Vazgen Gevorkyan: biography, enterprise – CEOWORLD journal

Vazgen Gevorkyan: Advancing Armenia’s Digital Banking Panorama Via Strategic Management 

Vazgen Gevorkyan has performed a key function in redefining the Armenian banking expertise via his considerate administration strategy and forward-looking digital philosophy. Within the following interview, he displays on the guiding rules that helped form considered one of Armenia’s most outstanding mobile-first banks.

Between 2014 and 2017, you led a big transformation of a conventional financial institution, ensuing within the creation of Evocabank. This went past a reputation change—it was a full-scale reimagining. What motivated this shift?  

Vazgen Gevorkyan: We performed analysis that exposed deep dissatisfaction amongst Armenian banking prospects. The findings confirmed that many individuals felt underserved by establishments that appeared centered solely on company shoppers. What they wished was a financial institution that would perceive and help their on a regular basis lives. The title Evocabank, derived from “evolution” and “evoke,” mirrored our imaginative and prescient: to evolve the banking expertise and encourage ambition in our shoppers. This was not a superficial rebrand—it addressed an actual hole available in the market. We acknowledged the necessity for a financial institution that would function a companion in each private {and professional} improvement.

Your philosophy of “structure as an alternative of micromanagement” has formed a lot of your management fashion. How did this affect the financial institution’s digital transformation, significantly within the improvement of EvocaTouch? 

Vazgen Gevorkyan: By structure, I imply constructing clear programs that function reliably with out fixed intervention. Once we adopted our Cell First technique, I didn’t dictate particular options. I merely ensured that our framework required seamless service throughout gadgets. The staff created EvocaTouch to permit easy transitions between laptop, smartphone, and pill—with out disruption. What made it significantly efficient was its openness: EvocaTouch might settle for playing cards from any financial institution, functioning as a common cost terminal. Whereas many banks restrict entry to their platforms, we prioritized openness and accessibility. This strategy set new expectations within the Armenian market and helped set up the financial institution’s place as a digital chief. At present, the financial institution continues to face out for its sturdy presence on social media and has earned greater than 50 worldwide awards in recognition of its efforts.

You’re acknowledged for embracing skilled delegation. How did this precept affect inside tradition and customer support requirements? 

Vazgen Gevorkyan: Skilled delegation begins with assembling the appropriate staff—individuals who carry ardour together with related experience. For key roles, we relied on extremely expert professionals. I consider that giant objectives are achievable while you give attention to imaginative and prescient and empower your staff. For instance, in the course of the transformation of our department community, I didn’t script interactions. I merely outlined the aim: each buyer ought to really feel understood and revered. Groups had been inspired to find out the easiest way to ship on that. We additionally launched coaching and internship applications for college college students—not solely to strengthen the expertise pipeline but additionally to assist tackle youth unemployment. This tradition of autonomy and steady enchancment made a tangible impression. Armenian banking was typically seen as inflexible and overly formal. Our mannequin helped shift that notion. When workers care deeply about their work, prospects discover—and that’s what drove our success.

Evocabank has been acknowledged internationally by establishments like World Finance and SME Banking Membership. How did your management rules translate into these outcomes? 

Vazgen Gevorkyan: Strategic management means aligning folks, processes, and long-term objectives. We by no means pursued recognition for its personal sake. Our focus was on constructing one thing significant and enduring. The awards from World Finance, SME Banking Membership, and others are a testomony to the energy of the groups and the readability of the shared imaginative and prescient. With the appropriate construction and considerate delegation, sturdy outcomes observe naturally. These acknowledgments mirrored our dedication to excellence and confirmed {that a} native establishment might function at a world commonplace.

You stepped again from every day operations in 2020. Reflecting in your time on the financial institution, what are you most pleased with, and what recommendation would you supply to others embarking on digital transformations? 

Vazgen Gevorkyan: I’m most pleased with the tradition we constructed—one the place folks felt trusted to assume independently and serve with care. That tradition continued to thrive even after I stepped away. Digital transformation is not only about expertise—it’s about mindset. It’s about how folks work and resolve issues. My recommendation to different leaders is to start out with a robust basis: set a transparent imaginative and prescient, rent succesful and motivated people, and belief them to execute. Probably the most significant innovation is human-centric. In case your digital technique doesn’t improve accessibility, simplicity, and belief, it gained’t endure.

What had been the key challenges in reshaping the financial institution? 

Vazgen Gevorkyan: We confronted a number of. The establishment had lengthy been seen as corporate-focused, and the broader tradition favored in-person service. Some questioned the necessity for speedy worldwide integration, however I believed it was important. There have been additionally societal hurdles—as an example, ladies entrepreneurs typically confronted pointless limitations to credit score. We addressed these points via a mix of analysis, inclusive insurance policies, and a cultural shift. We modernized our bodily areas, shifted inside mindsets, and supported entrepreneurship via devoted applications. Partnerships with establishments like SWIFT and MasterCard Europe had been pursued early on, as a result of we noticed them as important to long-term alternative. In the end, this wasn’t nearly rebranding a financial institution—it was about reframing expectations and introducing a brand new mind-set.

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