Open Innovation is a concept and practice of businesses and organizations sourcing ideas and solutions from external sources as well as internal ones. Open innovation in banking relates innovation programs i.e. hackathons, incubation, acceleration but also to availability of product integration towards API services.
We have created our innovation center to support and nurture the digital transformation drive that has been undertaken at IBA. We are upscaling our web and mobile services through our digitalization program. The Innovation Center will pave the way to sourcing ideas and solutions externally and internally in improving the current digital services.
IBA Innovation Center is an innovation initiative that supports the Bank’s digital and online services through startups with new technology ideas, products, solutions or services. IBA Innovation Center is well aligned with the IBA’s strategy to expand SME and retail banking solutions by leveraging innovation and technology.
Our primary goal is to enable a leading and sustainable fintech ecosystem in Azerbaijan and its region. We aspire to foster innovation in financial services, enhancing digital platforms for SMEs and individuals, bringing up best talents towards programming languages, supporting entrepreneurs for their innovative ideas, and making the most out of the new technologies i.e. Artificial Intelligence, Distributed Ledger Technologies, automation and mobile services.
Hackathons, incubation, acceleration, corporate entrepreneurship, open banking and IBA Tech are the main programs under the Innovation Center. There are also community and capacity building activities that are organized and delivered within the same scope.