After three decades of helping shape the Armenian financial market, CEO of Andranik Grigoryan Converse Bank continues to prioritize innovation through a range of mobile and digital services to transform and improve the customer experience.
Throughout its 30-year history, Converse Bank has been a trendsetter in Armenia. This started with it being the first bank established with foreign investment since the country’s independence – led by main shareholder Eduardo Eurnekian, an Argentinian-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 based on knowledge and customer experience. Technology in particular was central, with regular updates of mobile applications, back office automation and the development of a call center.
“We have always been at the forefront of innovation in the banking industry and have introduced breakthrough solutions that have significantly influenced our development,” said Andranik Grigoryan, CEO of Converse Bank.
Converse Points has been a good example of this. It was introduced more than a decade ago to promote non-cash transactions and is now the longest-standing customer incentive project in Armenian banking, allowing customers to collect points for non-cash transactions and redeem them for gifts.
Other notable initiatives include the mConverse mobile app for individuals and mobile and electronic mapping services for legal entities.
“With a flexible approach, modern services and transparent customer interactions, we are a reliable partner for companies and private individuals,” says Grigoryan.
Rewriting the digital roadmap
As a relatively young bank, digitalization is inevitably central to its 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, deliver quality services effortlessly and enable them to manage their finances without visiting a bank branch.”
For example, Converse Bank recently introduced biometric identification and account opening options through its mobile app, increasing security and convenience. Other new digital tools offer the ability to change PINs and make card-to-cash transactions without a physical card through online banking.
Digital platforms, products and services have now been implemented for companies to increase the efficiency of the bank’s activities for these customers.
Providing such services requires different solutions and tools to meet the needs of the market. With this in mind, one of Converse Bank’s key ongoing projects is digitizing lines of credit and creating a digital archive.
This initiative will also serve as a blueprint for automating other banking processes in the future – accelerating business operations, saving customers time and delivering quality services in a timely manner.
At the same time, greater automation will support more objective decision-making and cybersecurity. “This will soon allow customers to conduct their banking activities entirely through mobile banking, eliminating the need to go to a physical branch,” Grigoryan explains.
Business customers can also take advantage of a currency conversion platform, with preferential rates on approximately 35 currency pairs currently, and plan to expand its features to include more financial market instruments over time.
Meeting mobile needs
In line with its digital ambition, mobile banking remains an important part of Converse Bank’s agenda.
Key features of the mobile platform include access to accounts, cards, loans, investments, transfers and payments, making all essential banking services available to customers on the go. “It is important to us that all basic banking services are available and accessible on mobile,” Grigoryan said.
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 under special conditions.
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 new and more extensive mobile banking app being rolled out soon to further improve the customer experience.
A doubling of digital
This next phase of mobile banking underlines the desire to continue innovating as part of a broader digital journey.
“Our goal is to offer a comprehensive suite of online banking services that are easy to use and meet the diverse needs of our customers,” explains Grigoryan.
Plans include further automating business processes to improve efficiency, and delivering high-quality advice via digital platforms – all within a safe and inclusive environment for users.
Ultimately, Converse Bank branches will only be needed to provide technical support to customers. “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.
