In an interview with Insights Success, Gregory Simon, Founder and CEO of Loyyal shares his experience and gives resourceful insights. In addition to this he has also noted about Loyyal, its products and motto of the organization along with the future goals in revolutionizing the blockchain industry.
Below are the highlights of the interview conducted between Gregory and Insights Success:
Give a brief overview of the company, its solutions and services?
Loyyal, the Internet of Loyalty, is reinventing how customer incentives are created, rewarded, and managed. Using proprietary blockchain and smart contract technology, Loyyal’s platform brings a host of benefits to a highly fragmented industry and offers brands an innovative way to unlock the billions of dollars in value held captive in legacy loyalty programs today.
Our latest product release, Loyyal Product Suite version 1.0 introduced a host of new customer benefits with features and capabilities delivering significant improvements in transaction performance, security, scalability, and network resiliency. This new packaging of Loyyal’s Blockchain-as-a-Service and software components brings together the core Loyyal Platform APIs, the company’s proprietary Private Channels functionality for secure, private transaction sharing among partners, Loyyal’s Program Manager and Event Manager modules, together with Node hosting for a complete solution.
Key among the major features introduced in the newly bundled Loyyal Product Suite is support for Node-to-Node sharing of transactions across Loyyal’s network. With this, loyalty program operators now have greater flexibility than ever before in providing Members with easy transfer of points or miles between participating programs, all securely enabled via smart contracts. This dramatically lowers costs and improves profitability for program operators over existing, non-blockchain industry alternatives.
Loyyal Product Suite version 1.0 goes further in meeting the demands of world-class loyalty programs with a multi- cloud, multi-peer architecture for enhanced disaster recovery and data concurrency. This insures the gap-less availability of transaction data required by today’s 24×7 member engagement via a program’s mobile and web applications. Additionally, those same applications require a blockchain capable of the reliable, real-time blocking malicious or fraudulent transactions, to guarantee the accuracy of the ledger shared between programs, partners, and members; which only the Loyyal Product
Give a detailed explanation regarding the Founder/CEO/Management’s influence towards the industry and the company?
Our CEO and Founder, Gregory Simon, is a CPA and had a successful career in the finance industry before founding Loyyal. His accounting expertise contributed greatly to our understanding of a loyalty program as a balance sheet liability for the program operator. This allows us to see the challenges from the clients’ perspective better and therefore offer more effective solutions with a real market need.
Describe the experiences, achievements or lessons learnt that have shaped the journey of the company?
Over the four years we have been in operation we have greatly refined our product from initially as a coalition rewards program administered by Loyyal to the current product of offering a blockchain platform for existing programs to operate. The early years were challenging as general knowledge of blockchain was limited, if it existed at all. A significant portion of our time was invested into educating the industry. Today, that challenge has improved as the loyalty and rewards industry, in general, understand the benefits from blockchain and that it is the future of the industry.
How do you diversify Blockchain Services so that it will benefit your customers?
We enable loyalty program operators, from travel & hospitality, credit card rewards, retail programs, and more, to increase member engagement and grow their network of partners, while reducing integration and management costs, and accelerating reconciliation and settlement. We also expand customers’ marketing capabilities, simplifying data sharing among partners with near-zero IT time and effort, enabling customers to personalize offers and promotions with near real-time insights into member behaviors and interests while sharing data with partners more securely than ever before. On Loyyal, customers can also grow program profitability, by being able to trace the true value of all loyalty currency through the entire program lifecycle, and improve revenue management by redeeming the most profitable points/miles first. We offer all this while enabling loyalty program operators to retain complete control over their brands.
Considering the rising number of blockchain solution providers, how does Loyyal stand out from its competitors?
Loyyal has been in operation for four years now, and differs primarily through our focus specifically on loyalty and incentive management, as opposed to the number of blockchain generalists in the market today. This history, and focus, have combined to give Loyyal a technological R&D lead over the rest of the industry; our software platform, and network are in use today across industries, including major global airlines, and a leading international bank. Our strategic VAR and system integration partners IBM, Deloitte, CapGemini, iNet, and Reffind give us a global presence. Last, though hardly least, we have multiple international patents awarded and a growing portfolio of additional intellectual property pending approval.
Where does Loyyal see itself in the long run and/or what are its future goals?
We expect to lead the global loyalty and rewards industry towards full migration to blockchain in the coming years. We also have plans to expand beyond the traditional loyalty and rewards industry into general incentive management. For example, enabling health insurance providers to incentivize healthy behavior in real-time, such as miles walked, check-ins at a gym, or spend at a health foods store, or enabling jurisdictions to incentivize its constituents for pro-social behavior.