BMW Partners Blockchain Startup to Develop Customer Lending Solution

BMW Group financial services has announced its partnership with blockchain startup Bloom in a bid to streamline its customer journey and user experience, per a Medium post.

Bloom helps to make the traditional lending process easier hence helping to reduce the risk that consumer data is exposed to. Individuals can secure their data on their local device and apply for credit without exposing data to risk, using Bloom’s blockchain-based mobile application. Anyone can take advantage of the blockchain technology because of bloom’s straightforward onboarding process. Through this move, BMW Financial Services will revolutionize the way individuals apply for financing.

“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,” said Anne Ching, Head of Partnerships at Bloom.

Ian Smith, the CEO of BMW Group Financial Services USA, also 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.”

According to Smith, BMW’s goal is to automate a large part of their processing and focus more on tracking and securing of information.

This initiative is part of the BMW collaboration Lab 2018 which involves six startups that will be participating in a 10-week lab at BMW Financial Services’ offices in Hilliard, Ohio. The program will focus on some critical areas including building a blockchain strategy, data analytics, and insights, digitalizing the customer journey and wildcard…

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