For decades, Armenia’s banking sector operated like an exclusive club—formal, corporate-focused, and resistant to change. Traditional institutions catered mainly to large businesses, leaving everyday customers with outdated processes and limited access.
Vazgen Gevorkyan entered the industry with a different perspective: what if banking genuinely served people? His contributions at Evocabank didn’t just modernize one institution—they helped shift expectations across the entire sector.
Breaking Traditional Barriers
By the mid-2010s, Armenian banking had developed a troubling imbalance. When market research was conducted in 2014–2015, results revealed a clear disconnect between banks and individual customers. Citizens often felt overlooked, while institutions prioritized corporate relationships. Even Mr. Gevorkyan’s bank was perceived as primarily a “corporate bank.”
The research also showed that people were spending more time on their phones than in physical branches. Clients wanted convenience and accessibility through digital channels. For Mr. Gevorkyan, this signaled the need for a broader rethink: growth would come not just from new marketing, but from reimagining the entire customer experience. Out of this came the “Mobile First” concept—ensuring that banking services could be delivered quickly, simply, and reliably through mobile devices.
Technology as an Equalizer
The shift was not just about introducing new tools but about rethinking what technology could achieve for society. While some institutions treated apps as optional extras, Evocabank launched EvocaTouch, a universal payment system accessible to anyone with any bank card. Its design was rooted in inclusivity, aiming to serve residents broadly, not just existing clients.
The platform enabled 24-hour functionality—from one-click, commission-free fine payments to multi-device workflows that allowed accountants, financial directors, and CEOs to collaborate seamlessly. By making advanced tools widely available, Mr. Gevorkyan and his colleagues helped turn technology into a bridge connecting individuals and businesses.
The Human Element
Even as digital services expanded, Mr. Gevorkyan emphasized cultural sensitivity. Many clients still valued face-to-face interactions, so the bank developed a hybrid model: mobile applications at the center of daily transactions, supported by redesigned branches for complex needs. These branches were reimagined as welcoming spaces, with professionals trained to embody values of honesty, transparency, and reliability.
As Mr. Gevorkyan described it, this was not just digital transformation, but a “rebranding of thoughts, minds, and approaches to business.” The evolution reflected a philosophy where innovation was guided by accessibility, simplicity, and trust. Initiatives also extended into social responsibility, with programs supporting women’s entrepreneurship and student development opportunities that fostered greater financial inclusion.
Building Sustainable Advantages
The transformation laid a foundation that competitors struggled to replicate. Digital innovation was pursued early, long before it became widespread, and always framed as essential for long-term progress rather than a temporary advantage. At the same time, technology was only part of the change—embedding core values was equally important.
Reliability, innovation, honesty, and continuous improvement became guiding principles. Even after the institution received multiple international awards, the emphasis remained on refining services and responsibly aligning with the global financial system through partnerships with networks such as SWIFT and MasterCard Europe.
This human-centered model made customer experience the true measure of success. The objective was not simply modernization, but making life easier and helping people access opportunities in an increasingly interconnected world.
Competitive Recognition and Industry Impact
Evocabank became widely recognized for its digital presence and client engagement. International publications, including Global Finance, repeatedly named it the nation’s best digital bank—acknowledging both its progress and its consistency.
Perhaps the most enduring impact of Mr. Gevorkyan’s tenure was industry-wide. His advocacy of mobile-first banking set new benchmarks across Armenia, turning digital access and customer-centered service into expectations rather than luxuries. Competing banks were compelled to accelerate their own modernization efforts, collectively raising the standard of service.
By the time Mr. Gevorkyan stepped back in 2020, he had contributed not only to the transformation of a single institution but also to a broader cultural and technological shift within the sector. His work demonstrated that thoughtful adoption of technology, guided by values and social responsibility, can redefine how people experience finance.
Biography
Born: June 5, 1971, Armenia
Education:
Yerevan State University – Geology degree (1993)
Academy of National Economy – Management studies (1998)
Academy of National Economy – Economics PhD (2003)
Academy of National Economy – MBA in Banking (2004)
Other activities:
Former shareholder and developer of LES Art Resort hotel complex (2007–2023)
Provides mentorship to young entrepreneurs
Read more:
Vazgen Gevorkyan: Banking Transformation Through a Human-Centered, Mobile-First Vision
