Thursday, July 20 2017 19:09
Karine Melikyan

HSBC: In Armenia exist wide availability of mobile communication facilitates the use and diversification of innovative technologies

HSBC: In Armenia exist wide availability of mobile communication  facilitates the use and diversification of innovative technologies

ArmInfo. A wide availability  of mobile communication exists  in Armenia, including  facilitates of use and diversification of  innovative technologies. The number of mobile subscribers in Armenia  reached 3.4 million, and the subscribers of the Internet package -  2.1 million.

As the Bank's press service told ArmInfo, according to the report,  Armenia has recently reported significant revenue growth in  Telecommunications and Information Technology sector - AMD  60,572.9mln. in 2017 compared to AMD 52,997.2 mln. in 2016, showing  high potential for further development. In addition, electronic  governance (e-governance) supported by the Government is also on the  rise, offering easy access to information and data management through  websites such as,,

These trends show overall positive outlook on technology sector  development in Armenia, including banking. 

Mihran Muradyan, Head of Retail Banking and Wealth Management, HSBC  Armenia noted: "The HSBC report shows that consumers demonstrate  trust and growing use of technology for managing their data and  finance, especially in Eastern countries. Technology is becoming  increasingly prevalent in our everyday lives, transforming  industries, including banking. We can see this trend spreading in  Armenia as well. To meet the ever evolving customer expectations,  HSBC Armenia has always been looking for ways to bring the best  technology solutions to customers - from the first ATM in the market,  to full scale Internet/Mobile Banking meeting the highest security  standards, to recently introduced MasterCard contactless cards  ensuring more convenience and higher personal data security for  customers."

HSBC's "Trust in New  Technologies" testifies there are clear reasons to be optimistic about the adoption and  attitude of countries in the East to new technology, with East having  overtaken the West in attitudes and adoption today, the full story  has yet to unfold.  

The data also show that, people believe their bank offering the  protection of their personal data security is as important as the  security for their finances (87%). However, people rely on  traditional passwords to confirm their identity (70%) with only a  fifth (21%) using fingerprint recognition and just 6% using voice  recognition, regardless of the security benefits.

When it comes to money management, people in China (48%) and India  (50%) are more likely to agree that computers can already provide  more accurate advice than humans, while just 18% in Canada and 21% in  the UK agree.  Meanwhile, Germany has the lowest adoption of  smartphone or tablet banking, with only 4% claiming it's their  preferred way of banking compared to 15% in the UAE and 9% in Hong  Kong. 

On the other hand, 50% of people in China and Germany still own a fax  and 39% of people in India own a pager, the highest percentages of  those countries surveyed. 

In Armenia, the wide access to web and mobile communication has  provided a sound ground for augmenting the use and diversification of  innovative technologies. At the end of 2015 the number of mobile  phone subscribers was 3.4 million, while the number of subscribers  with the access to internet was 2.1 million.

To recall, the headquarters of HSBC Holding - the parent structure of  HSBC - is in London. The group is represented in 70 countries through  its more than 4,000 offices. In particular, in Europe, Asia, North  and Latin America, as well as the Middle East and North Africa. HSBC  is one of the largest and most powerful financial groups in the  world. As of April 1, 2017, the Group's assets reached $ 2.416  billion.

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