"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."
Armenian banking operated for decades with a corporate focus that marginalized everyday customers and maintained outdated processes. Market research in 2014-2015 exposed a clear disconnect as citizens spent more time on phones than in branches and sought digital convenience. A mobile-first strategy emerged to deliver fast, simple, reliable services via mobile devices. Evocabank developed EvocaTouch, a universal payment system accessible to holders of any bank card, designed for inclusivity and broad resident access. The platform offered 24-hour functionality, one-click commission-free fine payments, and multi-device workflows enabling collaboration among accountants, financial directors, and CEOs.
Read at Business Matters
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