French bank Credit Agricole is the latest institution to hail the success of its experiments with quantum computing.

The two projects, which began 18 months ago, involved the valuation of financial instruments and the assessment of credit risks.

The bank worked with two tech companies on the tests - a French quantum computing manufacturer Pasqal and Spanish algorithm developer Multiverse Computing.

Previous research has shown that quantum computing can achieve much better results for complex calculations. However, it can be a resource-intensive process in terms of memory and lengthy processing times.

Credit Agricole reported that the experiments showed a clear improvement in computing time and memory footprint.

According to Ali El Hamidi, project sponsor at Credit Agricole CIB, the two proof of concepts have demonstrated the potential of a technology still in its relative infancy.

"We took advantage of this initiative to start developing the internal skills to prepare for a technological breakthrough which, if it happens, will have a direct and decisive impact on competitiveness in our sector," said El Hamidi.

Previous experiments by other institutions have focused on cyber security, data security and portfolio selection.

© 2023 fundsTech