Mireia Tomàs

Rewards programs with Isabel Negro

Today we interview our Product Director, Isabel Negro, who with more than 6 years of experience in the sector, has worked in different prestigious companies such as Demium and Telefónica. In March, Isabel joined Triple to help support the development and implementation of the new financial agreements.

It's been about a year since you joined Triple first as a Financial Partnership Manager and now as Product Director, how have Triple's products been changing?

Wow, even though I've only been at Triple for a year, it feels like I've been here forever! This past year has been a whirlwind, and I've seen Triple's evolution firsthand. When I first started, we only offered a rewards product, but now we have two offerings: rewards and a transaction enrichment system. We're always striving to improve these products and make them better, by adding new features such as transaction location, a subscription management system, and a carbon footprint tracker.

The rewards product in particular has come a long way since its introduction. It's no longer just a network of agreements, but a platform that banks can use to create their own contracts, gain insights into their customers, enhance their programs, and increase customer retention. Our team is dedicated to continuously improve our products, staying in tune with our customer's needs, and finding solutions to the challenges that banks face.

How do you lead and manage a cross-functional product development team?

Leading a cross-functional product development team effectively entails having a mix of technical, interpersonal, and leadership abilities. Our objective is to attain the optimal solution, which is attainable due to my colleagues' exceptional business and technical insights, along with their thorough understanding of our operations and the data we handle.

There are different companies that also offer a product similar to Triple's, but what benefits does the rewards service bring to banks, fintech and retailers compared to the others?

At Triple, we pride ourselves on being at the forefront of innovation in technology. Our focus has been on developing cutting-edge solutions that not only offer unique value but are also simple and straightforward to integrate. By adding a layer of advanced data analysis capabilities, we are able to process and interpret large amounts of data, resulting in powerful insights and analytics. This, in turn, empowers banks and retailers to gain a deeper understanding of their customers and make informed decisions that drive success. This is the cornerstone of our differentiation and what sets us apart in the market.

What surprises potential customers most about Triple's technology and the products it has developed?

We are proud to provide our clients with a comprehensive solution that empowers them to expand their user base and foster loyalty among existing customers. Our clients consistently highlight the value of our product's data-driven analysis and insights, which give them a clear picture of the impact of their efforts. Furthermore, what sets us apart is our commitment to being more than just a tool, but a true partner in our clients' acquisition and retention strategies. Our clients appreciate that we work closely with them, offering guidance and support every step of the way. This level of personal attention and dedication to their success has earned us a reputation as a trusted and effective solution for driving business results.

Rewards as a Service: we have read that the size of the global market for reward solutions is estimated at $200 billion. Do you think it will continue to grow? Why are companies interested in integrating this solution?

In my view, we are currently in an early stage of development. The demand for our product is rapidly increasing, but I also believe there is significant potential for improvement and growth as new technologies emerge like AI, which I really think is going to have an important role in powering the solution. Despite this, I am confident that our solution will eventually be adopted by all banks as it offers a compelling and competitive value proposition. By providing valuable insights and tools for acquiring new customers and fostering loyalty, our product will continue to be a sought-after solution in the industry.

The origin of cashback is difficult to trace, but it is believed to have originated in the United States in the early 20th century. What other countries are using cashback?

Yes, the United States certainly holds a prominent position in the cashback market. However, it's important to also consider the growing trend in other regions, such as the United Kingdom. The popularity of cashback solutions is steadily increasing in Europe, making it increasingly likely that most banks will adopt this type of product. Offering cashback to customers has become a valuable tool for achieving a competitive edge, and it's increasingly common for banks to integrate it into their offerings.

The global Cashback and Rewards App market size was valued at USD 3127.9 million in 2021 and is expected to expand at a CAGR of 6.98% during the forecast period, reaching USD 4690.0 million by 2027. Is this increase really going to happen?

I am unable to predict with certainty the future figures, but there's no doubt that the growth of rewards-as-a-service is poised for rapid expansion. A recent article I read discussed how new technologies are playing a key role in enhancing these types of solutions. The authors emphasized the importance of incorporating artificial intelligence to better anticipate users' needs and present relevant offers.

At Triple, we have already taken this approach by integrating AI into our technology to analyze data. This integration of AI is likely to drive even greater demand for rewards-as-a-service.

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