After 30 years of helping shape Armenia’s financial market, Andranik Grigoryan Converse Bank’s CEO is continuing to prioritise innovation via an array of mobile and digital services to transform and enhance the customer experience.

Throughout its 30-year history, Converse Bank has been a trendsetter in Armenia. This began with it as the first bank since the country became independent to be set up with foreign investment – led by principal shareholder Eduardo Eurnekian, an Argentine-Armenian businessman.

Being a pioneer seems to be in Converse Bank’s DNA. It has consistently applied best practices across its operations, creating business processes informed by knowledge and customer experience. In particular, technology has been a key focus, with regular updates to mobile applications, automation of the back office and the development of a call centre.

“We have always been at the forefront of innovation in the banking sector, introducing groundbreaking solutions that have significantly impacted our development,” said Andranik Grigoryan, Converse Bank’s chief executive officer.

Converse Points has been a good example of this. Introduced more than a decade ago to promote non-cash transactions, it is now the longest-standing customer incentive project in Armenian banking, allowing customers to collect points for non-cash transactions and exchange them for gifts.

Other notable initiatives include the mConverse mobile app for individuals, and mobile and electronic card services for legal entities.

“With a flexible approach, modern services and transparent customer interactions, we are a reliable partner for businesses and individuals,” Grigoryan added.

Rewriting the digital roadmap

Inevitably, as a relatively young bank, digitisation is central to the strategy. And according to Grigoryan, this is driven by customer expectations. “They demand the creation, development and implementation of digital tools that simplify their lives, provide quality services effortlessly and allow them to manage their finances without visiting a bank branch.”

For instance, Converse Bank recently introduced biometric identification and account opening options through its mobile app, enhancing security and convenience. Other new digital tools offer the ability to change PIN codes and make card-to-cash transactions without a physical card via online banking.

For businesses, meanwhile, digital platforms, products and services have been implemented to enhance the efficiency of the bank’s operations for these customers.

To deliver such services requires various solutions and tools to meet the needs of the market. With this in mind, one of Converse Bank’s main current projects is digitising lines of credit and creating a digital archive.

This initiative will also serve as a blueprint for automating other bank processes in the future – in turn accelerating business operations, saving time for customers and delivering quality services in a timely manner.

At the same time, greater automation will support more objective decision-making and cybersecurity. “As a result, customers will soon be able to conduct their banking activities entirely through mobile banking, eliminating the need to visit a physical branch,” explained Grigoryan.

Business customers are also able to leverage a currency conversion platform, with preferential rates across roughly 35 currency pairs at the moment, and plans to expand the functions over time to include more financial market tools.

Meeting mobile needs

In sync with its digital ambition, mobile banking remains a key part of Converse Bank’s agenda.

The main features of its mobile platform include access to accounts, cards, loans, investments, transfers and payments, ensuring all essential banking services are available to customers on the go. “It’s important for us that all basic banking services are presented and accessible in mobile,” added Grigoryan.

The mobile app also allows customers to subscribe to various banking services without visiting a branch, such as opening accounts, ordering cards and accessing services on special terms.

At the same time, there is a strong commitment to the ongoing development of these tools, driven by user feedback. This is reflected in regular updates, with a completely updated and more comprehensive mobile banking app soon to be rolled out, to further enhance the customer experience.

Doubling-down on digital

This next phase of mobile banking highlights the desire to continue innovating as part of a broader digital journey.

“Our goal is to provide a comprehensive suite of online banking services that are user-friendly and meet the diverse needs of our customers,” explained Grigoryan.

Plans include further automation of business processes to enhance efficiency, and the delivery of high-quality advice through digital platforms – all within a safe and inclusive environment for users.

Ultimately, Converse Bank’s branches will only be needed to give customers technical support. “Our vision is to become a trusted friend, partner and advisor to our customers in all their financial matters, providing them with the convenience of conducting most banking activities online,” said Grigoryan.