Fast Bank's new approaches to operational efficiency: Alik Stepanyan

Fast Bank is dynamically expanding the range of services and products it offers to its customers, placing customers and their needs at the center of its processes. The people behind these services are at the core of their development, ensuring their effectiveness through their experience and professional expertise. Today, we are speaking with Alik Stepanyan, Chief Operating Officer and Member of the Management Board of Fast Bank.

– Mr. Stepanyan, the block you lead has been established relatively recently. What led to the need to create such a block, and what objectives have you set for yourselves?

– You are right, the block as a team was established relatively recently, but operations have been part of the Bank since the very beginning. The need was mainly driven by the Bank’s rapid growth, and by growth I mean the increase in the number of customers, the growth in the volume of operations, as well as the growth of portfolio indicators.

The area of responsibility of the Operations Block starts from the very first contact with the customer and continues throughout the entire service process. We have set three main objectives.

The first is to ensure the continuity and efficiency of operations. The second is to improve the quality of customer service and customer satisfaction, including both internal and external customers. By internal customers, I mean employees of the Bank’s branches. External customers include individuals and legal entities, as well as regulators and other state authorities overseeing the Bank’s activities.

The third objective we are addressing is improving the CIR indicator, which essentially means reducing operating expenses while increasing efficiency. As a result, all these efforts lead to higher customer satisfaction and improved service quality.

– Mr. Stepanyan, what are the primary needs of the Bank’s customers today, and what tools or solutions have been introduced to address them?

– Perhaps the most important thing for a customer is fast service, without unnecessary paperwork and loss of time. To address this need, the Bank is implementing a number of initiatives.

The first is the development of new products on digital platforms, allowing customers to use the Bank’s products and services without visiting a branch.

The second is the optimization of operations, which involves shortening processes, eliminating unnecessary steps, and introducing automation. Of course, customers do not see this part directly; they see the end result.

The third is the introduction of an SLA system among the Bank’s employees. This means that each employee has a clearly defined timeframe for processing a customer’s request and bringing the relevant operation to completion. Bank employees strive to meet these timeframes during the processing of operations, which ultimately accelerates the services provided to customers.

Another important need, which customers may be less aware of compared to the importance of time, is security. This is a major priority for the Bank. In addition to numerous security systems, the Bank has established several teams working 24/7 to ensure the security of customers’ transactions and accounts.

– The introduction of new systems is certainly great, but what can you say about the efficiency of Fast Bank’s employees? How does the synergy between technology and human resources work?

– The importance of technological development is certainly very high. However, customer-centricity is perhaps equally relevant in banking, including from the customers’ perspective.

In other words, we place the customer at the center of our activities and communicate this message to all our employees. When selecting new employees, we look at whether a person is naturally customer-oriented or not.

The second factor is their ability to work with modern technologies. When an employee possesses both of these qualities, we achieve the synergy you mentioned.

– Mr. Stepanyan, how do you “listen” to your customers’ needs and respond to them? How do you understand people’s “relationship” with the Bank?

– This is a very important question, and I would like to answer it in the context of the previous questions as well.

There are several methods implemented at Fast Bank that work quite effectively.

The first method is that every customer complaint is reviewed at the highest levels of the Bank’s management. It is true that the number of complaints is very small compared to the volume of the Bank’s operations, but every complaint, if there is one, is important to the Bank.

The second method is conducting regular surveys and focus groups among customers to identify their needs, concerns, and expectations for the future.

The third method is collecting feedback from Bank employees who interact with customers on a daily basis. These employees receive direct information from customers about their needs and concerns.

The information collected through these three channels is consolidated and analyzed, and as a result, it shapes the Bank’s operational agenda.

– And finally, Mr. Stepanyan, in your opinion, what are the main and most important challenges facing the banking sector in Armenia at this point?

– Let me put it this way: in my opinion, the biggest challenge is the discrepancy between technological development and customers’ level of awareness and knowledge.

What I mean is that technologies and digital banking are developing faster than customers’ financial and technological literacy.

In this regard, Fast Bank, as a socially responsible organization, has set itself the goal of increasing the financial literacy of the population. We are taking concrete steps toward this goal, and a clear example is the expansion of our branch network throughout Armenia.

At first glance, it may seem that expanding the branch network alongside digitalization is not particularly appropriate. However, one of the primary purposes of the branch network is to educate the population and help customers transition to digital platforms by providing them with the necessary knowledge.

This will lead to faster customer service without unnecessary paperwork and, most importantly, will help customers learn how to use these systems safely.

Fast Bank continues to expand its range of services, offering fast, convenient, and secure financial solutions 24/7 in Yerevan and across all regions of Armenia.

Fast Bank is regulated by the Central Bank of the Republic of Armenia.