Karen Yeghiazaryan: New technologies and AI are not short-term deviations, but our new reality

Ahead of the Fest, Newmag had the opportunity to talk with Karen Yeghiazaryan, the Chairman of the Management Board of Evocabank. Reflecting on Evocabank's innovative approach, he elaborated on their strategy:

"Evocabank places a strong emphasis on integrating new technologies. However, we always remember that these technologies, including artificial intelligence, are designed to enhance people's lives, making everyday tasks more efficient and convenient. We aim to foster deeper connections with each of our clients and provide effective solutions to their financial needs."

In today's digital age, how does one prioritize real-world experiences over social and technological distractions?

"I believe there's no need—and it's ineffective—to oppose social networks and technologies. They've become integral parts of our reality. People now communicate, learn, and engage online. The key is not to resist technology but to harness it effectively through appropriate platforms. The internet and social networks offer vast opportunities for learning, self-development, communication, and work."

As for professional literature, which books have left a lasting impact on your work?

"I always try to find time for new books to read. I think the following books are must-read for modern leaders:

• Sunil Gupta “Driving Digital Strategy”
• Matt Ridley “How Innovation Works”
• Charles A. O'Reilly III And Michael L. Tushman “Lead And Disrupt”
• Andrew Binns, Charles A. O'Reilly III, Michael Tushman “Corporate Explorer: How Corporations Beat Startups at the Innovation Game”
• Clayton Christensen  “The Innovator's Dilemma” 

Are there any books you re-read and what was the last one?

Let me mention a few books that I sometimes re-read

• Robert Greene, "The 48 Laws of Power"
• Sun Tzu, "The Art of War"
• Niccolo Machiavelli, "The Prince"

I would like to single out the book "The Remains of the Day" written by Kazuo Ishiguro, winner of the Nobel Prize. At first glance, it may seem like a historical novel, but upon analysis, we notice that the book, as well as the film of the same name, present deep issues of management. And the last book I read is "The Sheikh CEO" by Yasar Jarrar. Having worked for many years in the office of the Sheikh of Dubai, he wrote the book "The Sheikh CEO" about the leadership principles and successes of Mohammed bin Rashid Al-Maktoum.

Newmag also showcased Henry Kissinger's "The Age of AI: And Our Human Future" at the Summer Fest, with studies indicating that 48 percent of companies utilize AI components. How does Evocabank use artificial intelligence and in which areas?

"AI is integral to our operations across various domains—credit assessment, biometric identification, financial analysis, and marketing. We're currently developing new AI projects focused on CRM enhancements and customer engagement. Interestingly, the image accompanying this interview was generated using AI technology."

Regarding concerns surrounding AI's impact on human capital, what are Evocabank's predictions for the future?

"The capabilities of AI are rapidly evolving. While some traditional roles may diminish, AI also creates new opportunities and professions—AI programmers, content creators, and artists, to name a few. It's crucial to adapt proactively, retrain, and redefine professions. AI should be viewed as an augmentation rather than a replacement. Similar to historical resistance against calculators, embracing AI opens doors to innovative possibilities."

An intriguing example is Canadian startup BlueDot's AI-driven prediction of the coronavirus epidemic—a testament to AI's potential in proactive problem-solving. Although many say that AI will replace 80 million jobs, it is predicted that 97 million new jobs will be created by AI technologies by 2025.

In any era, knowledge remains our primary asset. It's through continuous learning and development that individuals, companies, and nations achieve leadership and success. How does Evocabank foster employee education, skill development, and readiness for the digital world?

"Education and self-development take an important place in our team. Learning with us is encouraged in various aspects. First, the bank implements several training programs. It also finances the participation of our teammates in various professional courses, conferences, and expos.

When our employee decides to choose a master's or other long-term program, the bank finances half of the fee. This model significantly eases the employee's financial burden while balancing motivation and interest in learning.

All our management staff have international qualifications.

The process of obtaining a qualification is completely provided by Evoca, starting from the acquisition of professional books, and preparatory courses to the qualification exams. Our environment and people "force" us to continuously self-educate and develop."

How to be ready for the digital world, what knowledge or perhaps human character qualities are needed for it?

To be agile - flexible and fast. I'm not just talking about work, but general life and relationships.

Get oriented quickly.

Fail fast – if you fail, fail fast. Don't waste time on ineffective ideas or tools.

Not to oppose and fight against technologies and trends. They are not short-term deviations, but our new reality. Not being guided by stereotypes, being able to transform and adapt to a changing environment.

How did the idea of the Digital Library come about, and what awaits visitors at #dibrary?

When designing the Tumanyan branch, we aimed for it to have an innovative and distinctive concept. We decided to open a unique hall next to the branch: a learning hub-cafe-library-coworking space. The concept was the first and is still the only one in Armenia. DLAA, Digital Library Association of Armenia, Avetik Isahakyan Library and American Corner Yerevan supported us in opening Dibrary. Thanks to their support, in Dibrary you can use the materials of such publishers for free, whose membership is quite expensive and inaccessible to many.

Dibrary has now become a popular destination for reading enthusiasts. There are both classic and contemporary bestselling literature on a wide variety of topics and languages. Here we hold book presentations, thematic events, business meetings, presentations, etc.

How and when did the cooperation with the Newmag Publishing House begin?

We started the partnership in 2022 when we decided to participate in Newmag Summer Fest 2022 as the General Sponsor. As a financial institution, we always strive to encourage educational programs of public importance. Then the bank financed the book "The Naked Truth" about one of the modern business bestsellers, Kim Kardashian. It is a business book about the success of the projects of the Kardashian family.

In 2023, the Bank became the General Sponsor of Summer Fest 2023, for the second time. In 2024, we funded the publication of the first Armenian-language book on project management, which was presented at the Newmag Winter Fest 2024.

And now we have become the General Sponsor of the Summer Fest 2024.