Digitalization of Armenia’s Banking Sector: AFM Research Findings Ahead of 2026

The AFM team analyzed the Armenian-language versions of the official websites of Armenia’s commercial banks and found that by late 2025 and early 2026, the digitalization of banking services had shifted from an auxiliary service to a core operating model for banks.

This is not about promotional campaigns, but about tangible changes in banking products and customer service processes.

In the fourth quarter of 2025, AMIO Bank made its mobile application the primary channel for opening deposits. Fixed-term deposits in Armenian drams can be opened fully online, with higher interest rates offered compared to deposits opened at physical branches. This reflects a broader banking strategy of encouraging customers to use digital channels through product conditions.

At the same time, the transition to cashless payments is accelerating. Between December 24, 2025 and January 24, 2026, Evocabank introduced an additional +10% cashback on payments made with Evoca Mastercard cards. The increased cashback was applied automatically and aimed at reducing cash usage.

Digitalization is also affecting investment products. In December 2025, Converse Bank introduced the ability to purchase corporate bonds directly through the Converse Mobile application, without visiting a branch or completing paper-based procedures. Investment instruments are gradually moving into a digital retail format.

Credit processes are also being simplified. In late 2025, Ardshinbank updated its mortgage refinancing program by adding a digital service scenario, including preliminary online calculation of terms and online application submission without an initial visit to the bank.

An additional factor strengthening digitalization in 2026 is the transition of pension payments exclusively to bank cards. From this year, pension payments in Armenia are made solely via bank cards. Pension disbursement through Haypost post offices and cash payments has been discontinued. As a result, a significant portion of the population will be required to open bank accounts and interact with banks through cards, ATMs, and digital channels.

Based on the research, the AFM team concluded that the digitalization of Armenia’s banking sector has become a structural and irreversible process. Deposits, payments, investments, and credit operations are increasingly moving to mobile applications, while banks are increasingly perceived as digital platforms rather than physical branches.