The BMO Institute for Applied Artificial Intelligence & Quantum will handle innovation, application and governance of AI, as well as development of quantum capabilities to enhance client experiences, increase efficiency and support long-term growth, the bank said in a Thursday (April 9) press release.
The institute will bring together experts across science, policy, ethics and commercialization, according to the release.
“AI is accelerating how we build, modernize and innovate across the bank and the Institute will strengthen our ability to turn leading edge technologies into meaningful value for BMO clients, while maintaining the discipline required to manage risk, operate at scale and support responsible adoption across global banking,” Steve Tennyson, chief technology and operations officer at BMO, said in the release.
The Institute’s founding director will be BMO Chief AI & Quantum Officer Kristin Milchanowski, who was appointed to the role effective Monday (April 6), according to the release. Milchanowski will advance BMO’s AI and quantum capabilities, serve as a thought leader and supervise governance across the enterprise.
“BMO has been applying AI across the bank for decades to personalize client experiences, augment our teams and automate our business,” Milchanowski said in the release. “These capabilities continue to evolve rapidly, alongside the emergence of Quantum technologies, creating both extraordinary opportunity and significant responsibility.”
BMO announced in February 2025 that it joined the IBM Quantum Network, which provides access to resources that help organizations advance quantum utility. The bank said that by gaining access to IBM’s advanced quantum infrastructure, it will be able to develop and deploy quantum-powered solutions across its operations.
Milchanowski told PYMNTS in an interview posted in March 2025 that BMO expects quantum-powered solutions to power new approaches that optimize investment portfolio strategies and reveal deep insights into risk management.
“We are in quantum because we do believe that it holds transformative potential,” Milchanowski said. “It’s really about preparedness and … getting the muscle memory in place so that we can have first-mover advantage.”
Milchanowski is also focusing on AI agents, including ones that help customers understand their portfolios, analyze customer call transcripts to identify pain points and improve communication, and automate internal compliance processes, she said.
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