FinTech Ally Teams With Microsoft To Advance Quantum Computing In Banking

FinTech, Ally Financial, Microsoft Azure, Quantum Computing

The FinTech Ally is partnering with Microsoft to advance quantum computing’s role in the financial services sector and explore how it can be used to solve intricate problems, according to an Ally blog post.

The strategic collaboration between the two companies will leverage the latest research on quantum-inspired algorithms to better understand how the technology can be applied to benefit a wider range of commercial processes. 

“Quantum-inspired optimizers run on classical hardware, allowing us to explore quantum use cases today, while quantum hardware continues to develop toward broad commercial use,” according to the post.

Ally teamed with Microsoft as part of their Enterprise Acceleration Program (EAP), which provided an opportunity to dig into use cases and establish partnerships with others dedicated to “realizing the potential of quantum.”

The Detroit-headquartered firm said the Microsoft Quantum research team has helped Ally gain a deeper understanding of the problems quantum can help solve within the financial services space. Ally’s tech team is also employing Microsoft’s quantum development kit to develop quantum computing skills.

Microsoft also provided the Ally team with accelerators to meet all three of their quantum goals — developing quantum skills, exploring potential use cases and establishing relationships. Microsoft’s Azure capabilities exposed Ally to the software languages, APIs and infrastructure necessary for quantum skills.

“This will open many exciting opportunities and empower us to explore the use of quantum computing technology across the landscape of financial services use cases. These use cases can span a wide range of possibilities,” per the post.

Ally said it’s their responsibility to explore the latest technologies and develop innovative products that will benefit their customers. Although quantum’s evolution in the years ahead is largely unknown, Ally considers the potential to be “significant.” 

Ally’s first-quarter 2021 results showed a net income of $796 million. In the same period last year, the company reported a loss. The FinTech also said that as of March 31, it had $181.9 billion in assets.

In an interview with Karen Webster in August 2020, Dr. Stefan Wörner, global leader for quantum finance and optimization at IBM, said quantum computing is moving closer to real-world applications.