AFM partners with imID: financial product applications now carry verified digital identity

Armenia's financial marketplace (AFM.am) becomes the first to link the choice of a banking product with the user's verified digital identity — raising the quality of incoming applications for banks while shortening the path from comparison to submission for customers.

AFM, Armenia's financial marketplace, has launched an integration with imID — digital identity and trust service provider of Armenia. Users now verify their identity at the very moment of submitting a financial product application: in a single tap, with no passwords, forms, or manual data entry.

For the market, this is a shift in logic. Until now, banks received only "cold" interest — an application whose identity still had to be verified. AFM changes that: the application reaches the bank with the user's identity already verified through imID. The bank gets an engaged customer it can start working with right away.

What it means for the partner bank

1. Higher quality of the incoming flow. Each application comes with a verified identity rather than self-entered data that still needs to be re-checked.
2. Shorter processing cycle. Fewer drop-offs at the verification stage — meaning a higher share of applications that reach product issuance.
3. A managed digital channel. imID runs on multi-factor authentication and advanced encryption, with identity verified under the user's control and explicit consent — reducing operational and compliance risk on the bank's side.

What it means for the user

imID lets users confirm their identity and share verified data — name, phone number — in a single tap, straight from their phone, with no passwords or paper procedures. The path from comparing products on AFM to submitting an application becomes seamless: choose a product, confirm your identity with imID, submit the application, get a decision.

What it means for the Armenian market

AFM is the first in Armenia to connect financial product comparison with legally valid digital identity. This brings the online processing of banking products to the level expected in mature fintech markets, where identity is confirmed not manually, but through trusted infrastructure.

"A marketplace is valuable to a bank not for traffic, but for the quality and volume of its applications. The integration with imID means a bank receives from AFM not just user interest, but an application with a verified identity — ready to be processed. We are closing the distance between the customer's intent and the bank's decision. The next stage in the evolution of a financial marketplace is not more offers on the shelf, but a higher quality of transition from choice to application. Digital identity is the foundation of that quality," said Ivan Cheban, CTO of AFM.

"People expect digital services to be simple and immediate. Users should not need to repeatedly enter information, remember passwords, or go through additional verification steps when trusted identity infrastructure already exists. With AFM, we are making identity confirmation almost invisible in the customer journey — secure, legally valid, and completed in a single interaction," said Armen A. Avakian, CPMO of imID

AFM will continue to develop its digital application infrastructure so that users in Armenia can find, compare, and apply for financial products online — and banks receive applications of a new quality.