BMW, the German automobile firm is partnering with a blockchain startup to streamline customers lending experience with blockchain. Launching this would be a part of BMW’s Financial Services Collaboration Lab program.
BMW’s Partnership With Bloom
A press release on the September 11th via the Bloom official blog was released to notify the public of the partnership between the blockchain firm and BMW Group Financial Services to streamline its customer’s journey and lending experience as part of the BMW Collaboration Lab 2018.
The problems with traditional lending process presently are that it’s cumbersome and puts the data of consumers at risk. Also, the inadequacies of scoring all borrowers is also a major problem. Bloom is, therefore, filling this gap by creating a solution which will be a blockchain-based mobile app.
Through this app, individuals will be able to secure their data on their local devices, making it easy to apply for credit without putting their data at risk. By this, blockchain technology will ones more be revolutionizing customers’ lending experience and facilitating its onboarding process.
Anne Ching, who’s the Head of Partnerships at Bloom in a statement said that Bloom is excited to participate in such a forward-thinking initiative and she is very excited to be working with the BMW’s Financial Service Team to building this application which is seen to revolutionize its sector.
Ian Smith, CEO of BMW Group Financial Services, USA, in his own statement said that the firm is seeking other methods, in which blockchain ledger could be used in transforming the current data of warehousing, payment and customer information services. He further said that the firm is seeking to automate processes and increase tracking and security of information.
So also, the BMW’s Group Financial Services seek to work with talented, entrepreneurial companies to drive new thinking, explore new technology and develop a pioneering solution.
The project is scheduled to be completed in 10 weeks, and the project which will take place at the BMW’s Financial Service Collaboration Lab’s Ohio office will have Bloom and five other startups participating to making it a success.
Ian Smith further mentioned that the collaboration lab is created to ensure the alignment and the enhancement of the overall vision of how people enjoy mobility. He stated that it would have a long-lasting effect on business, customers and dealer partners.
The program is expected to focus on; building a blockchain strategy, digitalizing customer experience, data analytics and insights, and wildcard.
Meanwhile, BMW has been exploring the blockchain technology for several initiatives. Worthy of note, the firm is a founding member of the Mobility Open Blockchain Initiative (MOBI).