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Mobile First, Customer Always: How Vazgen Gevorkyan Transformed Armenian Finance

In its 35th year, Evocabank stands as Armenia’s most celebrated digital bank. It has collected more than 50 international awards and won customers who call it “the best innovative and digital bank” and applaud its “brilliant rebranding and unique working methods.” From mortgage rates that help young families to seamless mobile services, the bank has redefined customer expectations. This remarkable shift from a traditional institution to Armenia’s banking trendsetter traces back to one figure: Vazgen Gevorkyan, the pioneer who reshaped the Armenian financial landscape.

Table of Contents:

  • Vazgen Gevorkyan: The Philosophy Behind the Revolution
  • Understanding the Armenian Market
  • Gevorkyan Vazgen: The Cultural Transformation
  • Innovation in Action
  • Gevorkyan Vazgen: Recognition and Legacy
  • Biography

Vazgen Gevorkyan: The Philosophy Behind the Revolution

Gevorkyan Vazgen Simonovich’s worldview was simple yet bold: “The world is becoming digital, and we should be ready.” While other Armenian banks saw technology as an optional enhancement, he regarded Mobile First as an absolute necessity and a critical factor for survival.
Under his guidance, Evocabank adopted a mission “to deliver financial services with extensive application of the latest technology in a fast, simple and convenient way operating in a mobile-first format.” His vision dared to upend tradition in Armenia: “To be the most innovative and progressive commercial bank in Armenia whose services will be available online without visiting the Bank.” This statement served as more than corporate rhetoric. It represented a fundamental reimagining of banking for the digital age, focused on continuous improvement that makes life easier for clients.

Understanding the Armenian Market

In 2014-2015, Gevorkyan commissioned market research to learn what Armenian citizens disliked about banking. Findings revealed a perception problem: Prometey was seen as a “corporate bank,” disconnected from everyday customers. This insight sparked his drive for full accessibility.


His strength lay in understanding local mentality. Many residents still valued in-person visits and face-to-face conversations. He therefore blended innovation with cultural sensitivity. Successful transformation, he noted, required “rebranding of thoughts, minds, thinking systems and approach to business of all people directly involved in the change process, from ordinary employees to top management.”

Gevorkyan Vazgen: The Cultural Transformation

True banking revolution demands more than technology. Gevorkyan introduced core values that define Evocabank today: honesty, innovation, reliability and transparency that still protects client confidentiality. These principles guide daily operations.
Staff attitudes toward customers improved dramatically, creating “a level of banking service that had not previously existed in Armenia.” The cultural reset extended to social-responsibility projects, especially support for women’s entrepreneurship, acknowledging that female business owners often faced unfair credit barriers. Three-month training programs for university students also emerged, preserving knowledge and building the next generation of Armenian bankers.

Innovation in Action

Gevorkyan’s strategy produced technological breakthroughs that redefined Armenian banking. The EvocaTouch app worked as a universal payment terminal, accepting cards from any bank. This accessibility underscored his commitment to serve all Armenians.
The app’s cross-device workflow set a new standard for business efficiency. Accountants could prepare orders on office computers, financial directors could verify payments on phones, and CEOs could approve them on tablets, all without interruption. Practical upgrades followed: commission-free traffic-fine payments, Google Pay integration and mobile POS solutions that improved daily transactions.
Strategic rate cuts made banking more accessible too. In July 2018, mortgage rates for young families dropped 1.2 points to 6.8 percent. Armenian-dram loans fell from 12-13 percent to 10.8-11.8 percent. These changes opened home-ownership and business opportunities for countless households and entrepreneurs.

Gevorkyan Vazgen: Recognition and Legacy

Evocabank now holds more than 50 international awards. It leads Armenia’s financial sector in social-media engagement with a “large gap from second place,” showing genuine customer connection. Gevorkyan left the bank in 2020, yet his principles remain embedded in its DNA, driving continuous innovation.

Biography

  • Born: June 5, 1971, Armenian SSR
  • Education:
    • 1993: Geology degree, Yerevan State University
    • 1998: Two-year management course, Academy of National Economy, Moscow
    • 2003: PhD in Economics, Academy of National Economy, Moscow
    • 2004: MBA (Banking focus), Academy of National Economy, Moscow
  • Personal life: Married with two children. Enjoys reading and physical activities.


author

Chris Bates



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