Fiserv expects AI implementation to generate $1B in savings

Fiserv expects to save $1 billion once it has deployed AI at scale to increase efficiency and reduce customer friction. The Milwaukee-based fintech has completed a review of its operations, technology and partnerships to identify areas where AI can save money, Chief Executive Takis Georgakopoulos said on today's third-quarter earnings call. The review was the first part of Project Elevate, an enterprisewide AI transformation program announced last year. "We reassessed all the initiatives identified by Project Elevate to re-underwrite the size of the opportunities, their interplay with our portfolio of businesses and the experience we gained working with best-in-class AI companies," Georgakopoulos said. "As a result, we have increased our estimate of the savings we can generate from Elevate to $1 billion, up from the $500 million we previously communicated." Georgakopoulos said the company's approach to Project Elevate centers on three axes: Identifying product architecture to redirect the bulk of its focus and capital expenditure toward it, while developing plans to decommission older and overlapping products without disrupting customers; Identifying and exiting noncore products that serve few clients, with whom Fiserv will work to transition to alternatives; and Simplifying processes by embedding AI in all workflows in the next year or so. "This has a particularly significant impact on operations and technology, but it affects every aspect of our business from prospecting for SMBs to bank migrations," Georgakopoulos said. Increasing efficiency Fiserv will focus on redesigning processes, eliminating manual steps, consolidating front and back ends, and deploying AI at scale, Georgakopoulos said. [caption id="attachment_57385979" align="alignright" width="300"] The Fiserv headquarters in Milwaukee, Wisc. (Courtesy/Caleb Santiago Alvarado/Bloomberg)[/caption] "No area is impacted more by AI than software development, where we are in the midst of a generational transformation," he said. "Working with leading partners such as Cognition , Anthropic and OpenAI , we have seen a significant acceleration in the speed of new code deployment, including the modernization of legacy applications." Since he became CEO on June 15, Georgakopoulos said the company has reduced the contractor and employee headcount by 3,000, including a more than 10% reduction in senior management. Fiserv in May launched agentOS , its agentic AI operating platform that helps FIs manage, develop and deploy AI agents across their operations, including core banking, payment and fraud analytics. Nearly 200 banks are in the pipeline to deploy agentOS, and Fiserv plans to launch additional agent capabilities next year, Georgakopoulos said. "We are also using AI to reduce barriers and complexity for clients migrating to Fiserv," he said. By the numbers Fiserv reported adjusted Q3 revenue of $4.9 billion, down 1% year over year. The company also reported in Q3: Expenses of $10.7 billion, up 179.3% YoY; and Adjusted net income of $936 million, down 15.3% YoY. The increase in expenses was due to a $6.5 billion goodwill impairment charge, which was not a factor in Q3 2025. Shares of Fiserv ( NASDAQ: FISV ) were up 12.46% from market open to $58.40 as of market close today. Fiserv has a market capitalization of $31.4 billion. Register here for early-bird pricing for the FinAi Banking Summit, taking place March 1-2 in Denver. View the full event agenda here .

Fiserv expects AI implementation to generate $1B in savings

Nearly 200 banks in pipeline to deploy agentOS

Mastercard deepens OpenAI tie-up, betting tokenization will scale agentic commerce

Related Posts

Grasshopper sees Claude, ChatGPT connector queries double monthly

Data center restrictions make the ballot in dozens of US cities

Goldman restricts traders and bankers from using some AI tools

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

The Next Generation of Cyberthreats: Powered by AI

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

Fiserv expects AI implementation to generate $1B in savings

Nearly 200 banks in pipeline to deploy agentOS

Mastercard deepens OpenAI tie-up, betting tokenization will scale agentic commerce

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day