Fiserv, Inc. Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Thanks for having us. Thank you.

Yeah. First of all, thank you for having us. I would say overall, in terms of the priorities of the company, as we communicated with the One Fiserv priority, these are pretty self-explanatory things. They're about improving customer service, focusing on clients, improving platform stability, capital allocation, Clover, et cetera. These are all obvious things that we need to continue working on, and that's why I focus so much on the continuity, post the transition, so that people continue to work on those things, and we continue to make progress for our customers.

If anything, there are two areas in which I'm focused more on, and I spent a lot of time on the Fiserv side in the past three months talking to a lot of our banking clients to just validate that what we are doing and what we're talking about is consistent with their priorities and what they want from us. The answer was that it was spot on. The clients acknowledge and appreciate the change that we made around our core strategy. They appreciate the investments that we made in the stability of the platforms. They appreciate the investments that we made, both in terms of the coverage team and customer service. They just want to make sure that that continues. Then in terms of changes, I would say two. The first one is around operating really as one company.

The way we were structured as MS and FS kind of underutilized portions of the business that touch both sides or sit in one side of the business, but primarily benefit the other. To give you an example, we have a great modern issuing platform. The clients of that platform are actually merchants and marketplace customers. We have a debit network. The value of that debit network is providing better auth rates and better fraud rates to merchants. We have StoneCastle that takes deposits from merchants and provides higher yield through banks that need those incremental deposits. The way we were structured, we're underutilizing or under-leveraging those synergies. I just wanted to make sure that the product organization operates as one, and then we configure our products by customer segment so that we can deliver what they're looking for. So that's change number one.

Change number two is a sense of urgency around the execution of our technology roadmap. We have a lot of priorities and a lot of things that we need to do. All of them reasonable things that make sense. We just can't do all of them at the same time, and therefore, it's important to prioritize the things that are on the critical path, both for us and for our clients.

Yeah. So we said at earnings that we are going to do a review of all aspects of the business, make sure that in everything that we do, we have a right to win, we have the strategy, we have the team, and we can compete against best-in-class competitors, and that work is already ongoing. If we can, that is great, and if we cannot, we find the right strategic answer for each component of the business. Right now, the things that we are doing are important and, again, obvious things that we have to do irrespective of what that eventual answer is going to look like, things like platform stability, et cetera. From my perspective, I see a lot of growth opportunities for the company beyond just Clover that we have all talked about from the intersection of the FS capabilities and the MS capabilities, like you mentioned, the ledger.

Every large platform client, every large marketplace that brings together millions of buyers and sellers needs a modern ledger. In our view, there is no better modern ledger than Finxact. So yes, you can sell it as a banking core, but there are low-hanging fruit, and there is a very large TAM out there for a core ledger for enterprise clients, especially when you link that with Commerce Hub, which is a modern gateway, and with VisionPLUS, which is a modern issuing platform. That, together with our issuing business and our network business, I think are at the core of the synergies between the two sides of Fiserv. It is just very important to monetize those things, which historically, again, we have not done. The way we had set up the business, we were not set up for success around those.

These are long sale cycles, right? So a client that is leaving us today is a client that probably RFP'd a year ago, which means they were annoyed by us probably 2 or 3 years ago. Conversely, even though clients see and acknowledge the progress that we have made, they will want to see continuity of strategy and continuity of execution before we can declare victory. That said, what we see so far is that the actions that we have taken, which is platform stability, better coverage, and better service, are paying dividends. Year to date 2026 compared to 2025, both the number of clients that have left and the dollars associated with those clients are down quite significantly, and we see no reason why that trajectory will not continue.

At the same time, because we stopped talking to clients about cores, incidentally, no bank CEO wants to talk about core conversions.

Right. Core conversions are like heart surgery.