Financial services firms have started making early investments into quantum computing, according to a report by Boston Consulting Group.
The report, Quantum Is Getting Real. CEOs Need to Shape Where It Creates Value, authored by Matt Langione, Hanl Park, Jean-François Bobier, Brad Henderson, Dr. Harley T. Johnson, Sesh Iyer and Zheng Cui, argues that quantum computing is rapidly moving from a long-term research topic to a strategic business priority for large enterprises.
According to the authors, enterprise demand for quantum computing is accelerating alongside significant advances in hardware and quantum error correction technologies. HSBC are among the institutions named as experimenting with the technology.
“Quantum computing’s commercial arrival has accelerated,” the report states, warning that organisations must begin building capabilities today if they want to capture value when the technology matures. The authors argue that businesses that “define high-value use cases, build translational capability, and actively steer innovation” will ultimately determine where quantum creates value and who captures the economic benefits.
The findings are particularly notable for the financial services sector. BCG’s analysis found that 92% of leading global finance and insurance firms have already begun investing in quantum computing, making financial services the most active industry segment examined in the research.
The report is based on a study of more than 200 large companies and BCG’s second biennial enterprise adoption survey. According to the authors, enterprise spending on quantum computing reached new highs in 2025, helping push the overall quantum market to approximately $550m. For the first time, enterprise end users accounted for more spending than academia and government combined, a milestone that the report describes as evidence that quantum computing is emerging as a strategic corporate priority rather than remaining solely an R&D exercise.
“Enterprise end users surpassed the total investment of academia and government for the first time,” the authors write, describing the shift as fundamentally different from the development path typically seen with other emerging technologies.
Financial institutions are not merely monitoring developments from the sidelines. The report highlights several early-stage initiatives already underway across industries, including work by HSBC and IBM to explore the use of quantum computing in automated bond trading. These projects remain experimental but demonstrate growing interest in applying quantum techniques to high-value financial market activities.
The research also found that investment commitments are becoming more substantial. More than 60% of surveyed enterprises now spend at least $1m annually on quantum-related initiatives, an increase of 11 percentage points compared with BCG’s 2022 survey. According to the authors, organisations crossing that spending threshold are three times more likely to develop intellectual property and twice as likely to be experimenting with artificial intelligence or engaging in public-private partnerships.
Importantly, enterprise spending is evolving beyond simple experimentation. BCG notes that the proportion of corporate quantum investment dedicated to algorithm and software development rose from 21% in 2022 to 40% in 2024. The authors describe this as evidence of a more sophisticated marketplace, where companies are increasingly focused on developing practical applications rather than simply testing prototype quantum hardware.
While enthusiasm is clearly growing, the report stops short of suggesting that commercially transformative quantum computing has already arrived. Instead, the authors warn of an emerging gap between rapidly advancing hardware capabilities and the availability of useful real-world applications.
“The potential outcome is the arrival of staggering quantum capability that isn’t all that useful to solving real-world problems,” the report cautions. The authors argue that closer collaboration between enterprises, technology providers, academic institutions and researchers will be necessary to ensure practical business applications keep pace with technical progress.
Recent breakthroughs suggest the timeline may be shortening. BCG points to significant advances in quantum error correction and resource efficiency, which have encouraged major vendors to accelerate their development roadmaps. The authors note that these advances could move the expected timeline for meaningful commercial impact forward by several years.
One area likely to command growing attention within banking and financial services is cybersecurity. The report highlights recent advances in quantum factoring algorithms that could eventually threaten existing public-key encryption standards. While this represents a future security challenge rather than an immediate commercial opportunity, the authors argue it provides further evidence that quantum computers are progressing toward solving problems that remain beyond the reach of classical systems.
Looking ahead, BCG believes enterprise readiness will be just as important as technological progress. The authors argue that organisations should focus on identifying high-value use cases, building internal centres of excellence, recruiting specialist talent and establishing strategic partnerships today. Waiting until quantum hardware reaches full commercial maturity may leave firms at a competitive disadvantage.
“The question for leaders then is not whether quantum will matter, but who will determine where the value emerges,” the report concludes.
For financial institutions already accustomed to investing ahead of technology cycles, that message appears to be resonating. With nearly all major finance and insurance firms now reporting some level of quantum activity, the sector looks set to play a central role in shaping the industry’s commercial future.
