Fidelity National Information Services, Inc. Goldman Sachs Communacopia + Technology Conference 2026

Yeah. Thanks for having us.

Yeah. I think the health of the franchise is good. It's strong. We're focused on what we can control, which is really to the point you made, how do we ensure that the banking business returned to the growth trajectory we expected. As you said, it's performing at the high end. We've been focused on margin expansion. That's been a very big focus for us. We're really pleased with the first half of the year and feel good about the rest of the year, all the way down to free cash flow. As you know, in the last quarter, we raised our free cash flow guide. In addition to that, we've been focused on quality of earnings, really looking at our acquisition and integration costs and bringing those down, which obviously shows up in the free cash flow.

So for us, it is about execution and being focused every day on how do we get up and deliver revenue, margin expansion, free cash flow, and high quality of earnings. In terms of what the market does not understand, it is a tough one, right, in terms of the industry and the sector that we are in with respect to AI. I think we have been really pleased. Banking definitely has a growth agenda. We are seeing banks take advantage of M&A, whether they want to be buyers or sellers. We are seeing them focused on building out their digital currency stack. We are focused on them in general, talking about how do we modernize the bank from a technology standpoint. Then we are all focused on cyber, Mythos 5, Project Glasswing as a general category, and really focused on closing any holes that any of us have there. So really highly focused on execution.

Yeah. I think in terms of technology spend, in general, it continues to grow at 7%-8% overall. That has been a trajectory that we have seen, well, I think for the last 10 or 15 years. Where banks are spending continues to evolve. Obviously, CISO's budgets are pretty big. We can participate there in terms of product capabilities with our fraud products, but we do not typically serve in the CISO world. But we are very linked with CISOs in terms of making sure that our products and services are all closed from a vulnerability standpoint. So we do take advantage of some of that spend with them. They are not reallocating, I would say, from bank modernization or technology modernization into cyber because generally they are doing really well. So they are in an environment where they have an ability to grow. They have an ability to buy or sell.

They are really focused on how do they generate net new deposits. So when I think about where are bank CEOs spending their time and how are they talking to us in terms of where they want to grow, they know they want to be and continue to be very competitive around deposit gathering. When they think about deposit gathering, they think about, do I have the right digital assets to be able to gather deposits? Do I have digital account opening capabilities to gather deposits? Do I have digital currency capabilities? If you are a commercial bank and you want to gather deposits from commercial customers or make commercial loans, you have to have capabilities out for those treasurers to be able to take advantage of digital currencies like Circle. We have products like Money Movement Hub where you can plug in any of those capabilities.

Banks are really focused on making sure they have the deposits they need to fund their balance sheet. Then they are looking at spend inside the banks in terms of AI. Where can they really get after with the regulatory cost of being a bank? When you think about things like that, you think about suspicious activity reports, AI, money laundering, and fraud are very big places and cost pools that banks spend a lot of human capital on. We have been in partnership with Anthropic building out our first agent that is focused on AML and SAR filings. We are seeing a very large interest in that because it is just trapped costs that banks have been never able to get after. When you talk to banks about that, they are not usually looking to take out those costs and drive margin expansion.

They are looking to reallocate those costs, again, back to how do we grow the franchise. They are very much focused on how do we take advantage of this point in time where we have a nice balance sheet and we have nice margins and start to really reinvest in the bank in the capabilities that they need depending upon where they are. I think from an FIS standpoint, we feel good about all those categories. We feel good about having a conversation with the CISO on cyber. We feel good about having conversations around how to prevent fraud, which is a huge locked cost. We feel good about having an agentic agent going after fraud and money laundering, then we will go after credit card and debit card disputes. We feel good about that. Then bank modernization, we have all kinds of stuff.

We feel really good where the spend moves and occurs, but that is something we keep our eye on every year in terms of where are banks spending.

Yeah. It is going really well, right on target in terms of having our first agent up and running inside BMO and Amalgamated end of year. We will be off to the races in terms of selling this capability out to the rest of our financial institutions in 2027. We are having a lot of conversations to figure out how to price it correctly in terms of making sure we get the biggest and fastest adoption we can. It obviously creates a huge amount of value for the bank because it does unlock a bunch of locked costs for them. We are talking about how we really launch. One of the reasons we partnered with Anthropic is we have a very big distribution channel out to financial institutions.

We are working on our go-to-market and our pricing and our product capabilities to launch in 2027 a very material way and start to generate revenue on that agent. Right on the back of that is we are starting to build and work with our next set of banks on credit card and debit card disputes. Another really big capability that is locked inside banks, when you think about calling and you dispute on your credit card or your debit card, there is a lot of manual labor between you calling the bank. The bank then has to call the merchant. The merchant has to do something in Visa and Mastercard. A lot of locked costs in there. A lot of it is coming off of our systems that we deploy in the banks. We think there is a big opportunity there.