Banking Transformed: How Vazgen Gevorkyan Helped Build a Digital-First Financial Institution

Vazgen Gevorkyan began his journey in banking in 1999, contributing to the development of a conventional financial institution that, over two decades, evolved into a technology-focused platform. Through a methodical approach to digitization and customer engagement, the institution reshaped the country’s banking sector, setting new standards for service and operational effectiveness.

Educational Foundations for a Career in Finance

Vazgen Gevorkyan’s path to financial leadership was underpinned by a diverse academic background. He earned his first degree in geological sciences from Yerevan State University in 1993, equipping him with strong analytical and problem-solving skills. These capabilities later informed his focus on systemic efficiency in the financial world. In 1996, recognizing the need for management acumen, Mr. Gevorkyan enrolled in the Academy of National Economy. He completed the two-year program while working full-time, gaining a foundation in business operations and organizational leadership. His academic development continued with a focus on finance. In 2003, he was awarded a Candidate of Economic Sciences degree for his dissertation on Resource Conservation Management as a Factor in Increasing Enterprise Competitiveness—research that reinforced his long-standing emphasis on efficiency. He completed an MBA with a banking specialization at the same academy the following year.

Contributing to a Changing Banking Landscape

Mr. Gevorkyan began his work with a registered commercial financial institution in 1999. His early focus was on connecting the bank to international systems and expanding its capabilities. Under his guidance, the institution gained SWIFT access in 2000 and became a shareholder in the ArCa payment system by 2005. Strategic partnerships fueled growth. In 2006, the bank attained affiliate status with MasterCard Europe and began issuing a range of cards. By 2012, Global Finance recognized it as one of the world’s top sub-custodian banks and the leading performer in this category domestically for two consecutive years. By 2014–2015, market research revealed that the institution was largely viewed as corporate-centric and disconnected from everyday clients. Further studies, initiated by Mr. Gevorkyan, helped identify user needs and digital preferences, leading to a comprehensive rebranding and transformation of the operational model. The rebranded institution emerged as Evocabank, reflecting a commitment to evolution and customer responsiveness. The transition introduced a digital-first philosophy and a refreshed organizational culture rooted in accessibility, transparency, innovation, and reliability. The changes were comprehensive, requiring a shift in mindset at every level—from front-line teams to leadership. Mr. Gevorkyan advocated for a values-based approach, moving away from control-heavy management toward a structure based on trust and professional autonomy. Strategic leadership became the focus, while empowered professionals took on operational responsibility. Crucially, the transformation addressed genuine user expectations, fostering a culture of innovation and service improvement throughout the organization.

Mobile First: A New Standard for Financial Services

Evocabank’s Mobile First strategy marked a significant departure from legacy banking models. While retaining reimagined physical branches for complex services, the bank focused primarily on mobile and digital access via the EvocaTouch platform. This platform allowed users from any bank to engage with services seamlessly across multiple devices. EvocaTouch set new benchmarks in the region, featuring cross-device functionality, intuitive design, 24/7 service, and tools like commission-free traffic fine payments. Many of its features have since become standard across the industry. The bank’s evolution was recognized internationally. Global Finance named Evocabank the best digital consumer bank in the country across several years, while SME Banking Club ranked it the top mobile bank for business in the wider region. The BACEE prize for international cooperation further highlighted its role in cross-border financial integration. Mr. Gevorkyan transitioned out of day-to-day operations in 2020, transferring his ownership stake while the bank continued to operate in alignment with the strategic principles and systems established during his tenure.

Strategic Advising and Cross-Sector Engagement

Beyond banking, Vazgen Gevorkyan has focused his expertise on investment and advisory roles across diverse sectors. In 2007, he acquired land for the development of a luxury resort complex, which was completed in 2013 and later recognized as the country’s top countryside hotel in the 2023 National Hotel Awards. He exited this venture in May 2023. Currently, his advisory work centers on a territorial development company implementing both commercial and social initiatives. His role includes providing strategic insight on development planning and market positioning, emphasizing capital efficiency and sustainable growth. He also serves as an advisor to a charitable foundation that supports programs in education, culture, healthcare, and infrastructure. These include professional exchange programs, student internships abroad, and cultural exhibitions. The foundation aims to foster development in targeted areas and to promote environments that support active, high-quality living. In the United States, Mr. Gevorkyan advises a real estate development initiative launched in 2022. In December 2024, the first foundation stone was laid for a rental housing project—marking a new chapter in his international advisory portfolio.

Leadership Philosophy and Professional Legacy

Mr. Gevorkyan’s leadership style is anchored in three core principles: architectural thinking over micromanagement, strategic delegation to capable professionals, and long-term vision. He focused on building systems designed to operate independently and invested in internal talent development through structured training and empowerment. Across all ventures, he prioritized mindset and motivation over formal credentials, believing that a committed and thoughtful approach drives meaningful outcomes. His contributions to the financial sector—particularly the Mobile First approach and user-integrated digital experiences—helped shape modern banking standards in the region. Many of the innovations introduced during his tenure now serve as national benchmarks.

Biography

Vazgen Gevorkyan was born on June 5, 1971, in an Armenian village, the son of infrastructure construction workers. A strong student in mathematics and languages, he went on to build a career that spans banking, hospitality, real estate, and advisory leadership in both domestic and international contexts.