Payments technology firm Fiserv has announced a new partnership with Microsoft aimed at integrating artificial intelligence (AI) further into its services. The collaboration was officially disclosed in a statement on January 8, 2023. Fiserv aims to enhance its development platforms while providing employees greater access to AI tools.
Transforming Client Services with AI
According to Guy Chiarello, Fiserv’s vice chairman, the collaboration is a pivotal move. He stated that embedding AI within workforce and development platforms not only streamlines operations but also transforms how Fiserv delivers innovative solutions to clients.
Chiarello emphasized, “This collaboration with Microsoft enables us to bring intelligent capabilities to market with greater speed and scale.” The partnership seeks to unlock unique solutions, fostering growth and competitiveness in the rapidly evolving fintech and payments sectors.
Access to Microsoft’s AI Tools
Fiserv plans to provide its employees with access to Microsoft’s 365 Copilot AI tool. This initiative aims to elevate employee productivity and streamline processes. In addition, the partnership will expand the use of the Foundry AI platform.
The alliance builds on Fiserv’s existing collaboration with Microsoft in utilizing Foundry and GitHub Copilot. Fiserv reported processing over 100 billion tokens through Foundry. Moreover, GitHub Copilot has been utilized by over 8,000 software engineers within the organization.
Implications for the Financial Sector
This partnership highlights a broader trend in the financial sector where AI tools are becoming integral. Advanced AI capabilities are increasingly viewed as crucial in fostering innovation and competitive strategies.
In related discussions, industry insights reveal that AI “smart agents” are reshaping consumer interactions and decision-making in retail. According to research from PYMNTS Intelligence, 57% of U.S. consumers have utilized AI platforms for various personal tasks. This trend is particularly noticeable among younger and higher-income demographics.
- Partnership Initiated: January 8, 2023
- Key Tools: Microsoft’s 365 Copilot and Foundry AI platform
- Tokens Processed: 100 billion through Foundry
- Users of GitHub Copilot: Over 8,000 engineers at Fiserv
As Fiserv enhances its AI capabilities through this partnership with Microsoft, the company takes an important step towards redefining the future of financial services technology.
