BMO Launches Institute for Quantum Computing and AI

Bank of Montreal is opening the BMO Institute for Applied Artificial Intelligence and Quantum, aimed at advancing its quantum computing and AI capabilities. The institute will be led by Kristin Milchanowski, formerly the bank's chief AI and data officer, who is also a quantum mathematician. BMO plans to use these technologies to optimize investor portfolios and strengthen anti-money laundering processes. While Milchanowski says her team has achieved quantum utility, she acknowledges the technology remains in early research stages, with no institutions yet deploying it in full production.