Quick takes: What caught our eye this week

In this week's roundup, we've noted a new report that explores attitudes toward AI and banking, two UK supermarkets' separate decisions to limit self-checkouts in their stores, and one growth-strategy specialist's advice to set aside planning tools and instead go into "preparation mode" during a pre-election season.

Current attitudes toward AI and banking explored

Alkami released its latest report, Artificial Intelligence in Banking: Top Use Cases Revealed. The research explored current attitudes toward AI's potential, use cases and adoption for both FIs and account holders. Key findings in the study include:

• While 96 percent of financial institutions foresee AI playing a critical role in the next five years, only 61 percent of consumers expect AI to significantly influence their banking interactions.
• 78 percent of FIs see AI as a catalyst for uncovering new business opportunities, while additional benefits are expected in areas such as time savings for employees (77%), reducing operational costs (59 percent), and revenue growth (56 percent).
• Millennials are the most comfortable with their data being used by AI to deliver a better digital banking experience, with 51 percent agreeing to the same, statistically higher than all other generations in the study: Generation Z, Generation X and baby boomers.

Asda and Morrisons to limit self-checkouts

Two supermarket chains in the UK, Morrisons and Asda, both decided to pull back on the number of self-checkout stations in their stores. Rami Baitiéh, Morrisons' chief executive, stated the supermarket “went a bit too far” with self-checkouts and is now reviewing the balance between self-checkouts and manned ones. Asda CFO Michael Gleeson mentioned the chain had reached its limit with self-checkouts and was investing in putting more staff at the POS.

Some stated reasons for this include customer dissatisfaction with DIY checkout, especially those will full carts, maintenance required to keep them up and running, and an increase in shoplifting.

Dani Whitehead, chief marketing officer at Loqbox, said the decision of these supermarkets sheds light on a deeper issue. "While reducing self-checkouts might help the retailer address theft, it also highlights the harsh reality that many people are resorting to these measures out of sheer necessity. This reflects the financial pressures that many are facing today," Whitehead said. The crisis, she added, requires more than just changes in retail operations. "We need more robust action from the government to support those who are struggling financially, so they don’t feel forced into these desperate situations." she said. "Addressing the root causes of this issue – such as inadequate social safety nets, rising costs and the living wage insufficient wages – is essential.”

In this pre-election season, don't plan, prepare

According to high-growth strategy specialist Dr. Rebecca Homkes, business leaders need to set planning tools aside and instead go into preparation mode when facing the uncertainty an upcoming election.

“In preparation mode you are still setting the organization in a direction, but you are not committing to a precise destination,” she said. In her new book, Survive, Reset, Thrive: Leading Breakthrough Growth Strategy in Volatile Times, Homkes shares real-life case studies from companies like Gorilla Glue, WD-40, Spotify, Dell and Ducati—most from direct experience from her work.

Homkes encourages leaders to embrace ambiguity to navigate any market condition and achieve long-lasting performance and success. In her book, she addresses such topics as how to plan for contingency now; why few economic and business decisions should be completely delayed until after election; and how leaders can develop a pragmatic strategy in a new election year and the practical steps to do so.

Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.

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