Are banks using Quant?

Are banks actually leveraging Quant in their operations? Has there been any significant integration or adoption of this technology by the banking sector? Could you elaborate on the specific ways banks are utilizing Quant, if any? Also, what are the potential benefits and challenges banks may face when incorporating Quant into their systems? And finally, are there any notable banks that have publicly announced their use of Quant, or are most implementations still under wraps?