BMW announces bloomin’ good blockchain partnership

Blockchain startup Bloom is partnering with BMW Group Financial Services to improve its customer lending experience as part of the BMW Collaboration Lab 2018.

In a Medium post, Bloom says: “The traditional lending process is cumbersome, puts consumer data at risk, and struggles to accurately score all borrowers. Bloom fixes this. Using our blockchain-based mobile app, individuals can finally secure their data on their local device and apply for credit without putting their data at risk. Our commitment to user experience is evident in the seamless onboarding process. Now anyone can take advantage of blockchain technology without the steep learning curve.”

Ian Smith, CEO of BMW Group Financial Services USA, says that the German car giant 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.”

“By working collaboratively with talented entrepreneurial companies, we will drive new thinking, explore new technologies and develop pioneering solutions. We will ensure that we continue to remain highly relevant and meaningful for our customers well into the future. Collaboration is where innovation and implementation meet.”

Collaboration Lab

Bloom is participating in a 10-week lab at BMW Financial Services’ US offices in Hilliard, Ohio, to further integrate its solution alongside experts in the automotive and financial sectors.

Six startups were selected to join the 10-week Collaboration Lab programme. They were invited to pitch their ideas to a panel of judges from BMW Financial Services, BMW of North America, and L Marks.

“The Collaboration Lab is an exciting way to unearth and nurture talent and develop new solutions to some of the challenges the industry is facing,” says Stuart Marks, Chairman of L Marks.

BMW is also “looking for solutions to engage new potential targeted customer demographics such as Millennials with the BMW brand, as well as owning a BMW vehicle, in a very different way. We would like to offer our customers more options for either an omnichannel or a totally digital journey, focused primarily around websites and apps, to enhance the current purchasing experience,” comments Smith.