Digital currencies and blockchain technologies are set to revolutionize the global financial services sector. For Armenia to secure a leading position in this transformation, it must be at the forefront of innovation adoption.

Key priorities include government incentives and regulatory clarity, as a well-defined legal framework can attract fintech startups and foreign investors. Equally crucial is continuous talent development and active engagement with the Armenian diaspora to drive expertise and investment.

Ahead of the Doing Digital Forum in Yerevan on April 3, we spoke with Ara Abrahamian, a digital transformation leader, independent consultant, and a Supervisory Board member of Arca (Armenian Card).

- With over 25 years in financial services and technology, you have led major digital transformation initiatives at institutions like Deutsche Bank and Erste Group. What were the key challenges and lessons learned in driving large-scale innovation within traditional banking?

- As a key challenge I see organizational inertia - traditional banking institutions are often risk-averse, siloed, and bound by legacy systems. Another obstacle was culture: teams initially viewed “digital” as an IT project rather than a business-wide transformation. Emphasizing agile methods and cross-functional collaboration proved critical in shifting mindsets. Gaining executive buy-in, especially on the CEO and Board level, is necessary to overcome this. Strong sponsorship at the top - senior executives championing digital initiatives - was essential for scaling change.

We also faced regulatory complexity, requiring close coordination with compliance to ensure innovation didn’t compromise risk management.

Lessons Learned: Executive alignment is crucial - securing leadership, CEO, and Chairman commitment from day one sets the foundation for success. A cultural shift is necessary, emphasizing that digital transformation is a strategic priority rather than an isolated IT initiative.

Agile execution plays a key role, utilizing iterative development and cross-functional squads to break down silos. Regulatory integration should be addressed early by involving compliance partners to prevent delays and rework.

So blending a top down clear strategic vision of digital future with bottom-up innovation and continuous learning was the key to driving large-scale change successfully.

- As a leader in digital transformation, what do you see as the most significant shift shaping the future of financial services? Which emerging technologies are set to have the biggest impact?

- On the conceptual level there are a couple of key trends: one of the most significant shifts is the blurring of traditional banking boundaries, as non-banks and fintechs offer seamless, highly personalized experiences. In response, incumbents must adopt an “ecosystem mindset,” partnering with tech innovators to stay competitive. Another key shift is real-time data and analytics becoming the norm, enabling hyper-personalized products, instant credit decisions, and proactive risk management.

From a technology standpoint, of course, generative AI is redefining how we interact with customers - think automated advisory, smarter chatbots, and real-time compliance checks.
Things like cloud computing underpins scalability, data sharing, and faster innovation cycles, and cybersecurity investments will only grow as attacks become more sophisticated.

At the same time in my view, crypto, blockchain and digital assets are still in their early stages of wide adoption. They have a potential to transform everything from cross-border payments to asset tokenization, although regulatory clarity and wider adoption remains vital.

Ultimately, the winners will be those who build agile, customer-centric operating models around these emerging technologies - while maintaining trust, data integrity, and regulatory compliance․

- What role do you see digital currencies and blockchain playing in the future of global finance, and how can Armenia position itself in this transformation?

- These are two distinct, different questions: Digital currencies, especially stablecoins have potential to reshape global finance by driving faster, cheaper cross-border transactions, fostering financial inclusion, and enabling new asset classes like tokenized securities. As, for instance, the Bank for International Settlements notes, central bank digital currencies (CBDCs) are slowly emerging, potentially transforming how money is issued and regulated. But, in my view, the progress is still quite slow and CBDCs are yet to prove their utility to the broader public. In my view the adoption of CBDCs will in the short term future be driven by wholesale players.

With regards to Armenia, the opportunity lies in becoming an early adopter of every innovation. Key steps include government incentives and regulatory clarity, where a supportive legal framework can help attract fintech startups and foreign investors.

Continued talent development is also essential, requiring partnerships with universities and tech hubs to nurture blockchain-focused curricula and research. Additionally, diaspora engagement plays a crucial role by leveraging the global Armenian network for capital, mentorship, and market access.

By blending tech talent with forward-looking regulations, Armenia can carve out a niche in the rapidly evolving AI and digital ecosystem—boosting innovation, foreign investment, and overall financial sector modernization.

- You teach Digital Transformation and Leadership in MBA and Executive programs. In your view, what are the most critical skills today’s leaders need to successfully navigate digital disruption?

- One of the key messages, if not the key message of my lecture and master classes is as follows: “no matter how educated, talented, smart, hardworking, cool you are… It’s how you treat people around you that tells all and defines your success.”  Well that’s the short version of my point. The longer version will be your ability to listen, resolve conflicts, take and give feedback, delegate, reward etc… but in order to cover all that you need to attend.

Since its launch in 2023, the Doing Digital Forum has brought together over 40 distinguished speakers and more than 2,000 participants from Armenia, the United Kingdom, the United States, the UAE, Germany, Australia, and CIS countries. This year, the forum returns for its third edition under the title “The Money of the Future: Economic Impact.”

The organizer of the Doing Digital forum is SPRING PR. Amazon Web Services is the forum’s Technology partner. For the third consecutive year, Visa is the forum’s Innovation Partner, Apricot Capital is the Investment Partner, Fastbank is the Financial Partner and Fastex is the Blockchain Partner. As in DDF24, Arca continues to be the National Partner of the forum this year.