BMW and Bloom Blockchain Project Partner For Automated Lending and Credit Solution

BMW Partners With Blockchain Startup Bloom To Develop Customer Lending Solution

German automobiles and motorcycles manufacturing giant BMW are working with blockchain startup Bloom on a solution to streamline customers’ journey and lending experience.

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 on boarding 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,” noted Anne Ching, Head of Partnerships at Bloom.

During the launch of the partnership, Ian Smith, CEO of BMW Group Financial Services USA, stated 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. Ultimately, our goal is to enable BMW to automate a lot of processing and increase the tracking and security of information.”

It is taking place as part of the BMW Financial Services Collaboration Lab, a 10-week acceleration program at the firm’s Ohio offices, to which Bloom, along with five other startups, have been selected to participate in. The program is articulated around four key categories: building a blockchain strategy, digitalizing the customer journey, data analytics and insights, and wildcard.

Besides Bloom, Supermoney is the other blockchain startup that got into the accelerator. Supermoney is developing a digital wallet allowing for in-store and online purchases using QR codes. The product runs on a system of smart contracts that effectively and efficiently manage counterparty risk, protecting both buyer and seller.

The six startups, selected from a total of 212 applications, are currently working alongside BMW staff to co-create innovative solutions that could potentially be integrated into the firm’s business. A Demo Day on November 19, 2018, will showcase the startups’ solutions.

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