All right. Thank you, everyone. We're running a little bit late, my fault. My name is Tien-Tsin Huang. I follow the payments and IT services sector at J.P. Morgan, always enjoy talking to Mr. Mike Lyons, CEO at Fiserv. He spent a lot of time with us at Investor Day. Walter and team did a great job with that. We learned a ton, so for you to come back out and, you know, take questions, means a lot. Thank you for being here, Mike.
Yeah, thanks. Thanks for having us.
I've been saying this a lot, Fiserv has always been a good supporter of the conference. I'm grateful for that. What I thought maybe just to kick it off, I don't want to make you repeat everything you talked about at Investor Day. I want to be efficient, and I know you've done a lot of hard work, Mike, in terms of putting together the plan and dissecting some of the things that you talked about when you first joined. What's the elevator pitch? Give us the elevator pitch of why and how Fiserv is going to get back to being a steady compounder, something that you and I thought about.
Yeah
with Fiserv.
Yeah
15+ years ago.
The elevator pitch, I feel like I'm giving the post-game NBA interview in this format.
Playoff time
I, you know, I think.
Next play tonight.
you know, hopefully, people got a chance to listen to Investor Day. I think at the highest level, start with the fact from a leadership position, we're providing mission-critical services to two massive TAMS, banking and commerce, that are undergoing what we think is exciting and structural change. Think about digital, embedded, real-time, and AI-enabled. You do that from a leadership position that you've been doing for a long time, a lot of institutional trust, and you have two sets of customers who want and need our help right now. It's an incredible backdrop for us to deliver our services into that market.
From a broad perspective, I think a really good environment to, for us to be operating in and exciting times for our customers and to navigate it and successfully navigate it, they want and need help, and that's great. That's great to start with. Go to the financial model of the company on the elevator pitch for constant compounder, highly recurring revenue. We talked about the positive operating leverage with the majority expenses-
fixed, and then strong free cash flow conversion and what we believe is a sharpened and focused capital allocation model, both along how we manage the assets we own, but no major changes in how we return capital to shareholders, with the majority of it going to share buybacks while staying within that 2.5-3x leverage range. Good macro backdrop, good customer backdrop, lots of change that we can serve into and a model that supports a constant compounder case. I'd just add, we talked about last week in sharpened capital intensity, not just how we allocate capital internally, but also how we either stay in businesses or separate businesses, and we talked about the ATM JV last week, which we're excited about.
Sure.
Strategic business to us that we think we can better operate in a partnership with Bridgeport to serve our customers better and generate value for shareholders. Yesterday, we sold our education business. It's a student loan processing business, a little bit smaller than the ATM business. Very good business, not strategic to what we do overall. That type of activity, what we're going to continue to do to sharpen and make sure we get capital both to the right products for our clients and obviously back to our shareholders.
Okay. Good. you know, we were thinking about it. I mean, there's so many things to track, and you covered a lot there. Good elevator pitch, by the way.
It had to be a long ride.
That's okay. We live in a big building in 270. Think, what's the one thing or deliverable, right? I'm always trying to think it. I hate to distill it down to one KPI or one outcome or one metric. What's personally most important to you? I mean, there's a lot of ways to answer it, I'm sure. Revenue growth, attrition, retention, cash flow. What's your number one for you?
This is from Investor Day?
Yeah.
Yes, sir. You know, I think, just go back for a second. Why did we hold the Investor Day now? We said when we did the reset in the fall, we talked about coming back and giving our investors a view as to how the company's evolving, where we're investing, and how the actions we're taking will drive a more durable, sustainable, visible top-line growth and return value as constant compounder. Hopefully, people had a chance to listen today. I thought one highlight was the quality of our team. I was proud listening to them. They're all over what they're doing. They're focused. They're great operators, great visionaries.
If you had a chance to be on site and see some of their team, deliver the demos and new product innovations, I think you would have been impressed.
Agreed
I agree with that. That was a highlight for us. I think the hopefully people saw similar to the question we just discussed that the opportunities for us if we sharpen our focus and get to where we're in a position to deliver value-added advice, whether it's in a totally new product set like agentOS or in all the day-to-day mission-critical services to settle, authorize, and complete payments for our customers, that we're in a great position to do that.
Hopefully people got an appreciation for just how broad, strong, the franchise is, leadership position we're in, and then got to see a plan that we thought was realistic, driven by underlying volumes and had some interesting upside in areas like embedded finance, stablecoin, and other new TAMs.
I mean, the midterm outlook really did, I think we wrote it this way, Mike. It landed well with us and I think with the market as well. It is quite different than the prior targets that were set by the prior administration. Can you just, because I was getting this question quite a bit, can you unpack or deconstruct for us what the difference is between the current midterm outlook and what the prior outlook was?
I don't know if it makes a ton of sense at the time trying to reconcile the 2. I think at the time that the prior plan came out, which had higher top-line growth, there was a significant amount of cyclical tailwind.
Sure
whether post-COVID tailwind or outside the United States. The plan we put forth, we tried to make it by business on FS side and MS side very visible as to what the revenue growth would be driven by the underlying volumes and tried to highlight where we're in a very good position today and then where we had some specific challenges, namely in banking, on the core side to overcome. Attach the revenue growth to the underlying volumes that dictate our business and introduce an attractive set of VAS alongside that try to. Wherever we came from before, this plan was meant to be very visible, very clear and very realistic as to how you can drive revenues off of volume-based businesses.
Yeah. No, I thought it was thoughtful and it was refreshing actually to see it. We'll get into more of the details later, but just on the maintaining of the current year guidance.
Yep.
You did do that. It does imply an acceleration in the second half. Can you give us the building blocks to support that faster growth in the second half?
Yep. I'll do my best imitation of Paul if not. He spends a bunch of time on this.
Forgive me for all the model questions.
Yeah. No, no. He spent a bunch of time on this at Investor Day and go through it. I think at the highest level, we said we're down a little, two or so in the first quarter. We said a little bit worse than that in the second quarter, so you have a first half down low single digits. We said if you take out and normalize first half of this year, first half of last year accounting for a variety of non-recurring events, you're into the low single digits from there. We talked about three different drivers of an accelerated back half growth.
One bucket was new signed contracts, significant signed contracts that we've talked about in the past or have been publicized in the last couple of days, coming online, scheduled signed contracts. Second bucket is existing enterprise clients with existing planned client activity ramps of existing products.
The third piece was the ramping of a variety of different products. We called out Clover Capital, Clover Savings, Clover in general, especially on the international side, XD and CashFlow Central, which, you know, are products that we expected to be in market several years ago. They've been low, but we, since the fall, we've sharpened the focus, turned up the intensity on hitting product deliverables and have accomplished that up till now. If you put each of those pieces through, gets you to 6-8 for the back half, 1-3 for the year. Common question we got today is 6-8 to the back half, then you go forward 4-6.
Yeah.
As much as we'd love to have two points of new, brand-new client contracted ramps every half year, that isn't the norm. You take 6-8, you take out the two points of that, you're at 4-6. It looks like sort of what the go-forward plan is. We'll obviously shoot for two points every time, but in a realistic run rate along that front.
It sounds like you said it earlier, Mike, that the macro is generally supportive. You haven't seen anything. You do have a great, you know, view of the macro across SMB spending and then enterprise with banks, not just here in the U.S., but globally. What signals are you watching? We get questions around energy prices and of course the conflict.
Sure.
What signals are you watching here that might change the macro equation?
Yeah, I think the two different, you called out two different macros there. The one we talked about earlier is I think the backdrop for helping providing value-added advice, products and services into banks and merchants is as good as it's been in a really long time. Banks are in very good shape. Credit's good. They're all very focused on building their technology capabilities, and we've been a long-term trusted partner in that. Obviously, the modernization of payments, the use of capital, the use of embedded on the merchant side is accelerating rapidly.
We don't go to a, I think I've told you before, we don't go into a meeting with an enterprise client on either side where there isn't a, where you walk out with a lot to do, and that's a great environment to be selling into. As far as the consumer goes, and Fiserv Small Business Index data for April recently came out, and we talked a little bit on our earnings call. We're calling it a cautiously optimistic consumer. They still have a job. They're still spending. What we saw in the Fiserv FSBI index for April is the nature of that spend is migrating to fuel up significantly year-over-year, where some discretionary categories came down year-over-year.
That's the, you know, we called that out on our first quarter call as something we're watching for our business. Our, then we went through and looked at and showed you the Clover data for April, which remained consistent with what it was in the first quarter, which was, you know, 12% ex the gateway, which is very, you know, that's a really strong-
Sure
constructive quarter for us. Watching obviously sustainability of some of this stuff is a big factor too.
Good. Let's get to the segments, and I thought we'd lead with financial. You were a client on the financial side, and even thinking back to Fiserv Forum, you really emphasized the importance of client service. That was something that really stood out to me, Mike, when you stood up on stage and you spoke to your partners and your clients. What have you done to improve that? It feels like it's in a good place. I know you've invested quite a bit, right, to get it to a good place. What's left to do, and is there a higher cost to get to where you want to be?
We said obviously 4-6 for the company. We said for FS was on the 2-4 side.
Yep.
banking's on the low end of that, issuing and payments are on the high end of that. specifically, the issues around customer service are focused on that banking segment, which does have a nice surround attached to it. when we look back and meet with our clients and take their feedback and understand where we are, it's really three things that we've talked about. One, basic day-to-day service, they felt fell short of what their expectations were. The second was product delivery, whether it be XD especially, but some other products which were set to come to market 2023 ish, 2024 ish, have been delayed.
And the final piece was the decision to go from 16- 5 cores, which caused you know, an unexpected event for some of them that they would have to think about switching their core. If you go back and what we've done on the service side, and we talked about it last week, we've rebuilt a lot of the day-to-day service. That was a significant investment for us, not just people on the ground, but re-embracing the consultant community.
acquiring Smith Consulting, helping drive value-added services and products to our customers. We think that investment has been made. We run with it now and we have to execute on it. It's, you know, it's a relatively short period of time in our customer eyes after several years of where they are. The feedback they're giving us is, "You're doing the right stuff." I said a strong challenge of sustainability around that. "Great. We like what you're saying. We like where Fiserv's going. Keep it up." As on the customer service side, on the product delivery side, we stood up at Forum in September and said we'd hit the deadlines. We re-reset the deadlines in an expedited basis. Proud of the team, what they've done against that.
We've hit every major milestone since Forum and XD is in implementation mode. CashFlow Central is in implementation mode. The enhancements to certain cores are being completed. core advanced is on time. Everything we said we'd do, and even since the fall, the power of what AI's done for us there in accelerating those developments to complete that has been tremendous. A lot of credit to the team for appropriately resourcing the products and then driving execution the way it should be driven. Obviously in the final piece, we stopped. There are no forced conversions.
Right.
We were happy last week and proud to introduce, you know, this journey approach to core conversions. It doesn't have to be as major event as it has been in the past. We can help clients modernize along the way by taking a more modular approach. I would say a completely revamped approach to what it was before and happy with the progress we're making on all that, but recognize where we are and clear-eyed about what we have to do.
Yeah. I think open architecture and modularizing seems like a reasonable sort of a compromise to.
Yeah
some of the attrition. You talked about in 2027 an improvement or getting back to the attrition levels that.
Normalized
you previously were at. How much line of sight do you have to that? Is what you've done enough to say, "Hey, we think we're gonna get there based on the feedback you're giving, including this modularization piece"?
Yeah. What we said was gross attrition has roughly doubled presenting, you know, 75 basis to 100 basis points of headwind to the FS business.
Right.
Between today and the end of the medium-term plan in 2029, we return to a more normalized level of gross attrition. I think the activities we just went through, plus a broader body of work, whether it's delivering our clients' valuable deposits through the StoneCastle acquisition, whether it's helping them embrace AI through the agentOS product, just a general approach is matching all of what they are asking us for, plus more. You know, the company ran the business for a long wave at that time in those numbers.
There's nothing we're not doing that the clients are saying, "We'd really like you to do," including building resilience in the products and continuing to modernize data centers the like, that wouldn't lead you to believe that we could get back to what we're doing. It's these are long tails on these contracts, we're suffering today from certain events that happened maybe two, three, four years ago as these contracts mature, and we'll have to play it through the cycle. We are the very first pillar of One Fiserv is operate with a client-first mindset, and we're going right at this in the most direct way as you can on the core side, and you have to believe that the returns are behind it.
We're getting good, as I said, we're getting good anecdotal feedback of, "Keep doing what you're doing. We like what you're doing.
Okay. Good. No, I respect it. Just to round out financial, like the 2%-4% segment growth, what gets you to land at the top versus bottom? I know it's a very simple, probably lazy question, but it does feel important because, right, you're banking on the low end to perhaps below. You're attacking it with, you know, a clear plan to improve attrition. It feels like the core of modernization on the tech side for the rest of it, that could drive some upside as well. What's the tipping point for you to say, "Hey, you know, we're closer to four versus we're closer to two"? Is it that simple to think about it that way, service and tech between the two or the three segments within that?
Yeah. You know, we, three major segments in FS. We put obviously we're in the middle of a important transformation year for the company, and we put together a plan reflective of where we are currently as a company, not where we'd love the FS business to be in 10 years or something. You have to live in the moment. We said banking on the low end of that, issuing, and payments on the high end. If you go through each of the segments, we said in banking, obviously, we just spent 10 minutes on it, you got to get address the core attrition, issue and make that a great e-experience, for our clients. As part of that and highly tied to it is complete the launch. We've accelerated the implementation of XD.
It's going well. We got hundreds of banks to finish on this year.
That's an important part of it, and then continue to build out the VAS there. On the payment side, lots of exciting things going on there. Obviously, important secular changes in payments, and we're on the front end of almost every part of that. The one headwind in that business we talked about is traditional bank bill pay is going to the other side of our business with merchant-
Right
or potentially through instant payments, pay by bank or via ACH or some other form. Everything else there is going great. Account to account, our commercial payments businesses all back to the start of the presentation, all ripe for opportunity with our clients who want to build in those areas, grow in those areas, and deliver products. Excited about what's going on in payments. Issuing is sort of the old standby with Optis, grows accounts on files at a nice rate year in, year out. Good pipeline on the Optis front. We're excited about the launch of Vision Next-
which think of that as the Finxact of card cores and something we can take internationally to be really competitive on that front. We talked about a very healthy pipeline in that business and some exciting VAS. If there's an upside to it, there's a bunch of stuff we talked about Investor Day, embedded finance, which, you know, very much ties to both Finxact and our prepaid platform with Payfare and to the issuing business that we didn't really embed anything into the plan for that stablecoin, another straight tie into that. If something develops there more quickly or those emerging areas emerge faster, then we could do better.
Okay, good.
Of course, the plan, any plan like as you would expect, involves a lot of execution on, you know, if you think about the ups and downs, you got to execute, and then there's some stuff that we left out of the plan that would be interesting optional.
Okay, good. Look, you've given the pieces, what we think, those things to track. It seems very clear and again, reasonable, which is the most important piece. Let's pivot to merchant. I know we're speeding along here. I like the chart that you guys showed with the Fiserv Commerce OS and how that's the interface layer to access Clover Enterprise platform, right? It got me thinking, I didn't ask it on at the event, but I'm gonna ask you now if you don't mind. We've heard from specialized players like Toast. They're here at the conference, you've got the full spectrum here. There's this breadth versus depth debate.
The importance of scale and breadth as you see it, why is it important, right, for Fiserv to compete?
Yeah
in all of these areas? Can you realistically win against very sharp competitors in each of these buckets?
Yeah, I think, I mean, I thought Taka did a really good job outlining the future strategy. We talked about $4.6 trillion of processing volume.
Big number.
Going into what we're building from a series of different gateways today, and it's live with Commerce Hub, is a single unified gateway for enterprise clients, platform clients, and Clover. In each of these areas, we believe we have a very competitive platform. Enterprise clients, we talked about mostly, historically, has been point of sale and less e-com. When you look against some of the modern players, that's the big difference. We see a clear path, especially given our data and the like, to go compete on the e-com side once you have the single stack.
Clover, obviously, we've been competitive for a long time, and there are pockets of it where we know we need to build and want to build capabilities, whether it's healthcare, professional services, upper end restaurant. On the platforms, it's a totally emerging new TAM that where we think a lot of commerce will happen in the future, and is probably the best set of clients that embody the full synergies of our business because they were gonna want banking services, they were gonna want embedded-
Yeah
they're gonna pay-ins, payouts, massive money movement, and they need backend processing, and it's a highly global business, point of sale and omni-channel. Our view is, we've got the hard piece of enterprise down, which is the point of sale, a very sophisticated, long-standing point of sale system.
Building enterprise capabilities, single gateway. We own, it's live, it's $200 billion in volume on it, 40 countries. Modernized VAS, a single switch, which we already have. Single modern ledger, which we already have with Finxact. The largest backend processing platform in the world. There's nothing in there we have to go get. If there's an advantage to our size and scale is we have everything you need to compete in a modern stack, then we think we have some stuff primarily an unmatched set of data. We showed 1 billion and eight cards on file and the capabilities to take that data and compete effectively, e-com, highest auth rates, lowest fraud rates. If you, if you solve that piece of it, big piece. Super exciting to us to get this built.
There's work to do to get there. I think, we said, you know, count on a hand who else can compete with that type of platform. We're excited about it.
No doubt the scale and the breadth is absolutely there. A popular question I got from investors to ask you here was just to drill down on Clover.
Yeah
Excel exercise on stage, 10%-15% GPV growth. When Mastercard talks about global carded growth being in that zone, that's about two times faster than U.S. market growth. What needs to happen for Clover to grow at that global carded level? Is it more international expansion? Is it channel penetration? There was a lot of talk about going after ISVs and of course, ISOs, you have a lot of strength there. Is it white labeling the product because you are now detaching it from the hardware?
Yeah.
What should we expect to get you to that 10 to 15?
I think, what we said specifically was 10 is the organic growth of the business. 15 would reflect a lot of success in converting non-Clover to Clover.
Yep, yep.
On the 10%, excluding the gateway conversion, if you go back 2022, 2023, 2024, 2025, almost by quarter, very, very consistently, 8, 9, 10, 11, 12. 10 is what we've been doing for a long time. Start from, it's not an acceleration off any historical level. On top of the 10 we're doing, there are sort of 5 things that we've been consistently focused on, which is expanding horizontal VaaS, vertical VaaS. We talked about PracticePay and healthcare. We talked about professional services. We talked about consolidating all of the restaurant offerings at the upper end to complement the traditional strength in restaurant. We talked about international.
We said it's north of 20% of total volume now for Clover and seeing great growth in several countries there, with Japan coming online later this year and into 2027. Talked about broadening and continuing to expand what is, I think, hard to argue the best distribution platform.
Sure.
Said 3,000 ISOs, the ISV channels.
For sure.
numbers of great partners, 1,000 plus banks, direct sales force. Then we talked about enhancing the experience. This is all on the organic side, where we see a, we've had a strong front door, but we haven't liked where there's room for improvement we have on the attrition side, and have a whole team and a whole series of efforts focused on the back end. All that would be to support a level of growth that we've already been doing. You guys can do what you want with that. We think each of those are additive to it, important to it.
The 6th thing or five asterisks, as you think about the 10-15 is, can we put forth a compelling offer to greater than 50% of a $4 billion revenue base that would be compelling for them to move or adopt incremental VaaS or new VaaS from Clover or come over fully as a non-Clover customer to a Clover customer? We talked there about starting very simply with Clover Savings and Clover Capital, which can be pulled off the Clover dashboard, and you don't have to do a big box and hardware shift and the like. We'll be very careful around that because generally those are happy Fiserv customers today. They've been Fiserv customers for a long time.
If we can increase yields, you know, off processing volume by putting more VaaS to them, we'll go do that, but we're gonna do it in a very measured, thoughtful pace.
Okay. Yeah. That's where the extra 5 points comes from. It's some of the.
If we're successful.
capital, the savings and-
Yeah, if we're successful in doing that. We think about 10% is the base and some option on adding more value to the non-Clover book over to get between the 10 and the 15.
Okay, good. We're almost out of time. I wanna make sure we hit a few of these things. Enterprise, you kind of alluded to. We talked about e-com already.
Yeah.
I, if we have time, I'll come back to it. The other 50% within merchant.
Yeah.
There wasn't a lot of time spent on that, unsurprisingly at the event. The 50% that's not growing, is there risk of a faster roll-off? Would you encourage that? I'm sure there's very high contribution margins in that book. How confident are you in that being stable?
I'd start by stable-ish for a long time, and there's two pieces of that. It's the non-Clover book is the vast majority of it, and then there's the processing book. Sorry, the processing book, that includes a lot of the JVs, the partnerships with the large banks. They control those customers. We provide processing services, a little less control over the business, it's showed a very steady, predictable path for a long time. Some customers shift in and out of there, and we're, and we'll make sure we call that out. On the non-Clover back book, I, we just talked about it. They are generally happy customers. Sometimes there's perception that there's like, you know, that they're locked in a room and they can't get out as a non-Clover SMB, they're running their businesses.
They have payment processing needs, and we think there's an opportunity in a very targeted approach to enhance their experience with Fiserv by introducing some value-added services. Obviously, providing capital and an enhanced yield on potentially idle cash or not fully yield returning cash is a great way to start that, and that's what the teams are focused on it. That customer base has been stable for a long time and starts to look if you don't move them out into Clover, it looks and feels like the U.S. economy. It's a low single digit zero type number.
Okay. I know there's a lot of history there, but I felt like it was still important to ask. We, skipping enterprise, I did wanna ask about STAR. Maybe just going into STAR. You know, I think you and I have had conversations about this in the past. You own the third-largest debit network. We call it, forgive the consulting speak, right, the connective tissue between the merchant and financial. Why is STAR valuable to Fiserv relative to it being independent or being a part of a bank, right? We've seen some activity there. I think Discover-
Sure
Capital One, PULSE is the most obvious case study. How do you view that asset? Feels like a hidden gem inside of Fiserv to me.
Yeah, it is. We're not trying to hide it. It's, you know, it's a great example of the synergies between the merchant and the financial services businesses. We have 2 debit networks, STAR and Accel.
combined third largest player, both, you know, top five. We sell that product as a issuing to our issuers on the debit side, which is, you know, thousands of banks. Then we obviously go to the merchants to get it accepted, and as the acquirer, we can route payments in. It's a great example of synergies between the businesses, great returning asset. Our customers and merchants find value from it and I think we, it is a very good asset within Fiserv that if there was ever something else to do with it that made it a better asset, we would do it. Today, it's a great asset for us and a great example of the synergies between the businesses.
Yeah. You talked about the on-us network.
on-us strategic optionality. We got some global optionality. Does it play something in the future of payments, as you settle, you know, from a DDA account to a merchant? Could you do some You know, there's great strategic optionality with it. It's a good asset, I agree with you, and it's been a great returner for us for a long time, and we'll make sure it's not hidden.
It sounds like more to come in terms of.
Yeah
extracting value on the STAR side, so we'll keep asking questions around that. Back to the construction of the company, I know you talked about it at Investor Day and the decision to keep the merchant and financial pieces together after your strategic review. The synergies in terms of them being, you know, realized here in the short, medium, long term, is that something that we'll be able to measure? Something that you'll be able to report back to us? You gave us nuggets here.
Right
There about where we'll see it, but it must be compelling enough for you to wanna obviously keep it together.
There's synergies on the back end of the business, obviously, in consolidated platforms and technology and the like. On the front end of the business, we wake up every day and the businesses run with great synergies between them without anybody thinking about it, right. Clover's thousands, 1,100 banks, small business bankers are out selling Clover today. Huge distribution channel for us. The acquiring networks are going back and forth. The biller products go back and forth. The fraud data goes back and forth, obviously in a responsible way. All of those exist today, and if you didn't put them together, it obviously would be dis-synergies or have to be realized in some other way. I think hopefully you got a sense as we went through the day, especially with Dhivya Suryadevara joint presentation.
whether it's stablecoin, especially embedded finance, on-us settlement, and four or five other areas, where our customers are talking about going, where the industry is going, think platforms is driving those businesses closer and closer together. Banks all wanna do more in payments. All of our payments customers wanna do more banking. And you bring them together, and we think we're in a unique position to solve that. Unless that didn't play out and we weren't able to execute and get those synergies on big secular changes, then you would do something different.
As long as that's heading in that direction, as I said in the review, and we'll keep reviewing it makes the sense and greater upsides through those synergies, and we'll try to call out as many as we can for you as we have been.
Okay. Good. It's an important subject. We have 20 seconds left. I didn't ask you about AI. Am I in trouble?
No. We were proud last week, and I think we've gotten tremendous reception over the last week to obviously agentic commerce was more on the radar, and I think people are excited to see what Clover can do from an agent perspective, and then what we can do on the enterprise side. The tremendous receptivity to Agent OS.
Yep
which is the operating system-
The demo was great.
for banks, we've gotten great outreach from everyone involved in the banking ecosystem, or wants to be involved in the banking ecosystem. I'll just finish with this, is the banks want to use AI, they run highly regulated, highly compliant PII data, and it's really hard for them to figure out how to get agents into that in a safe and controlled way.
and LLMs and others in the industry want to penetrate into the banking sector to provide solutions, but they don't really wanna have PII be regulated, overseen, or be supervised. Our operating system is simply to bridge two obvious needs. We think it can create tremendous value for our customers and TAMs that were never on the Fiserv radar screen, and helping people process a loan was one of the examples we showed about.
We're excited about it and got good feedback on it.
Yeah. Fiserv being the operating layer for banks on the AI front, I think makes a lot of sense from a positioning standpoint. Yeah, we'll save that conversation for the next time.
Yeah.
Mike. Thank you. We covered a lot.
Yeah, yeah.
Forgive me for going through so much of it so quickly.
Yeah. Thanks.
Thank you for being here.
Thanks for the opportunity.
Thank you. Thank you.