CaixaBank slashes risk analysis time with quantum computing
Spain’s CaixaBank has completed tests to discover whether a quantum algorithm can improve risk analysis processes, reports Jane Connolly.
CaixaBank has the largest digital customer base in Spain
The projects, developed using IBM’s Framework Opensource Qiskit – an infrastructure that includes a simulator and a 16-qubit quantum computer – tested the scope of quantum computing to assess the financial risk of two specially created portfolios.
Traditional computing methods take several days to complete the thousands or millions of complex simulations required. However, CaixaBank’s R&D team found that with the quantum algorithm, only dozens of simulations were needed and the work could be completed in just a few minutes.
CaixaBank has the largest digital customer base in Spain with 6.3 million users and has a strong focus on digital transformation, having created the first cash machines that use facial recognition rather than PINs.
The bank states that although the first commercial applications of quantum computing may be some years away, it wants to stay ahead of the curve by assessing the potential uses of quantum computing before it becomes a reality.
CaixaBank will continue to explore the application of quantum technology to optimisation algorithms, machine learning and secure encryption methods.
The quantum algorithm work has been outlined in a paper, Credit Risk Analysis using Quantum Computers.
