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BMW Partners Blockchain Startup to develop customer loan solutions


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The financial services of the BMW Group announced its partnership with Bloot startup Bloom in an attempt to optimize customer travel and user experience, by medium mail.

Bloom helps simplify the traditional lending process, thus helping to reduce the risk of exposure to consumer data. People can protect their data on their local device and request credit without exposing data to risk using Bloom based blockchain mobile application. Anyone can take advantage of the blockchain technology thanks to Bloom's immediate onboarding process. Through this move, BMW's financial services will revolutionize the way people apply for funding.

"Bloom is thrilled to participate in such a farsighted initiative, I am thrilled to work with the BMW Financial Services team to create a lean and easy loan experience to improve the customer journey", declared Anne Ching, responsible for Bloom's partnerships.

Ian Smith, CEO of BMW Group Financial Services USA, also added that BMW is "trying to examine all the methods with which blockchain ledgers can support the transformation of the current data warehousing, payment and tracking of information on clients."

According to Smith, BMW's goal is to automate a large part of their elaboration and focus more on monitoring and protecting information.

This initiative is part of the 2018 Lab of the BMW collaboration involving six startups that will participate in a 10-week workshop at the offices of BMW Financial Services in Hilliard, Ohio. The program will focus on some critical areas, including the creation of a blockchain strategy, data analysis and insights, digitization of the customer journey and jolly.

BMW has experimented with blockchain technology to solve a number of problems. The automotive giant is also a founding member of the Mobility Open Blockchain Initiative (MOBI), along with Ford, GM and others. The initiative was created to accelerate the adoption of distributed master books and related technologies in the automotive sector.

Other automakers that have developed blockchain-based customer financing include Daimler AG that acquired PayCAsh Europe SA last year in an attempt to launch its electronic payment services platform that includes a number of payment options, including Bitcoin. The payment services platform was part of Daimler's "mobility and digitization strategy" that allows customers to pay Daimler's services via a smartphone device.

Featured image from Shutterstock.

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