Product offerings like Finxact and Clover are stronger and more extensive than previously appreciated, with a unique mix of new and tenured leadership focused on long-term growth and alignment under the One Fiserv plan.
The company leverages unmatched data from both financial and merchant sides, enabling differentiated offerings and future revenue opportunities, especially through AI and enhanced data use cases.
AI is seen as a business enabler, driving efficiencies in both customer-facing and back-office operations, with specific use cases like AgentOS and data agent for merchants.
Focus remains on restoring consistent double-digit EPS growth, with mid-single-digit revenue growth, annual margin expansion, and high free cash flow conversion as key drivers.
2024 is a transition year, with above-normalized growth expected in the second half due to contracted revenue, before returning to a 4%-6% normalized growth range.
Underlying business volumes, including deposit accounts and merchant transactions, remain stable and are expected to continue driving future growth.
Plans to resume more meaningful share buybacks once leverage drops below 3x, likely in 2025.
Merchant segment targets 6%-8% growth, led by SMBs and Clover, which is expected to see 10%-15% volume growth and 15%-20% revenue growth due to value-added solutions like Clover Capital and Clover Savings.
Non-Clover SMB is expected to grow at around GDP, with conversion to Clover providing a 15%-30% revenue uplift per customer.
Enterprise merchant segment is stable with deep, long-term relationships, and Commerce Hub is positioned as a key differentiator for omni-channel growth.
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