What is the company's target for margin expansion in 2022 
how do you bring that together and weave that together to a one-stop place for innovators, large conglomerates, anybody looking to take advantage of various capabilities in the open market, and we see it as a huge opportunity.
We highlighted just a very small subset of clients already leveraging our next-generation capabilities across all three segments. You're going to see that grow very dramatically over the next three years. You will also continue to see our level of technology debt get displaced, as our existing clients migrate to this framework as well. So we're really excited about the future. We highlighted another two wins on Modern Banking Platform today.
One of those wins was the first customer that has signed up for an existing core banking system of FIS to start transitioning to MBP. So as we've talked a lot, we're really at the forefront of this transformation, and this is just the next step in FIS' journey. And we'll continue -- and while we're so confident in our long-term guide of 7% to 9% and mid-teens EPS, and you'll continue to see that resonate in the coming years.
Tien-Tsin Huang -- JPMorgan Chase & Co -- Analyst
Good stuff. Thanks for your thoughts.
Operator
Your next question comes from the line of Jason Kupferberg with Bank of America.
Jason Alan Kupferberg -- BofA Securities -- Analyst
On margins, and I know you're targeting 50 to 100 basis points a year on average of expansion there. And certainly, we understand there's natural economies of scale in the business. But just wanted to make sure, do you feel this type of margin expansion still gives you enough flexibility to invest in the business to the extent that is contemplated by the updated capital allocation strategy just given the dynamics in your various end markets are obviously changing faster than ever? And maybe just as an extension to that, just what's your current thought process around where consensus sits for 2022? I think it's kind of exactly in line with your multiyear guide, but just wanted to see how you're feeling about that.
James W. Woodall -- Corporate Executive Vice President and Chief Financial Officer
Yes. With regard to the 50 to 100 basis points of margin expansion, we do think that's sustainable through our midterm outlook. As we've talked about numerous times, there's tremendous operating leverage within the business, as we continue to drive automation and drive efficiencies through normal operations of the business. Incremental revenues have high contribution margins that help with that margin expansion as well. With regard to the investment side of it, we've baked in our expectations of investment into that 50 to 100 basis points of margin expansion. So we feel good about our ability to continue to invest to drive and sustain that accelerated growth profile that we've built out.
So yes, Jason, those are the two comments I really would think about margin. If you think about 2022, we're not updating our formal 2022 guide until February. That said, we're not changing anything in terms of our midterm outlook around 2022 of 7% to 9% revenue growth and 50 to 100 basis points of margin expansion. So continuing to keep that as a longer-term outlook, consistent with what we've been saying for a number of quarters.
Jason Alan Kupferberg -- BofA Securities -- Analyst
Okay. Understood. And just for my follow-up, I wanted to ask on M&A. It sounds like a little bit more emphasis there as part of the updated capital allocation strategy. I know Stephanie is spending a lot of time in that area. Can you help us understand just where are you in terms of M&A pipeline build? It certainly sounds like the tilt there will be toward some higher growth assets. And could you be considering deals that might be dilutive initially?
Gary Adam Norcross -- Executive Chairman and Chief Executive Officer
Yes. Look, let me start, Jason, and then we'll let others add on. Certainly, Stephanie's return, focusing on strategy and helping to drive and continue to focus on M&A is important. I would say our strategy has not shifted there. We've been very focu
how do you bring that together and weave that together to a one-stop place for innovators, large conglomerates, anybody looking to take advantage of various capabilities in the open market, and we see it as a huge opportunity.
We highlighted just a very small subset of clients already leveraging our next-generation capabilities across all three segments. You're going to see that grow very dramatically over the next three years. You will also continue to see our level of technology debt get displaced, as our existing clients migrate to this framework as well. So we're really excited about the future. We highlighted another two wins on Modern Banking Platform today.
One of those wins was the first customer that has signed up for an existing core banking system of FIS to start transitioning to MBP. So as we've talked a lot, we're really at the forefront of this transformation, and this is just the next step in FIS' journey. And we'll continue -- and while we're so confident in our long-term guide of 7% to 9% and mid-teens EPS, and you'll continue to see that resonate in the coming years.
Tien-Tsin Huang -- JPMorgan Chase & Co -- Analyst
Good stuff. Thanks for your thoughts.
Operator
Your next question comes from the line of Jason Kupferberg with Bank of America.
Jason Alan Kupferberg -- BofA Securities -- Analyst
On margins, and I know you're targeting 50 to 100 basis points a year on average of expansion there. And certainly, we understand there's natural economies of scale in the business. But just wanted to make sure, do you feel this type of margin expansion still gives you enough flexibility to invest in the business to the extent that is contemplated by the updated capital allocation strategy just given the dynamics in your various end markets are obviously changing faster than ever? And maybe just as an extension to that, just what's your current thought process around where consensus sits for 2022? I think it's kind of exactly in line with your multiyear guide, but just wanted to see how you're feeling about that.
James W. Woodall -- Corporate Executive Vice President and Chief Financial Officer
 Yes. With regard to the 50 to 100 basis points of margin expansion, we do think that's sustainable through our midterm outlook. As we've talked about numerous times, there's tremendous operating leverage within the business, as we continue to drive automation and drive efficiencies through normal operations of the business. Incremental revenues have high contribution margins that help with that margin expansion as well. With regard to the investment side of it, we've baked in our expectations of investment into that 50 to 100 basis points of margin expansion. So we feel good about our ability to continue to invest to drive and sustain that accelerated growth profile that we've built out.
So yes, Jason, those are the two comments I really would think about margin. If you think about 2022, we're not updating our formal 2022 guide until February. That said, we're not changing anything in terms of our midterm outlook around 2022 of 7% to 9% revenue growth and 50 to 100 basis points of margin expansion. So continuing to keep that as a longer-term outlook, consistent with what we've been saying for a number of quarters.
Jason Alan Kupferberg -- BofA Securities -- Analyst
Okay. Understood. And just for my follow-up, I wanted to ask on M&A. It sounds like a little bit more emphasis there as part of the updated capital allocation strategy. I know Stephanie is spending a lot of time in that area. Can you help us understand just where are you in terms of M&A pipeline build? It certainly sounds like the tilt there will be toward some higher growth assets. And could you be considering deals that might be dilutive initially?
Gary Adam Norcross -- Executive Chairman and Chief Executive Officer
Yes. Look, let me start, Jason, and then we'll let others add on. Certainly, Stephanie's return, focusing on strategy and helping to drive and continue to focus on M&A is important. I would say our strategy has not shifted there. We've been very focu