BBVA (Banco Bilbao Vizcaya Argentaria, S.A.), a Spanish multinational financial services company based in Madrid and Bilbao, Spain with nearly €700 billion in assets, has introduced the results of six proof of concept (PoC) trials that leverage quantum computing for several different potential business use cases.
BBVA Research and Patent’s team recently released the results of an initiative that aimed to identify various use cases where quantum computing technology could offer a meaningful advantage over existing computing techniques.
BBVA worked cooperatively with Accenture, Fujitsu, Spain’s Senior Council for Scientific Research (CSIC), Multiverse, and Zapata Computing on developing various quantum computing algorithms. BBVA also worked with these service providers on static and dynamic portfolio optimization methods, currency arbitrage, credit scoring and rating systems, and derivatives valuations.
BBVA started its quantum computing projects around two years ago. The financial services giant has managed to bring together a team of professionals who are focused on quantum development. The BBVA has established relevant business units that also focus on quantum computing, along with strategic alliances, and has planned various other research projects.
The initiative is currently in its initial or exploratory stage, however, the results reported so far seem to suggest that there’s an advantage in using quantum technology, because it can solve complex problems in the traditional financial sector. This, according to Carlos Kuchkovky, the global head of research and patents at BBVA.
“Although this technology is still in an early stage of development, its potential to impact the sector is already a reality. Our research is helping us identify the areas where quantum computing could represent a greater competitive advantage, once the tools have sufficiently matured. We believe this will be, for certain concrete tasks, in the next two to five years.”