Spain’s CaixaBank Used Quantum Computing to Develop Machine Learning Algorithm to Calculate Customer Credit Risk

(ComputerWeekly) CaixaBank has used quantum computing technology to develop a machine learning algorithm to calculate customer credit risk as part of its analysis of the technology’s application in banking. This follows the Spanish bank’s tests of quantum computing during the latest financial year.
CaixaBank used public data corresponding to 1,000 artificial users to test the technology for risk analysis, and is one of several banks testing out the technology in different banking scenarios. The results of this test demonstrated that “hybrid computing can achieve results comparable to those offered by the conventional solution in less time”, said Caixabank.
The bank said that it has been improving its skills in deploying quantum versions of classical algorithms for the past year. “For CaixaBank, it is essential to invest in exploring the potential of quantum computing for various areas of the financial sector, although the first commercial applications may take a while,” it said.