Spanish banking major CaixaBank has developed a credit risk classification model leveraging quantum computing.

The bank, which started developing quantum computing for financial activity in September last year, also said that it will step up its experimental application of quantum computing in financial services.

In its press release, the bank said: “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.”

The projects have been developed using IBM’s Framework Opensure Qiskit, an infrastructure that includes a simulator and a 16-qubit quantum computer.

Quantum computers run on the properties of superconductors such as qubits, instead of the classical binary bits.

The properties integrate their process units, and allow conducting a multitude of variables and scenarios simultaneously.

For credit risk assessment, CaixaBank has conducted a series of real tests to study the applications of quantum computing in financial services.

The bank used a public data set comprising 1,000 artificial users with similar profiles to its existing customers.

This created a hybrid computing framework which combined quantum and conventional computing to classify the credit risk profiles.

The results of this test, the bank claims, demonstrate that hybrid computing can achieve the same results as offered by the conventional solution, however, in lesser amount of time.

The full results of the test are yet to be published.