CaixaBank has completed the first real tests of quantum computing to study its applications in risk analysis.

The projects have been developed using IBM’s Framework Opensure Qiskit, an infrastructure that includes a simulator and a 16-qubit quantum computer. As a result, this framework provides the scientific community with tools to develop and execute quantum algorithms.

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The goal was to prove quantum computing’s capacity to prove processes. CaixaBank has started a project specifically aimed at performing risk analysis simulations on financial assets. In addition, the quantum algorithm can assess the financial risk of two portfolios – a mortgage portfolio and a treasury bills portfolio.

In a statement, the bank said: “By developing these projects, CaixaBank has become the first bank in Spain, and one of the first in the world, to incorporate quantum computing into their R&D activity.

“Although we may still have to wait for the first commercial applications of quantum computing to see the light, it is crucial that we spend time assessing the potential use of quantum computing in the various financial business areas, as well as in generating the required capacities to undertake any future projects, before it becomes a reality.

“CaixaBank currently has a team dedicated to innovation within this field whose members have varied profiles and work on the Bank’s different capacities in a multidisciplinary way. Having successfully completed this first test, the Bank is working on exploring the use of this technology applied to optimisation algorithms, machine learning and secure encryption methods.”

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At the beginning of August 2019, CaixaBank opened its first “all in one” branch in the Valencia City Council square. According to CaixaBank, the new branch concept aims to revolutionise the banking customer experience in the brick and mortar channel.

In total, the CaixaBank “all in one” branch is manned by a team of 80 employees. Caixa said that it will provide service to a portfolio of 17,000 customers.