Interview of Karen Yeghiazaryan, Chairman of the Management Board of Evocabank, to Banks.am- Mr. Yeghiazaryan, Evocabank has long positioned itself as one of Armenia’s leading digital banks. Now that we have entered the era of artificial intelligence, how do you envision the development of the bank’s “Mobile First” model?- When we announced the “Mobile First” format back in 2017, it truly became the new core principle of our operations, rather than just a trendy slogan. Every product, service, or decision had to start with the question: how does this work on a mobile phone? This concept completely transformed our mindset, our workflow, and our approach to customer service. And I am proud of everything we have built within that framework. However, “Mobile First” was about the service delivery format and enhancing the customer experience. But artificial intelligence is an innovation on an entirely different scale. It does not concern the banking delivery platform, but rather how banking is created and “thinks.”The direction we are moving in now is what I would call “Intelligence First.” Today, the primary question is different: is this product or process “smart,” and is it continuously being improved after every single customer action?This evolution is natural for Evocabank. First, we became an inseparable part of each customer’s lifestyle by constantly being present on the mobile phone in their hand, and now we are trying to think ahead of the customer, instead of the customer, and to create the perfect banking of tomorrow, specifically for their personalized needs.- There are numerous discussions ongoing worldwide regarding artificial intelligence. What exactly is Evocabank’s vision regarding AI?- You are right, everyone is talking about AI. And, to be honest, that is precisely part of the problem. When a topic becomes that mainstream, it is easy to mistake the noise for a strategy.Our vision is simple to articulate, but difficult to implement: we want the application of AI to make every Evocabank customer feel as though they have an actual personal banker. Not a chatbot, not automated standardized texts and commands, but a system that recognizes their lifestyle and needs, and at the right moment offers the right advice, prompt, and financial freedom, regardless of whether the customer has AMD 500 thousand or AMD 500 million in their account.This is our promise. However, our research data today still tells a different story: on a global scale, trust in AI, particularly in the banking and financial sector, is still “fragile.” Studies show that people are rapidly integrating AI tools in their daily lives; of course, the well-known ChatGPT and Claude serve as everyone’s consultants. Yet, few trust or would want artificial intelligence to make financial decisions on their behalf or instead of a real specialist. And that is normal.Years ago, people did not believe it was possible to execute a SWIFT transfer via an app or place a deposit without holding a physical paper contract in their hands. But time proved the efficiency and reliability of mobile banking. It simply took time. I am convinced that AI in banking will soon gain customers’ trust as well. Now, we are thoroughly analyzing the directions of AI implementation: where it can independently perform the entire task, in which cases it should serve as a supporting tool for humans while the final decision remains with a person, and in which cases the work and decision-making must still remain solely under human responsibility. For instance, routine transactions and expense analysis can be completely handed over to AI. But when a customer wants to obtain a multifactor mortgage or business loan, while going through a difficult financial period, or when they need to make a hard life decision, and they need a real advisor, one who uses AI solutions but is endowed with human intelligence and the ability to listen and empathize to support them.Currently, AI is already integrated into many of the bank’s processes: fraud prevention, data analysis, risk assessment, credit scoring, and content creation. However, the role of AI within our bank will grow dramatically in the near future. Let me reveal a few details. To achieve our development goals more rapidly, the bank will soon establish an IT subsidiary, which will also include an AI Hub. AI-native products will be created there, services built from the ground up using AI, rather than simply adding AI elements to certain parts of existing processes. We aim to achieve the efficiency of an AI-native bank by becoming faster, simpler, and more flexible. This will allow us to stay closer to our customers and introduce new products more quickly.Speaking of efficiency, China’s AI-powered WeBank serves 420 million customers with just 2,000 employees, more than half of whom are engineers. This is not the future of banking. This is the present of banking, right now, in another part of the world. The question is: do we want it?- Let us talk about customers. Do they already feel that AI has improved their lives? Do they notice its presence at all? How will artificial intelligence change your customers’ lives in the future?- The best artificial intelligence in banking is invisible. It is when the customer receives the best product, solution, advice, and result quickly, in clear human language, and in a way that is convenient for them. When a suspicious transaction is blocked, the customer does not think, “Artificial intelligence protected me.” They think, “My bank protected me.” This invisibility is not a shortcoming. It demonstrates that the technology is serving its true purpose, quietly, invisibly, reliably, and seamlessly. By the way, we have no intention of positioning Evocabank as an AI-driven bank. People do not want to deal with code or a robot. We do not want to lose the advantages and strengths we have acquired over 36 years of active competition and changing economic conditions, our humanity, our personality, the experience of our team members, the wisdom accumulated over the years, and our relationships with customers. While preserving our advantages, we must be transformed.I also believe consumers are not particularly interested in whether a company uses AI or not. What matters to them is their experience. AI is our internal decision, our most important tool, and now also our responsibility. The customer is interested in the outcome, not the process. Returning to the question of how AI will change customers’ lives in the future? Three factors are important for our customers. First is the speed, the actions that previously required days will take seconds. The second is personalization, products and advice tailored to the specific nature of each customer, rather than a general profile. And the third and most important is trust.I sincerely believe that AI will do for financial accessibility what the internet did for access to information. It will make high-quality professional financial guidance accessible to everyone. Today, personalized financial services at the bank are available only to large clients, but AI will work for everyone, for the students opening their first account, the family saving for their children’s education, and the small business owners who have never had a financial advisor in their lives. That is precisely the future toward which we are moving. A smarter, more accessible, and human-centric bank, where technology covers the more complex and repetitive tasks so that our team can focus entirely on human conversation.- Transformations always raise questions regarding people’s skills, roles, and mindsets. How are you preparing the Evocabank team for an AI-powered future?- Of course, people understand that AI is changing their work, but not everyone yet comprehends how and to what extent. There are individuals who simply do not believe in AI, feeling it “does not threaten them.” There are those who fear AI, and some believe in it but do not know how or where to apply it. We also have hyper-enthusiasts who view AI as a magic wand that will solve all problems on its own through the power of thought. It is necessary to work with each group in a tailored manner, demonstrating AI’s capabilities, limitations, and the principles of its ethical application.We have developed an AI adaptation roadmap in the bank that involves working with everyone. Recently, more than 70 of the bank’s executives completed a training program specially designed and organized for Evoca’s needs by MIT, one of the world’s top universities. Our team leaders developed new skills and a mindset on how to apply and manage AI. Furthermore, we have organized AI training courses for the entire team of the bank, which include both theoretical and practical components, providing clear tools and solutions that are ready to use. Soon, we will also launch AI experience sharing sessions among the staff, where team members who effectively apply AI in their work or daily lives will share their experiences with the team. People embrace peer-to-peer knowledge sharing much more easily than advice or instructions handed down by a trainer or a supervisor.By the way, the vision and transformation toward an AI-oriented future are most actively led by the bank’s shareholders and encouraged by the Board of Directors. This demonstrates that these changes are truly important to us and hold primary significance. Changes can come from both the internal and external worlds, but they must be managed within the company. The team must clearly see where the organization is heading, what type of behavior is encouraged, and which projects are being approved. Change management does not happen automatically. An immense amount of work must be carried out with the people. We must achieve a healthy interaction between the team and AI, avoiding toxic relationships such as over-dependence on AI, or conversely, skepticism and fear. We must ensure that AI becomes an inseparable superpower for our employees and that Evoca possesses the advantages of an AI-native bank.- Do you see Armenia as having a unique regional opportunity in the fields of artificial intelligence and fintech? What role can Evocabank play in this story?- We are in a phase of historic opportunities and transformations.As a relatively small country, we have never allowed our limits to define our ambitions. We have deep engineering talent, a globally connected diaspora, a government that has made technology a national priority, and now something that very few countries in our region can proudly state.Firebird, in collaboration with NVIDIA, is building one of the world’s five largest artificial intelligence computing clusters here in Armenia. This is a project that places Armenia on the global technological map. When Jensen Huang says, “Artificial intelligence factories are the infrastructure of the 21st century,” and that infrastructure is being built in Armenia, it is a massive achievement. Evocabank is already part of the implementation of this AI mega-project, as it has participated in financing amounting to USD 300 million.But our role does not end there. As I mentioned, we are establishing our own AI Hub, where AI solutions will be created not only for use within Evoca and Armenia, but also for export to countries around the world.- If you imagine Evocabank five years from now, what will it actually look like?- I envision the future as sustainable and tech-driven. Instead of “Mobile First” solutions, we will have native AI products and invisible processes in the future.Internal efficiency will then allow us to take the next step, establishing an international presence, with representative offices and branches in Europe and the United States. Yet for our customers, we will always remain a stable, reliable, fast, and supportive companion throughout their lives.Karen Yeghiazaryan was interviewed by Khoren OrmanyanThe photos are generated by AI Tweet Views 422