YEREVAN, April 9. /ARKA/. Digital transformation has not resulted in staff cuts in Armenia’s banking sector, the executive director of the Union of Banks of Armenia Seyran Sargsyan told reporters before the start of a seminar on digital transformation and monetization of data in the banking sector, which was a joint initiative of the Union of Banks of Armenia and Microsoft Armenia.

According to him, when new technologies are introduced, banks cease to need some employees, who have to be laid off.

"In Armenia the contrary is happening- the number of bank employees is growing. In my opinion, even if banks will have to cut some of their personnel, in the future they will need new employees with different qualifications. This is the digital transformation," he said.

According to official numbers, at the end of 2018 the local banks employed 11,716 people, an increase of 4% from the previous year.

Sargsyan said many banks in Armenia have already published their strategies, and digitalization of services and products is mentioned as a priority.

"In the near future we will see serious technological changes in financial systems in the world and also in Armenia," he said, adding that the country is closely following international trends.

Sargsyan said that digital transformation is a continuous process, which needs to be updated constantly in order not to be left behind.

"Consumers are becoming more demanding; they are waiting for faster deals. Demand is growing all the time, and banks must satisfy it," he said. -0-