On August 18, 2026, the financial marketplace AFM.am published the AFM AI Visibility Index. This is the first index in Armenia to measure the probability that an AI model will name a specific bank when answering a customer’s question about a banking product.
Residents of Armenia are increasingly turning to ChatGPT or Gemini rather than search engines. They receive a single answer naming one bank, at most three. This index measures how often banks are mentioned in AI responses.
The first edition is based on 600 measurements collected in August 2026. Seventeen Armenian banks were included in the calculation:
The key result: the market is highly concentrated
According to the AFM AI Visibility Index, Ameriabank ranks first with a score of 82.7, Inecobank is second with 64.7, and Evocabank is third with 51.2.
The market is highly concentrated. Ameriabank is named first in 26.7% of all AI answers about banking products.
Every bank has its own territory
The categories of questions are divided among different players, and the market leader does not win everywhere:
For example, in questions about loans and purchases, Inecobank is first with a frequency of 34.8%.
Interesting findings
Ameriabank is the most frequently mentioned bank, yet in its case, AI quotes specific rates, limits, or fees only 42.9% of the time.
AFM.am will continue to publish the AI Visibility Index quarterly, with the next release due in November 2026.
