Quantum innovation for finance: Crédit Agricole CIB and Quandela optimise default risk prediction models
Crédit Agricole CIB and Quandela, a leading European player in the field of quantum computing, today unveil the significant results of their collaboration to develop a quantum-powered solution for credit default risk prediction.
As part of this collaboration, teams from Crédit Agricole CIB and Quandela jointly developed an innovative hybrid classical-quantum algorithm that demonstrates improved predictive performance of credit risk models compared to classical computing methods. This improvement, validated for the first time on photonic quantum processors (1), underscores the relevance of quantum computing in financial risk modeling.
The advancement creates promising opportunities for the financial industry in areas such as risk management and portfolio optimization. Beyond this, these results demonstrate the value of partnerships between quantum technology players and financial institutions.
1) A photonic quantum processor is a type of quantum processor that uses particles of light (photons) to perform quantum calculations.
The complementarity of classical and quantum algorithms opens new avenues in our strategy for high-performance computing, particularly in areas such as risk prevention and the optimization of scarce resources. This new collaboration with a key industry player reaffirms Crédit Agricole CIB's commitment to quantum technologies.
Pierre Dulon
Deputy CEO of Crédit Agricole CIB in charge of IT & Operations Services
This collaboration with Crédit Agricole CIB demonstrates that quantum computing is now ready to address real-world challenges in the financial sector,. The concrete improvement we have achieved on our quantum computers in predicting credit defaults is just the beginning. Our technology roadmap combined with the expertise of our teams will enable us to further enhance these performance gains in the coming months, providing a significant competitive edge to our partners adopting these hybrid quantum-classical solutions.
Niccolo Somaschi
Co-founder and Chief Executive Officer of Quandela
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