Fiserv is embracing artificial intelligence as new executives try to fix major portions of the company and placate peeved customers.

As Fiserv looks to mend customer relationships and rebuild its business, its management team is embarking on what CEO Mike Lyons called a “transformation agenda” using artificial intelligence to boost productivity.

The two-year effort, partnering with IBM for technical expertise, will initially target five business areas, including its signature Clover point of sale business, executives said last week in news that was overshadowed by Fiserv announcing a major financial and operational “reset” of its business.

The “Project Elevate” AI initiative carries a “simple” goal, Lyons said Oct. 29 on a call with equity analysts: “Become a higher quality, more productive business by embedding AI in everything we do, including providing a better experience to our clients.”

IBM and Fiserv – long-term technology partners – will leverage “the same playbook and the same team” IBM used when seeking AI-driven efficiencies, Lyons said.

Fiserv will initially deploy AI on sales; client onboarding; client service; human resources and finance; and Clover, Fiserv’s California-based point of sale business. “While our work is just beginning, early proof points demonstrate the program’s strong potential, and we expect compelling returns on our investment,” the CEO said.

Fiserv plans to detail specific costs and benefits associated with the AI project with its fourth-quarter results and at an investor day event scheduled for the first half of 2026.

Lyons and new Chief Financial Officer Paul Todd were unavailable for interviews about the company’s reset, a Fiserv spokesperson said Monday.

Clover is at the center of much of Fiserv’s current turbulence as the Milwaukee-based processor reverses some of its prior pricing changes and fees.

Clover’s 2025 revenue is now expected to be $3.3 billion, which is $200 million less than the prior guidance, Lyons said during the quarterly call. Clover will also see lower, 10% revenue growth in the fourth quarter, “reflecting the deprioritization of certain short term revenue initiatives, including the elimination of certain fees in Q4 that were initiated a year ago and are no longer consistent with our business strategy,” he said.