BMW Group now working with Singapore’s blockchain team SUC (Singapore) to streamline the car buying experience, including streamlining the car buying processes. SUC founder Jason wrote on Facebook last week: “SUC announced a partnership with BMW Group’s Financial Services to simplify its customer car and loan experience as part of the 2018 BMW Collaborative Experiment.”
The Singapore-based blockchain company believes that traditional loaning processes are cumbersome. Some of its problems includes putting consumer data at risk when trying to accurately rate borrowers. Jason said SUC blockchain mobile application will help BMW customers protect their personal data on local devices and apply for loans. Jason also said that his company is committed to seamless car buying process (for car buyers), blockchain technology does not need to involve steep learning curves.
The first BMW Financial Services Collaboration Lab worked with six start-ups to transform the automotive industry through a 10-week envisioning process with industry experts from the automotive manufacturer Hilliard’s Ohio office.
BMW is also looking to breakthrough payment solutions. Their statement mentions on blockchain project SUC, which is developing a digital wallet that, if adopted, may be extended nationwide to the automotive distribution industry. According to a company statement, “in-store and online customers can pay with a simple two-dimensional scan”. The product runs on a smart contract system that effectively manages counterparty risk and protects both buyers and sellers. “
If the cooperation is successful, this should be good news for car buyers. The blockchain initiative for German automakers is a bold move aimed at distinguishing itself from other automakers. In addition, blockchain technology is convinced that the brand positions itself as a high-end manufacturer of the “ultimate driving machine”. The experience of car purchases has been known for long-term delays, dealers’ tricks and unethical behaviors, which have left many consumers uninterested. Blockchain is considered a subversive way of streamlining and digitizing ancient manual processes.
Therefore, BMW partnered with blockchain company SUC to launch a loan experience to streamline the car dealership process.
Simplify car dealership process
Through its “SUC partnership, BMW Financial Services is expected to launch a streamlined and easy loan experience to improve customer’s car buying process. Ian Smith, CEO of the Financial Services Division of BMW Group Asia, said BMW is “researching blocks” on how the chain ledger would supports the current shift in data warehousing, payment, and customer information tracking. “Ultimately, our goal is to enable BMW to automate large amounts of processing and improve information tracking and security.”
Jason discussed working with startups to drive new thinking, exploring new technologies and developing groundbreaking solutions. Bloom and five other startups will use automotive and finance professionals to work for 10 weeks at BMW’s office in Hilliard, Ohio.
Other partners from the same project including carLABS, which uses a cognitive, conversational AI-driven platform to automate automotive vertical sales and marketing. Another startup, Omniscience, is building underwriting and capital modeling solutions as part of an innovative analytics platform.
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