Episode 24

full
Published on:

14th Nov 2023

Deconstructing AI and Digital Transformation in Financial Services | Ara Abrahamyan, Board Advisor at Cognaize & Ameriabank

Incorporating AI in your tech stack is a digital transformation project among both big banks and FinTechs. To do it well it’s important first we understand the challenges of both digital transformation and AI.

In today’s episode Ara Abrahamyan shares with us his wealth of experience working in digital transformation projects in the largest banks in Europe and his experience working in the AI space in Financial Services.

We discuss how the DNA of FinTechs and incumbent banks are different, his fascinating career journey, how to breach the world between innovative tech, while still being able to stay in line and constraints with their priorities and pressure from investors, the struggles of implementing modern technology, and the role of culture in digital transformation.

We then move on to AI.

We discuss the biggest challenges when adopting AI, what to take into account to create an AI strategy, How Cognaize is helping Financial Services companies and the concept of “hybrid Intelligence” which is part of Cognaize’s proposition.

Ara is a Board Advisor at Ameriabank, an innovative bank in Armenia, and at Cognaize and AI FinTech.

If you enjoy this Purpose Driven FinTech episode it would mean the world if you subscribe and give it a follow so that we can have more impact. Remember to connect in YouTube or LinkedIn to keep the conversation going.

Let’s dive into it!

👉 You can find Ara here

👉 And you can find Monica here:

We cover:

(01:25) Discussion on Purposeful Fintechs

(04:52) Ara's Career Journey

(09:10) Role of Purpose in AmeriBank and Cognize

(12:10) Challenges in Implementing Digital Transformation

(23:56) Introduction to Cognize

(25:39) Challenges in Adopting AI Technologies

(29:46) Planning AI Strategy

(34:25) Impact of AI in Building Purpose-Driven Fintechs


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Production and marketing by Monica Millares. For inquiries about coaching, collabs, sponsoring the podcast or creating or editing your podcast email fintechwithmoni@gmail.com


Disclaimer: This episode does not constitute professional nor financial advice and does not represent the opinion nor views of my current, past or future employers. The guest has agreed to record and release our conversation for the use of this podcast and promotion in social media.

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About the Podcast

Purpose Driven FinTech (& AI in FinTech)
Building FinTech Products & AI in FinTech with Impact
Welcome to Purpose Driven FinTech!

I'm your host, Monica Millares - Product Leader and fellow FinTecher.

These days, with the rising cost of living, financial stress among customers, loss of trust in banks, speculation of crypto, and uncertainty, we're facing unprecedented challenges. But there is hope. We as FinTechers have the power to make a positive impact.

Our products, the how we do product, and our people can make a difference on customers’ financial lives - and as a result, in the quality of their lives.

However, more than ever Founders, CEOs, Leadership teams and all FinTechers have a ton of pressure to build solutions that actually solve customer problems, that people want, that are differentiated And profitable

Yes that's you and me too!

That's why I've created this podcast!

I speak with Founders, Product Leaders, VCs, and industry experts to uncover their stories, challenges, and lessons learnt in building products with impact.

You'll get to hear real-life conversations, and you’ll walk away with practical questions, frameworks and insights that you can apply to your own FinTech products. So, are you ready to make a bigger difference in FinTech?

Let's come together and discover how Purpose, Product, and People can help us create a future of better financial wellbeing while building sustainable and profitable FinTechs.

Follow me on LinkedIn, TikTok, and  YouTube to stay connected and be part of the conversation.

Cheers to making better FinTech and making FinTech better!

Love, Moni 

About your host

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Monica Millares

Monica advocates for financial safety for all. She is the Product Principal at BigPay, where she leads Product and Design. As part of the founding team, Monica led building BigPay’s product from zero to one, to multi product line, and international expansion. Her leadership shaped the culture and ways of working to grow from startup to scaleup. BigPay has over 1.4 million customers, and has presence in Malaysia, Singapore and Thailand.

Monica has almost 20 years’ experience in Financial Services. Prior to BigPay, she was one of the first joiners in UK’s challenger Tandem Bank, where she focused on building credit cards from scratch. Previously she worked in leading Financial Services brands like Visa, Barclays, and a Mexican Development Bank.

She sits on the Board of PayEd, and is recognised as Singapore’s #Fintech65 Product Leaders and Women in FinTech. She’s been multiple times speaker at the prestigious conference Money2020 and shared stage with JP Morgan, Standard Chartered Bank, Konsentus, and Money2020’s Rise Up. Her commitment to innovation and financial inclusion resonates in her podcast “Purpose Driven FinTech” where she explores how FinTech’s can have 10x more impact.

Monica has a background in Engineering and a Master’s Degree on Analysis, Design, and Management of Information Systems from the London School of Economics.