US fintech Ally Financial will collaborate with Microsoft on Azure Quantum solutions to develop quantum computing skills and explore how new algorithms and future quantum hardware could improve customer experience.
With claims that the industry is reaching the limits of classical computing, quantum computing has become an attractive proposition. A quantum computer can perform calculations based on the probability of an object’s state before it is measured – instead of just 1s or 0s and process more data compared to their traditional counterparts.
Ally is collaborating with Microsoft as part of its Enterprise Acceleration Program (EAP) to resolve optimisation issues, as well as utilise available, rich data to support financial services professionals make better decisions, learn why a customer may contact a call centre, manage portfolios, and streamline business processes.
With an understanding that large-scale quantum computers will not be available soon, Ally’s intention is to develop a quantum-ready workforce.
In a blog on the Ally Financial website, the fintech firm says: “As a leader in digital financial services, Ally has a long tradition of innovation with a relentless focus on our customers’ financial well-being. Providing industry-leading digital experiences that span three distinct models (B2B, B2C, and B2B2C) requires our teams to constantly innovate and push the boundaries of technology capabilities. It’s our responsibility to seek out new technologies that we can adopt to bring our customers the best products available.”
They continue: “Quantum inspired optimization can be applied to a vast range of business areas such as portfolio management, operational efficiency, and customer experience. Today, classical computing requires trade-offs be made between complexity and speed. With quantum algorithms, we will be able to solve problems considering many more variables while arriving at answers in much shorter times.”
While Ally Financial provides digital financial services, Ally Bank, the company’s direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services.