Crédit Mutuel Alliance Fédérale, Euro-Information, and IBM have announced their continued investment in quantum computing. They have identified specific use cases for the collaboration’s next phase, including research into customer experience, fraud management, and risk management. The goal is to explore how quantum computing could lead to future improvements in Crédit Mutuel Alliance Fédérale’s customer and employee experience. The companies aim to combine the performance of current processes using classical and AI solutions with the latest quantum technology to develop applications that deliver a quantum advantage.
Introduction
Crédit Mutuel Alliance Fédérale, Euro-Information, and IBM are collaborating to explore the potential of quantum computing in financial services. The partnership aims to develop use cases for fraud management, risk management, and improving customer experience. The project will utilise IBM’s latest quantum technologies, including 433-qubit IBM Osprey and 127-qubit IBM Eagle processors.
Crédit Mutuel Alliance Fédérale and IBM Continue Investment in Quantum Computing
Crédit Mutuel Alliance Fédérale, its technology subsidiary Euro-Information, and IBM have announced their continued investment in quantum computing. After a successful initial phase, the organisations have identified specific use cases in financial services for the collaboration’s subsequent “scaling” phase, including research into customer experience, fraud management, and risk management. This phase also explores possibilities for how quantum computing could lead to future improvements in Crédit Mutuel Alliance Fédérale’s customer and employee experience.
“Our ambition for quantum computing is similar: to explore, then industrialize, in order to further transform the banking and insurance businesses, all with the underlying goal of also keeping our customers’ information secure,”
Nicolas Théry, President of Crédit Mutuel Alliance Fédérale, and Frantz Rublé, President of Euro-Information.
The collaboration between Crédit Mutuel Alliance Fédérale, Euro-Information, and IBM will now begin work on prototyping use cases for fraud management, risk management, and improving customer experience. During these activities, Euro-Information will have access to IBM’s latest quantum technologies, including systems with 433-qubit IBM Osprey and 127-qubit IBM Eagle processors, as well as IBM Qiskit Runtime Primitives functions, error mitigation techniques, and the first circuit knitting capabilities.
The joint aim of the companies is to combine the performance of current processes that use classical and AI solutions in fraud management, risk management, and customer experience with that of the latest quantum technology. The future goal is to develop applications that deliver a quantum advantage, where a computational task of business or scientific relevance can be performed more efficiently, cost-effectively, or accurately using a quantum computer than with classical computations alone.
Innovation at the Core of Crédit Mutuel Alliance Fédérale and Euro-Information’s Technological Journey
In 2016, Crédit Mutuel Alliance Fédérale began working with IBM to use artificial intelligence to help its employees. By 2022, 25,000 advisors at Crédit Mutuel Alliance Fédérale were using the tool daily to reduce the time spent on administrative tasks, such as data entry, signatures, and search. As a result, the equivalent work hours of nearly 1,600 full-time employees were freed up for the benefit of customers and members who want a closer relationship with their local adviser.
This successful exploration and integration of AI technologies between Crédit Mutuel Alliance Fédérale and IBM is an example of the progress the companies hope to achieve in the future with quantum computing. Euro-Information also considers the modalities and advantages of hosting a quantum computer in one of their data centres in France.
A Quantum Academy to Train Experts to Work in the Quantum Factory
When the initial phase with IBM launched in 2022, Crédit Mutuel Alliance Fédérale and Euro-Information involved and trained their employees so that they could understand the subject and the associated opportunities. The teams are now able to apply what they have learned about quantum computing toward the challenges in banking and insurance, particularly with regard to the use of the IBM-developed Qiskit open-source software suite and the development of quantum algorithms.
Crédit Mutuel Alliance Fédérale employee skills development will continue to be supported throughout this scaling phase of the project by Euro-Information’s Quantum Academy, which will train technical and business profiles to retain and attract the talent Crédit Mutuel Alliance Fédérale and Euro-Information will need to successfully industrialise the use cases identified in their roadmap.
Establishing a Quantum Factory for Collaborative Research
To support this next phase, Crédit Mutuel Alliance Fédérale, Euro-Information, and IBM will also establish a Quantum Factory, based on the same organisational model as Euro-Information’s Cognitive Factory, which is an on-site collaborative for AI research. Made up of multi-disciplinary teams of experts with business and technical skills, the Quantum Factory will define the scaling phase’s roadmap, continue to develop use cases in order to prepare for Quantum’s industrialisation for the financial services and insurance industries.
About Crédit Mutuel Alliance Fédérale, Euro-Information, and IBM
Crédit Mutuel Alliance Fédérale is one of France’s leading bank insurers, with 77,000 employees serving more than 30 million customers. Euro-Information is the technology subsidiary of Crédit Mutuel, managing the IT systems of 16 federations of the Crédit Mutuel group as well as those of CIC and all the financial, insurance, property, consumer credit, private banking, financing, telephony, and technological subsidiaries. IBM is a leading global hybrid cloud and AI, and business services provider, helping clients in more than 175 countries capitalise on insights from their data, streamline business processes, reduce costs, and gain the competitive edge in their industries.
“Crédit Mutuel is making rapid progress in how to apply quantum technology to enhance financial services. We’re excited to collaborate with them on the ‘scaling’ phase as they expand their activities with an aim toward developing concrete applications that could improve their customers’ experience and transform how the industry manages risk and fraud,”
Sebastian Krause, Senior Vice President and Chief Revenue Officer, IBM.
Executive Summary
Crédit Mutuel Alliance Fédérale, Euro-Information, and IBM are expanding their investment in quantum computing, focusing on use cases in customer experience, fraud management, and risk management. The collaboration will work on prototyping these use cases, utilising IBM’s latest quantum technologies, including 433-qubit IBM Osprey and 127-qubit IBM Eagle processors.
- Crédit Mutuel Alliance Fédérale, Euro-Information, and IBM announce continued investment in quantum computing.
- The collaboration’s next phase will focus on customer experience, fraud management, and risk management in financial services.
- Nicolas Théry, President of Crédit Mutuel Alliance Fédérale, and Frantz Rublé, President of Euro-Information, emphasize the importance of innovation in banking and insurance.
- Sebastian Krause, Senior Vice President and Chief Revenue Officer at IBM, highlights the potential for quantum technology to transform the industry.
- The collaboration will work on prototyping use cases with access to IBM’s latest quantum technologies, including 433-qubit IBM Osprey and 127-qubit IBM Eagle processors.
- Crédit Mutuel Alliance Fédérale and Euro-Information have a history of successful AI integration with IBM, aiming for similar progress in quantum computing.
- The companies plan to develop applications that deliver a quantum advantage, improving efficiency, cost-effectiveness, and accuracy.
- Euro-Information is considering hosting a quantum computer in one of its data centres in France.
- Crédit Mutuel Alliance Fédérale and Euro-Information will establish a Quantum Factory, a collaborative space for AI and quantum research, to develop use cases and prepare for quantum industrialization in financial services and insurance industries.
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