BMW to Develop Blockchain Based Customer Lending Solution

BMW Group Financial services just made an announcement regarding their partnership with Bloom, a blockchain startup in order to accentuate its customer experience, as per the official Medium post.

Bloom aims to enhance the ease in the lending process ultimately the reduction of risk of consumer data getting exposed to. Users can use their data stored on their device to apply for credit leveraging Bloom’s blockchain-based mobile application. Bloom’s Onboarding process is simplified for users from all walks of life. BMW aims to leverage their tech to evolve the way individuals apply for financing.

Anne Ching, Head of Partnerships at Bloom, stated:

“Bloom is excited to participate in such a forward-thinking initiative. I’m excited to be working with the BMW Financial Services team to build a streamlined and easy lending experience to improve the customer journey.”

Ian Smith, CEO of BMW group financial services USA, added that “BMW is looking to examine any and all methods of how blockchain ledgers could support the transformation of current data warehousing, payment, and customer information tracking.

Therefore BMW is aiming to automate major chunk of their finance processing and provide precise focus upon tracking and securing user info.

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This collaboration between BMW and Bloom is originated via BMW collaboration Lab 2018, which involved six startups which participated in a 10-week lab at BMW Financial Services’ offices in Hilliard, Ohio. The program focussed upon critical issues including development of a blockchain based strategy and data analytics, insights and customer journey digitization.

BMW has been experimenting with blockchain technology lately to find solutions to a range of problems. The auto giant is also the founding member of Mobility Open Blockchain Initiative (Mobi) along with Ford, GM. The initiative is primarily aimed at accelerating the adoption of distributed ledger tech. And similar tech for the automobile industry.

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