It is that time again in the financial services world that we call earnings season. This is when we pause to reflect on the paths our bank technology industry leaders are charting. As we approach the end of  2025, the latest earnings reports from Fiserv, FIS, and Jack Henry offer a compelling snapshot of adaptation in action. Think of it like navigating a familiar river that’s suddenly changed course,  banks and fintechs alike are investing heavily in digital transformation, payments innovation, and AI, but each company is steering its own way through the currents. The real question? Who’s building for enduring success, and who’s adjusting midstream?

Take Fiserv’s third-quarter results, it feels like a deliberate pivot, much like recalibrating a long-term strategy after realizing the old map no longer fits. Organic revenue growth slowed to 1%, down from 8% the prior quarter, with Merchant Solutions at 5% and Financial Solutions dipping into negative territory at -3%. Yet, their Clover platform for small businesses still delivered 26% revenue growth, even though decelerating from 30%, powered by 8% GPV gains (11% excluding gateway effects) and value-added services penetration climbing to 26%. Margins reflected the strain, with adjusted operating at 37%, which is down 320 basis points year-over-year. They are  addressing deferred investments and stepping back from short-term fixes. Guidance has been tempered with FY25 organic growth now at 3.5 – 4% (from ~10%), with 2026 projecting low-single digits and earnings declines. Leadership transitions, including new co-presidents and a CFO, signal a deeper overhaul, complemented by AI collaborations like Project Elevate with IBM and streamlining banking cores from 16 to 5. It’s a tough phase, reminiscent of those early career moments when you invest in education knowing the payoff comes later.

In contrast, FIS is accelerating like a well-tuned engine, building on solid foundations. Adjusted revenues rose 6.3%, up from 5%, with Banking at 6.2% and Capital Markets at 6.4% with M&A providing a 150 basis point lift in Banking. EBITDA margins expanded to 41.1%, up 53 basis points quarter-over-quarter, thanks to disciplined cost management. They’ve raised their outlook for FY25 adjusted growth to 5.4 – 5.7%, with fourth-quarter segments around 6%, and 2026 margins eyeing over 60 basis points of expansion. AI takes center stage here, enhancing fraud detection and personalization with a massive 200 petabytes of data, bolstered by the Issuer Solutions acquisition. Payments continue to shine with debit transactions up 6%, the Money Movement Hub securing over 40 new clients, and stablecoin integrations via Circle keeping them agile without overstepping into bank territory.

Then there’s Jack Henry, maintaining a steady rhythm in its fiscal first quarter of 2026, much like the reliable cadence of lifelong learning programs that build over time. Revenues climbed 8.7% from 7.5%, led by 10% growth in Processing from card and digital volumes. Core came in at 6.3%, Payments at 8.3%, and Complementary at 9.4%, with recurring revenues comprising a robust 91%. Operating margins swelled to 27.2%, up 227 basis points, supported by controlled costs. Guidance received a modest uplift: FY26 non-GAAP revenue to 6 – 7%, with margins expanding 30-50 basis points. Notable wins include four new core clients, 38 Financial Crime Defense contracts, and private cloud migrations that double revenues compared to on-premise. Payment volumes surged 55% in faster payment solutions, with fresh launches like Tap2Local for SMB merchant acquiring and the Victor acquisition strengthening embedded finance.

To sharpen the perspective, consider this financial overview:

And their forward views reveal telling divergences:

What binds these narratives? A shared emphasis on AI, payments evolution, and client-centric innovation with Fiserv’s core consolidations and Clover expansions, FIS’s data-driven acquisitions, Jack Henry’s cloud migrations and new tools. It’s like the relational leadership I’ve encountered in executive programs “success comes from staying attuned to the flock, adapting with authenticity”.

In reflecting on these updates, Fiserv’s reset echoes those pivotal moments when institutions must realign for sustainability, potentially unlocking mid-single-digit growth beyond 2026 if execution holds. FIS and Jack Henry, with their upward momentum, illustrate the rewards of disciplined innovation in a consolidating market. For banking leaders, the lesson is timeless, embrace lifelong adaptation, blending vision with strategy, or risk being left behind. As the landscape evolves, those who invest thoughtfully will thrive.