According to ccn, BMW Group Financial Services announced a partnership with blockchain startup Bloom to streamline its customer journey and user experience.
Bloom helps streamline traditional lending processes, helping to reduce the risk to consumer data. Using Bloom’s blockchain-based mobile app, individuals can protect their data and apply for credit on their local devices without exposing the data to risk. Through this move, BMW Financial Services will completely change the way individuals apply for financing.
“Blum is pleased to be involved in such a forward-looking initiative. I am excited to work with the BMW Financial Services team to create a streamlined and easy lending experience to improve the customer journey,” said Brom Partner Managing Director Anne Ching Say.
Ian Smith, CEO of BMW Group America Financial Services, added that BMW “is studying how blockchain ledgers support any and all methods of current data warehouse, payment and customer information tracking transformation.”
According to Smith, BMW’s goal is to automate most of its processing and focus more on tracking and protecting information.
The program is part of the BMW Collaborative Lab 2018, which involves six startups that will participate in the BMW Financial Services office in Hilliard, Ohio for a 10-week period. The program will focus on a number of key areas, including building blockchain strategies, data analysis, and insights, digitizing customer journeys and wildcards.
BMW has been experimenting with blockchain technology to solve a series of problems. The auto giant is also a founding member of the Mobility Open Blockchain Initiative (MOBI), along with Ford, General Motors and other companies. The program is designed to accelerate the adoption of distributed ledgers and related technologies in the automotive industry.
Other automakers developing blockchain-based customer financing include Daimler AG, which acquired PayCAsh Europe SA last year, to launch its electronic payment service platform, which includes a variety of payment options, including bitcoin. The payment service platform is part of Daimler’s “Mobile and Digital Strategy,” which enables customers to pay Daimler’s service fees through smartphone devices.
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