Core Insights - Fiserv is initiating a "transformation agenda" focused on using artificial intelligence to enhance productivity and improve customer relationships [1][3] - The company is partnering with IBM to implement AI across five key business areas, including its Clover point of sale business [2][4] - The "Project Elevate" initiative aims to embed AI in all operations to create a more productive business and enhance client experiences [3][4] Financial Adjustments - Fiserv is undergoing a significant financial and operational "reset," which includes revising revenue expectations for Clover [2][5] - Clover's projected revenue for 2025 is now $3.3 billion, a reduction of $200 million from previous forecasts, with a 10% revenue growth expected in Q4 [6] - The company is deprioritizing certain short-term revenue initiatives, including the elimination of specific fees that are inconsistent with its business strategy [6] Client Experience Focus - A major emphasis for Fiserv is a comprehensive overhaul of the client experience, led by the Chief Operating Officer [7]
Fiserv turns to AI for help