Fiserv Harnesses Artificial Intelligence to Boost Merchant Profits
The payments giant is leveraging AI to analyze transactions and provide valuable insights to merchants and financial institutions
Artificial IntelligenceFiservPayments ProcessingMerchant ProfitsData AnalyticsReal Estate MumbaiJul 24, 2024
The company's CEO, Frank Bisignano, expects the use of AI to turbocharge the data analysis process, enabling Fiserv to offer in-depth information to merchants in the fall. This initiative is part of the company's efforts to drive future growth, with revenue rising 7% during the quarter that ended on June 30 compared to the same period in 2023.
Fiserv's data team will provide merchants with real-time, granular data on transactions, which will help them identify opportunities to increase sales. The use of AI will also enable the company to better combat fraud, a growing concern for financial institutions.
The company is already testing the service with some companies that use Clover, its credit card processing service aimed at small businesses. With ambitious goals for Clover, Fiserv is poised to become a leader in the payments industry.
Fiserv is not the only financial institution leveraging AI to protect customers and drive growth. The company's efforts are part of a larger trend in the industry, as banks and payment processors increasingly turn to machine learning to stay ahead of the curve.
Fiserv is a leading payments processor based in Milwaukee, Wisconsin. The company provides a range of services, including credit card processing, payment processing, and data analytics.
Fiserv is a global leader in payments and financial technology, serving thousands of financial institutions and millions of businesses worldwide. The company's innovative solutions enable clients to deliver exceptional customer experiences, drive growth, and improve profitability.
Frequently Asked Questions
What is Fiserv's goal in using AI?
Fiserv aims to help merchants improve their sales by analyzing transactions and providing valuable insights.
What type of data will Fiserv's data team analyze?
The team will analyze credit card and cash payment transactions, as well as other types of transactions processed on Fiserv's products.
How will Fiserv's use of AI help combat fraud?
The use of AI will enable Fiserv to better identify and prevent fraudulent transactions, protecting customers and merchants from financial losses.
What is Clover, and how does it relate to Fiserv's AI initiative?
Clover is Fiserv's credit card processing service aimed at small businesses. The company is already testing its AI-powered data analysis service with some Clover users.
What is the timeline for Fiserv's AI-powered data analysis service?
Fiserv expects to offer the service to merchants in the fall, with testing already underway with some Clover users.
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