Unibank allocates a budget of 1 million USD to stimulate internal innovations. This initiative is the other component of transformation program of Bank’s management system. 50% of financial results of first year obtained due to project implementation will be paid to author (or authors) of the innovation idea.
We have directed our questions about the initiative to Chairman of the Board of Directors of Unibank, Mr. Faig Huseynov:
- Faig muallim, Unibank has always stood out for its innovations. We constant news in terms of innovations and in introduction of new products to the market. Now you are about to present the market with yet another innovation. What this initiative is about?
- We have begun the process of stimulating internal innovations through the creation of special incentives framework as a part of the strategic development of the management system of the Bank. In order to support the internal innovations we have allocated the funding in the equivalent of 1 million USD. We are proud to note that in the banking sector of Azerbaijan this is the first project with this size of a budget allocated to the area of innovations.
- Can you tell us more about the project? For what purposes and where this big enough budget is planned to be allocated?
- The goal is to support ideas intended for the development of IT, business or managerial systems or the bank, as well as optimizations in our products and services. As results of the implementation of this innovative projects, the bank should obtain financial results. Proposed projects can also be proposals aimed at the reduction of bank operational expenses in one form or another.
If a Board of Directors the Bank makes a positive decision, the Author of the proposal (or new product) is granted the approval for the implementation of the project. The Author then directly manages it and become a guarantor for the results. Projects can be both short-term and long-term. The maximum project duration is 5 years. We have also approved the standard business plan forms for an innovative project or a new product.
50% of the financial results of the first year received after project implementation will be paid to author (or authors) of the idea.
- Can the persons who is not the member of Unibank’s staff submit their proposals?
- Of course, every employee of Unibank has the right to participate in this project. A person, who is not the employee of Unibank may submit a project by joining our team. We will be glad to see everyone who believes in his or her idea, initiative or the project – as a member of our team.
Persons wishing to submit their proposals can do that by special form of a business plan. Acceptance of projects will begin now and the implementation of approved projects will begin in the beginning of next year.
- Who will benefit of the application of this innovation for the banking sector?
- As a result of this initiative, all parties benefit: our employees, the bank and the society itself, as this project provides an opportunity to promote innovations. We hope that this project, which itself is the innovations in the banking sector aimed at optimization and digitalization of banking products and services, will become the foundation for the new trends in the market. Next year UniBank will continue the implementation of new initiatives within the framework of its strategic transformation.
In order to facilitate the admission of potential proposals from the outside of the bank, to control the confidentiality of communication and to protect the rights of persons applied, I, as a CEO of Unibank, has established the special secure channel for this communications. Persons who intend to submit their proposals or ask questions can write directly to me at ceo@unibank.az. All applications are treated with exclusive confidentiality.