MAG Insights

With AI becoming increasingly integrated into all our lives, I’ve started to contemplate how the world may change. One key thing I don’t believe it will ever replace is the value of a strong network of business relationships and trusted mentors. When I look back at some of the major decisions I have made in life, they have been influenced by the network of people I interact with and have built trust in.

My network becomes part of every major decision I make. Take, for instance, my decision to leave Walmart several years ago and come lead the Merchant Advisory Group (MAG). Because of the network I had built with the MAG Board, I was confident it was the right step. I already had experience and trust with those responsible for steering the MAG’s direction. I also knew we had some great people onboard at the MAG who would help us grow. I  like to think the decision by the Board to hire me was made easier due to the trust they had in me as well.

Besides the Board, I also built relationships through my work with the MAG and Walmart with many of our sponsors, who I knew would be supportive as well. When we expanded the MAG to include tech, education, and international, we had strong support from the network of sponsors and merchants I had built. 

The MAG brings the payments industry together to help solve problems through this network of people coming together and working through the solutions. For example, the implementation of chip-on-EBT cards. Beth, Bryan, Kelly, and Steve have been working with many parties in the space to ensure merchants are represented. This network includes standards bodies, state governments, federal legislators, other associations, and network providers.  The MAG has built these relationships through networking with many different individuals. While AI may make it easier to find the right people, getting an introduction from someone with a personal connection is significantly more effective than a cold call.

So now that I’ve convinced you AI is not going to replace the need for a network, let’s talk about how you go about building one. Everyone may have a slightly different style of building their network, but regardless, it all starts with putting yourself into a position in which you interact with others. For me, many of my relationships have been built over the years by working with cross-functional industry groups to create better industry solutions. 

For example, I had the opportunity to lead the Steering Committee for EMV adoption in the U.S. Through this group, I built several friendships with those who influence payments outside of the merchant community. Today, I lean on those friends to help me understand things from agentic AI to biometrics. I also trust they will be upfront with me, even if they know it is something we will not agree on. 

I have also been a board member for the Faster Payments Council, which has built my understanding of real-time payments and the potential for merchants. This experience helped me expand my network to include the Federal Reserve and Treasury,  and it also allowed me to build valuable relationships with smaller FIs to better understand their businesses.

Finally, you know I couldn’t leave out my work with the MAG and the relationships I have built with fellow merchants. I can’t recall the number of times I’ve gained insights from my peers in the community. We have built a bond of trust that has allowed us to jointly solve issues that I would have struggled with on my own.

One of the keys to creating these relationships is trust. While we may not have agreed on every direction or decision, we have built the trust to have open conversations around the issues. I can’t count the number of “off the record” conversations I had over the years, which led to a better understanding of the situation. 

This brings me to another key part of building a network—the ability to listen and ask questions. Many times, in these cross-functional groups, I see too many people trying to just get their points across. To me, the key to being effective is to first listen and understand the other parties’ position before trying to influence them. It is amazing how effective change can happen when you start by talking about what you do agree on before moving to the point of contention. 

Even with a strong network, the work to maintain it never stops. Every year, we have people leaving and entering our industry. This requires constant openness to learn from others and build new relationships and trust. I also find it rewarding to hear from those early in their careers and find ways to help them, like those who did it for me. 

While AI will allow us to consume and use more data than we could ever have imagined, it won’t replace the network of people we trust and help us grow. At least I hope it never does, because this is the most fulfilling part of life—interaction with others.