After 30 years of contributing to Armenia’s financial sector, Andranik Grigoryan, CEO of Converse Bank, continues to focus on innovation through a range of mobile and digital services designed to enhance the customer experience.
Converse Bank has a notable history, starting as the first bank in independent Armenia to be established with foreign investment. This initiative was led by Eduardo Eurnekian, an Argentine-Armenian businessman, who remains a significant shareholder.
Converse Bank’s reputation for innovation is reflected in its practices and technological advancements. The bank has consistently integrated industry best practices and customer feedback into its operations. Technology has played a central role, with ongoing updates to mobile applications, back-office automation, and the development of a call center.
“We have consistently embraced innovation in the banking sector, implementing solutions that have positively impacted our growth,” said Andranik Grigoryan, CEO of Converse Bank.
A prime example of this innovation is Converse Points, a program introduced over a decade ago to encourage non-cash transactions. It remains the longest-running customer incentive initiative in Armenian banking, allowing customers to earn points for non-cash transactions and redeem them for rewards.
Other significant initiatives include the mConverse mobile app for individuals and mobile and electronic card services for businesses.
“Our flexible approach, modern services, and transparent interactions make us a reliable partner for both individuals and businesses,” Grigoryan added.
Adapting to Digital Demands
As a relatively young institution, Converse Bank prioritizes digitization to meet evolving customer expectations. “Customers want digital tools that simplify their lives, offer quality services effortlessly, and allow them to manage their finances without needing to visit a branch,” Grigoryan noted.
Recent digital advancements include biometric identification and account opening options via the mobile app, enhancing both security and convenience. New digital tools also allow users to change PIN codes and perform card-to-cash transactions online.
For businesses, Converse Bank has developed digital platforms and services to improve operational efficiency and customer service.
A major current project involves digitizing lines of credit and creating a digital archive, which will help automate other banking processes in the future. This will speed up business operations, save time for customers, and improve service delivery.
Increased automation is expected to enhance decision-making and cybersecurity, ultimately enabling customers to handle their banking needs entirely through mobile platforms, reducing the need for physical branch visits.
Business clients can also access a currency conversion platform with competitive rates across about 35 currency pairs, with plans to expand to include more financial tools.
Focusing on Mobile Banking
Aligned with its digital strategy, mobile banking is a key focus for Converse Bank. The mobile platform offers access to accounts, cards, loans, investments, transfers, and payments, ensuring essential services are available on the go.
“The availability of comprehensive banking services through our mobile app is crucial,” Grigoryan said.
The app also facilitates account management, card ordering, and access to special services without needing to visit a branch. Continuous development, driven by user feedback, includes updates and the upcoming release of a more advanced mobile banking app.
Looking Ahead
Converse Bank’s commitment to digital evolution continues with plans to further automate business processes and enhance the delivery of high-quality advice through digital platforms, all within a secure and accessible environment.
“Our aim is to offer a comprehensive suite of online banking services that are user-friendly and meet diverse customer needs,” Grigoryan explained.
Ultimately, Converse Bank envisions its branches serving primarily as support centers, with most banking activities conducted online. “We strive to be a trusted partner in all financial matters, providing the convenience of handling most banking services digitally,” concluded Grigoryan.
