For decades, banking was built around the privileged few. Traditional financial systems rewarded scale and stability, but they left most people underserved. In many markets, the unbanked weren’t just overlooked; they were excluded entirely.
Vazgen Gevorkyan saw this gap differently. To him, financial inclusion was not a charitable act, but a competitive edge. His work in transforming Armenia’s Evocabank was grounded in a simple question: what if banks became the cornerstone of access, not exclusion?
Breaking from Legacy Models
When Gevorkyan began leading the bank through its transformation, research showed that customers saw traditional banks as distant and corporate. That perception reflected reality: long lines, rigid systems, and products that didn’t match everyday needs. He understood that this was more than a service problem; it was a strategic threat.
Legacy models were not built for the customer of today, let alone tomorrow. For Gevorkyan, banking had to evolve. In 2014, years before “digital-first” became standard language in global finance, he insisted that every service must be accessible through mobile. This was the foundation of Evocabank’s “Mobile First” philosophy.
Inclusion as Growth
Financial inclusion in Gevorkyan’s hands was not about lowering standards, but about raising relevance. By reducing friction, cutting certain rates, and expanding access to young families, he widened the base of participation in the financial system. These steps pulled thousands of new clients into formal banking.
The results were not just social, they were financial. Bank assets grew, product portfolios diversified, and digital adoption accelerated. Growth was tied directly to opening the system rather than narrowing it.
Trust as the Differentiator
Technology made inclusion possible, but trust made it sustainable. Gevorkyan emphasizes that no amount of digital innovation matters without credibility. Customers adopt systems when they feel their money and their future are safe. For him, human centricity—not features or apps—was the real competitive advantage.
Trust was built through clear communication, consistent service, and a cultural shift inside the bank itself. Professionals were empowered to think ahead and act with ownership, ensuring the institution operated with the same clarity it asked of its clients.
Lessons for Business Leaders
Gevorkyan’s perspective on financial inclusion offers lessons well beyond banking:
- Access creates growth: Expanding the base of participation strengthens the system.
- Legacy systems expire: Business models must evolve with customer needs, not against them.
- Technology is a tool, not a trust substitute: True adoption comes when people feel understood and secure.
A Builder’s Lens
Looking back, Gevorkyan frames financial inclusion as an evolution in systems thinking. It was not about charity or image. It was about relevance. By building structures that included rather than excluded, he ensured both business performance and societal value.
As he now turns his focus toward mentorship and advisory work, this lesson endures: industries that open their doors to more people don’t just serve society better, they position themselves to last.
The post Banking on the Unbanked: Vazgen Gevorkyan’s View of Financial Inclusion as Strategy appeared first on International Business Times.
