detection systems. Banks handle billions of transactions daily; quantum computing enables real-time analysis of transaction patterns, customer behavior, and anomaly detection at unprecedented scale. Early detection of fraud minimizes losses and protects customer accounts.Derivative Pricing and Valuation: Complex financial derivatives require computational resources for accurate pricing. Quantum algorithms can compute option prices, interest rate derivatives, and exotic instruments more efficiently. Banks currently spend significant resources on derivative pricing; quantum computing promises to accelerate calculations and enable more sophisticated pricing models.Cryptography and Quantum Security: Quantum computers threaten current encryption standards by potentially breaking RSA and ECC cryptography. Banks are transitioning to quantum-resistant cryptographic algorithms to protect customer data and financial systems. Investment in quantum cryptography and quantum key distribution ensures that financial communications remain secure in the quantum era.Monte Carlo Simulations: Monte Carlo methods are essential for financial modeling, but classical computing limitations constrain the number of simulations and accuracy. Quantum algorithms can accelerate Monte Carlo simulations substantially, enabling more accurate financial modeling, stress testing, and scenario analysis. This capability has immediate applications in pricing, risk assessment, and regulatory compliance.The following is a non-exhaustive selection. This landscape is broad and evolving rapidly, and the inclusion or omission of any entry should not be interpreted as a ranking or endorsement.In June 2024, the United Nations declared 2025 the International Year of Quantum Science and Technology, backed by around 300 organizations including BBVA. BBVA completed a successful pilot test of distributed execution of quantum algorithms across multiple conventional servers in the AWS cloud, providing the bank with proprietary architecture to further explore quantum computing in complex financial tasks. BBVA is a founding member of the Quantum Safe Financial Forum aiming to foster creation of technological systems within finance that are safe, secure, and resilient to quantum attacks.BBVA’s quantum strategy emphasizes continuous research, strategic partnerships with quantum technology providers, and organizational readiness for quantum computing deployment while preparing for post-quantum cryptography transitions.Barclays launched quantum computing research in 2017 and has since published breakthrough research on proof-of-concept quantum clearing algorithms. Working with IBM, the bank demonstrated quantum algorithms for portfolio optimization using the Variational Quantum Eigensolver (VQE) and Quantum Approximate Optimization Algorithm (QAOA), adapted to handle real-world constraints including transaction costs, regulatory requirements, and risk limits. Lee Braine, Managing Director in Barclays’ Chief Technology Office, spearheads the quantum computing research focused on optimizing settlement of security transactions and improving financial market predictions.Barclays has prioritized quantum cybersecurity research to understand timeline and mitigation strategies for protecting customers and systems from future quantum threats. The bank is upgrading existing cryptography to quantum-resistant standards and preparing for the transition to post-quantum cryptographic infrastructure. This dual approach – pursuing quantum computing advantages while defending against quantum threats – reflects Barclays’ comprehensive quantum technology strategy.BNP Paribas views quantum readiness as a matter of sovereignty and survival, aggressively moving quantum computing from laboratory to production with multifaceted strategy involving partnerships with startups and dedicated quantum teams within its Corporate and Institutional Banking (CIB) division. The bank collaborates with Pasqal, a French hardware leader in neutral atom processors, to run utility-scale experiments for collateral optimization and derivatives pricing. BNP Paribas Développement invested in C12 Quantum Electronics’ €18 million funding round, securing support from Google, Nvidia, and other major technology players.BNP Paribas is classified as an ‘Active’ tier bank in quantum engagement, alongside Goldman Sachs and other leading institutions, and is a member of the Quantum Safe Financial Forum established to prepare the financial system for quantum threats. The bank is tackling talent shortage by co-designing a specialized master’s degree with Polytechnic Institute of Paris. BNP Paribas’ quantum strategy emphasizes both exploiting quantum computing opportunities and preparing defensive measures against quantum cryptographic threats.Citigroup’s research examines quantum computing advantages for optimization, machine learning, simulation, and cryptography, with specific applications to logistics, drug discovery, portfolio optimization, and cybersecurity. The bank’s Innovation Labs partnership with Classiq explores how quantum computing solutions can improve portfolio optimization using Amazon Braket. Citi invested in a $25 million funding round for QC Ware, a developer of high-powered applications for near-term quantum hardware, and maintains strategic investments in 1QBit and other quantum software companies.Citigroup published “Quantum Threat: The Trillion-Dollar Security Race Is On”, predicting that within the next decade quantum computers will become powerful enough to break widely used public-key encryption. The bank’s research extends to quantum sensors, examining how hypersensitive sensors may revolutionize industrial applications. Citigroup’s strategy balances near-term quantum software investments with preparation for future quantum computing and security challenges.Crédit Agricole CIB conducted two real-world experiments in quantum computing, partnering with Pasqal and Multiverse Computing to evaluate quantum algorithmic approaches in financial product valuation and credit risk assessment. The bank achieved improvement in computing time with a smaller memory footprint using quantum techniques, paving the way for real-world applications in derivatives valuation. More recently, Crédit Agricole CIB and Quandela jointly developed an innovative hybrid classical-quantum algorithm demonstrating improved predictive performance for credit risk models.These partnerships reflect Crédit Agricole’s comprehensive approach to quantum computing, combining research with leading technology providers to transition from exploratory pilots to applications with measurable financial impact. The bank’s work on default risk prediction demonstrates quantum computing’s potential for risk management – one of banking’s most critical functions.Deutsche Bank Research has published an analysis on how quantum 2.0 super technologies will massively change how we live and work, examining quantum computing’s potential to accelerate complex financial calculations like risk modeling, portfolio optimization, and fraud detection. Deutsche Bundesbank participated in Project Leap, testing implementation of post-quantum cryptography between central bank IT systems through a collaboration with BIS Innovation Hub and Bank of France, demonstrating practical quantum-safe infrastructure implementation.Deutsche Bank’s research explores the vision of quantum computing processing power enabling development of previously unfeasible products such as ultra-high performance secure quantum internet. The bank’s quantum strategy balances understanding quantum computing’s economic impact with preparing for cybersecurity implications and post-quantum cryptography transitions.Goldman Sachs has pioneered quantum algorithm development for quantitative finance through its dedicated quantum computing research team, led by William Zeng as head of quantum research. The bank has identified three core use cases for quantum computing: simulation (such as statistical simulations of stochastic processes in derivative pricing), optimization (portfolio optimization under regulatory constraints), and machine learning. Goldman Sachs partnered with QC Ware and IonQ to demonstrate quantum Monte Carlo algorithms for pricing financial risk, achieving shallow Monte Carlo implementations that deliver 100x speedups – a compromise between ideal quantum speedups and practical near-term hardware limitations.Goldman Sachs has collaborated with AWS to develop detailed assessments of quantum algorithms for portfolio optimization, releasing peer-reviewed research on quantum advantage for specific financial problems. The bank recently worked with Quantum Motion to identify quantum applications in financial services, signaling continued commitment to exploring next-generation quantum technologies for derivative pricing and risk analysis.HSBC has reported testing quantum-enabled algorithmic trading approaches with IBM, with the bank citing preliminary improvements in certain trading scenarios. The bank claims that in specific bond trading contexts, quantum-enabled approaches have shown promising results. However, details of the methodology and independent verification remain limited. This work represents a step forward in exploring quantum computing’s potential application to financial trading, though broader questions about reproducibility and generalizability to other trading problems persist. HSBC partnered with Quantinuum to apply quantum technologies and post-quantum cryptography to financial innovation.Beyond trading algorithms, HSBC successfully trialed the first application of quantum-secure technology for tokenized physical gold, using Quantinuum’s post-quantum cryptography algorithms and quantum randomness technology to demonstrate holistic protection of digital assets. As a founding member of the London Quantum Secure Metro network, HSBC – alongside BT and Toshiba – became the first bank to trial quantum key distribution for safeguarding financial transactions. Philip Intallura, as Group Head of Quantum Technologies at HSBC, leads the bank’s strategy to simultaneously exploit quantum computing advantages and defend against quantum threats.ING, alongside fellow Dutch banks ABN Amro and Rabobank, jointly explored quantum technology stress testing as a possible use case, recognizing financial stress testing as an immediate application for quantum computing’s computational advantages. ING selected three areas for testing quantum technology viability: open finance, digital assets, and emerging technologies including generative AI and quantum computing. The bank succeeded in making Corda quantum resistant with OpenQuantumSafe, modifying distributed ledger technology for the post-quantum era.ING’s quantum strategy addresses dynamic investment portfolio management, where institutions must balance thousands of variables for optimal risk management. The bank views quantum computing as critical for meeting future IT security challenges and financial sector demands, positioning quantum technology as essential infrastructure for next-generation banking systems.Japan Post collaborated with Fujitsu Laboratories to conduct demonstration experiments optimizing transport networks using Digital Annealer, applying quantum-inspired computing to operational challenges. The bank has initiated quantum computing research programs as part of its technology innovation strategy, with focus on financial risk modeling, portfolio optimization, and operational efficiency.

Japan Post Bank’s quantum initiatives reflect the Japanese national commitment to quantum technologies, positioning the bank as an adopter of quantum-inspired and quantum computing innovations.Japan Post Bank is investing in quantum cybersecurity capabilities to protect financial systems and customer data. The bank recognizes quantum computing implications for encryption security and is implementing quantum-resistant cryptographic measures as part of national strategy for quantum technology adoption.JPMorgan Chase has established itself as a quantum computing pioneer in finance through a series of high-profile research collaborations and operational advances. In March 2025, the bank partnered with Quantinuum, Argonne National Laboratory, Oak Ridge National Laboratory, and the University of Texas at Austin to demonstrate certified randomness generation on quantum computers—a critical breakthrough showing real-world quantum computing applications beyond theoretical research.In May 2025, JPMorgan Chase, working with Argonne and Quantinuum, demonstrated quantum speedup using the Quantum Approximate Optimization Algorithm (QAOA) for applications relevant to logistics, telecommunications, financial modeling, and materials science. The bank has also established a quantum-secured crypto-agile network (Q-CAN) connecting data centers over deployed fiber, representing tangible quantum security infrastructure deployment. Marco Pistoia’s departure from the bank’s quantum unit and the subsequent hiring of Rob Otter from State Street signal JPMorgan’s determination to maintain quantum computing leadership.NatWest has explored quantum-inspired computing through Fujitsu’s Digital Annealer to address financial investment problems and asset allocation optimization across bonds, cash, and government securities. The bank has reported significant speedups for certain optimization tasks. It is important to note that Digital Annealer is not a quantum computer but a purpose-built classical processor that applies quantum-inspired algorithms to solve optimization problems. While the device uses quantum-inspired optimization techniques, it operates on classical computing principles without relying on the quantum mechanical phenomena that define true quantum computers. This distinction is important for accurately characterizing the technology and understanding its capabilities and limitations.NatWest is investing in quantum cybersecurity capabilities to protect digital banking infrastructure and customer data. The bank’s quantum strategy includes both operational pilots evaluating quantum-inspired and quantum computing advantage, plus long-term security infrastructure planning for quantum-resistant cryptography transitions.Royal Bank of Canada recently joined Telus Corp. as new shareholders in Photonic Inc., which raised C$180 million ($131 million), demonstrating RBC’s commitment to Canadian quantum computing innovation. The bank opened a cybersecurity lab and invested $1.78 million in research at the University of Waterloo to develop post-quantum cryptography—encryption so strong that quantum computers cannot crack it. RBC’s investment supports CryptoWorks21, fostering collaboration among young scientists and experts in quantum-safe cryptographic research.RBC’s Technology & Operations team actively explores quantum computing as a horizon 2 innovation alongside generative AI, positioning the bank to leverage quantum advantages in risk modeling, portfolio optimization, and derivative pricing while maintaining defensibility against quantum cryptographic threats.Societe Generale has established quantum computing research programs with focus on quantitative finance and risk management. The bank has partnered with quantum technology companies and academic research institutions to explore portfolio optimization, derivative pricing, and Monte Carlo simulations for financial modeling. As a founding member of the Quantum Safe Financial Forum, Societe Generale is collaborating with peers to prepare the financial system for post-quantum cryptography transitions.Societe Generale’s quantum cybersecurity research addresses emerging quantum computing threats to current cryptographic protection, implementing quantum-resistant security measures as part of comprehensive information security strategy. The bank’s approach balances exploitation of quantum computing opportunities with defensive measures against quantum threats.Standard Chartered is accelerating practical quantum technology applications through Qubitra Technologies, a UK-based quantum joint venture launched with Fujitsu via SC Ventures. Qubitra focuses on high-performance quantum applications for financial services including fraud detection, risk simulations, derivative pricing, algorithmic trading, and credit decisioning algorithms. Standard Chartered is preparing early for next-generation risks from quantum computing and AI while ensuring secure, ethical, and well-governed adoption.As a member of the Emerging Payments Association Asia (EPAA) collaborating with IBM on early post-quantum transition efforts, Standard Chartered is integrating quantum computing exploration with quantum security preparation, recognizing both the opportunities and threats from quantum computing to international financial operations.Wells Fargo developers have worked with IBM to create nearly a dozen quantum algorithms and published ten peer-reviewed research papers outlining algorithms and software solutions for quantum computers. The bank is a partner in the IBM Quantum Network, collaborating with IBM scientists and other members to develop practical applications for financial services. Wells Fargo is also collaborating with the MIT–IBM research group to explore and test-drive mathematical computations using quantum technology.Wells Fargo’s Cybersecurity Data Science (CSDS) Quantum Security (QS) team performs experiments researching quantum-resistant technologies to protect customer and operational data against future cryptographically relevant quantum computers. The bank anticipates that within five years, quantum hardware and error correction techniques should enable early use cases to emerge, positioning Wells Fargo to leverage quantum computing advantages while defending against quantum cryptographic threats.Most bank quantum computing programs currently operate in exploratory or pilot phases, testing quantum algorithms on real financial problems but not yet processing production financial transactions using quantum computers. JPMorgan Chase and Goldman Sachs have advanced further, conducting research that has yielded publishable results and demonstrating quantum advantage on specific financial problems. However, none of the major banks have yet deployed fully production-ready quantum computing systems for live financial operations.Current quantum processors have limited qubit counts and high error rates, making them suitable for small-scale problems but not yet capable of solving real-world financial problems at production scale. Banks are using pilot programs to build expertise, establish partnerships with quantum technology providers, and develop quantum algorithms that can transition to production when quantum hardware capabilities improve. The timeline for production deployment of quantum systems in banking remains uncertain, likely ranging from several years to a decade for most applications.Even as quantum computing development continues, banks are moving from the exploratory phase to more structured pilot programs with defined success metrics and timelines. These pilots allow banks to evaluate quantum computing against specific business problems, assess cost-benefit economics, and train teams on quantum technologies. Some use cases, such as Monte Carlo simulations for risk assessment, may transition to production use within several years, while others may require more substantial quantum computing advances.Parallel to exploring quantum computing opportunities, banks face an urgent challenge: transitioning to quantum-resistant cryptography before future quantum computers can break current encryption standards. This transition, often called “post-quantum cryptography migration,” represents one of the most significant cybersecurity challenges facing the financial industry. Organizations storing encrypted financial data today must prepare for potential compromise by future quantum computers. For more, see quantum cybersecurity.Banks are implementing multi-year quantum-safe migration programs to transition from RSA and ECC cryptography to post-quantum cryptographic standards.

The National Institute of Standards and Technology (NIST) has standardized post-quantum cryptographic algorithms, and banks are evaluating implementation approaches. This transition affects not only encryption protecting customer data but also digital signatures authenticating financial transactions, public key infrastructure supporting banking systems, and secure communications protocols.The timeline for quantum-safe migration extends from now through the next decade and beyond. Banks must inventory systems using current cryptography, test quantum-resistant alternatives, update infrastructure gradually (avoiding service disruptions), and coordinate with partners and vendors. Some financial institutions have begun quantum-safe migration pilot programs; others are in assessment and planning phases. The challenge intensifies because some financial data stored today (classified as “harvest now, decrypt later”) could be compromised by future quantum computers, creating urgency for retroactive data protection.Assessing which financial institutions are most advanced in quantum adoption requires structured benchmarking.

The Quantum Innovation Index, developed by The Quantum Insider and Resonance, ranks the top 15 companies by quantum innovation in each sector, including finance. The index assesses companies across multiple indicators including workforce development, research and development activity, and adoption of quantum technologies. For detailed rankings and methodology, visit the Quantum Innovation Index.Production deployment timelines remain uncertain, likely ranging from several years to a decade depending on the use case. Near-term applications such as Monte Carlo simulations and certain optimization problems may transition to production within 3-5 years as quantum processors improve. More complex applications requiring thousands of logical qubits may require substantially more time. Banks are currently building expertise through pilots; production deployment depends on achieving fault-tolerant quantum computers with sufficient capability for financial problems.Monte Carlo simulations for financial risk assessment, portfolio optimization, and certain derivative pricing problems are furthest along. These applications show promise with current quantum processors and have clear business value. Fraud detection using quantum machine learning and credit risk assessment also show near-term potential. However, most applications currently remain in pilot or development phases; banks continue evaluating quantum advantage for their specific use cases.Banks face significant urgency, particularly regarding “harvest now, decrypt later” attacks where adversaries intercept and store encrypted financial data today, planning to decrypt it using future quantum computers. This threat creates immediate need to identify sensitive data with long-term confidentiality requirements and transition those communications to quantum-resistant encryption. NIST has standardized post-quantum cryptographic algorithms, and banks should begin implementation planning immediately, though full migration will extend over multiple years.Yes, banks are collaborating through industry consortiums, working groups, and partnerships with quantum technology providers. These collaborations address quantum algorithm standardization, security protocols for quantum computing systems, integration of quantum and classical computing, and transition planning for post-quantum cryptography. Industry collaboration accelerates progress and helps establish common standards for quantum computing deployment across financial services.Banks need quantum algorithm developers, quantum software engineers, quantum hardware specialists, and financial domain experts who understand quantum applications in banking. Additionally, cybersecurity professionals specializing in quantum security and cryptography are critical. Banks are addressing skill gaps through hiring of quantum talent, internal training programs, partnerships with academic institutions, and acquisition of quantum technology companies. Quantum literacy across organizations enables faster evaluation and deployment of quantum computing capabilities.Share this article:Keep track of everything going on in the Quantum Technology Market.In one place.