Fiserv (FI) UBS Global Technology and AI Conference summary

Macro and business trends

• October saw a 7% increase in small business activity, with November moderating to 4.8% but remaining strong.

• Thanksgiving holiday sales rose nearly 6% in same-store sales and 11.9% for small businesses year-over-year.

• Consumer demand and overall market conditions continue to be positive.

Merchant Solutions and Clover vertical SaaS

• Clover expanded software for restaurants, retail, and professional services, including appointment booking and employee scheduling.

• New hardware launches include kitchen display systems, handheld devices, compact terminals, and kiosks for QSRs.

• Continuous investment in new features and international expansion is planned through 2024 and 2025.

Non-Clover SMB and growth strategy

• Non-Clover SMB revenue is about $3.7 billion, with mid-single-digit global growth expected.

• U.S. non-Clover SMB is slower growing, but backbook conversion is planned for 2026.

• Not all small businesses require full operating systems; simpler terminal solutions remain in demand.