Head of PR at IDBank, Tatevik Vardevanyan, told Regional Post about their CSR project titled “The Power of 1 Dram” and some other responsibility initiatives implemented jointly by IDBank and Idram.
Text : Margarit Mirzoyan
Photo : Idram
Real-time change
IDBank and Idram have continuously implemented dozens of CSR projects that tackle diverse issues. Around three years ago, the companies devised an exact strategy to map their directions regarding corporate social responsibility initiatives. “The Power of 1 Dram” became the flagship project of their strategy. The idea of the project is pretty simple – each time someone makes a payment via the Idram payment system, namely Idram.am, IDBanking.am, payment terminals of the Bank, and, of course, the Idram&IDBank application, companies contribute 1 AMD to this project. The nuance is that this scheme works only for payment transactions, not transfers.
Initially, the companies would choose a particular project and finance it via the fund accumulated over several months, but now they mostly fund one project each month, thus managing to support a more significant number of initiatives. At this moment, the initiative surpassed the 132,000,000 AMD mark. You can follow via the application how each second someone makes a payment and the number changes in real-time. “Any organization is obliged to return a part of its profits to its society to address the problems and demands of that society,” says Mrs. Vardevanyan, “Our CSR projects reflect our attitude towards our country, illustrating our willingness to support its prosperous and more sustainable future.”
Strategic thinking
The Idram&IDBank application and website display both the ongoing project that will receive the collected fund by the end of the program and the previous projects that have already received support. These also allow you to see the amount you’ve contributed to a specific project without actually spending any of your own money since it’s not the customer who pays, but Idram and IDBank that transfer 1 AMD each time you pay. According to Tatevik, they decided not to charge the customers this 1 AMD because just making this payment allows people to express their goodwill and join this global initiative. Furthermore, Idram users regularly express their desire to make this payment on their own and want to contribute even more than 1 AMD. Considering this interest, the companies are thinking of adding relevant features in the future.
In the initially identified strategy, security, healthcare, education, and the environment are the critical areas on the radar of IDBank and Idram. But before identifying which foundation to support, companies consider the current concerns of society and the needs of the country. “When the 2020 war started, of course, our priorities shifted to defense. After the war, we added educational and rehabilitation projects for servicemen, supporting such initiatives as the 4090 Charitable Foundation, the Homeland Defender’s Rehabilitation Center, Rehabilitation City of Heroes, the 1000+ foundation, etc. Then we again turned to other areas of interest, but when the situation escalated in September 2022, the servicemen-related projects became predominant within our scope,” says Mrs. Vardevanyan.
Accountable to society
“The Power of 1 Dram” project doesn’t have a deadline, Idram and IDBank consider CSR projects from a long-term perspective as they believe that a company should be accountable to the society in which it operates. “If we were a company that harms the environment, we would focus on eco-friendly projects, but in the case of a Bank, we don’t do any harm, we even benefit the country’s economy. Thus, CSR projects serve as a means of expressing our gratitude to our customers,” says Mrs. Vardevanyan, “We think that this is our country, we do business here, and besides paying taxes and other obligations, we should return something to our ecosystem.” In parallel with this, the companies implement dozens of short-term projects, but with “The Power of 1 Dram”, they bring a more extensive solution that is more understandable and impactful for the public. Mrs. Vardevanyan highlighted that companies usually don’t have clear CSR strategies, but when IDBank and Idram started this project, they already had a strategy with exact directions central to the company, and it made their lives a lot easier. “Corporate philanthropy can have a one-time nature and be aimed at solving one or more problems, while CSR has a strategy, and we as a responsible company pursue this strategy to deliver a more systemic approach to the problems of our very own community.”
Industry-specific CSR
It is no coincidence that Idram and IDBank have chosen education, health care, defense, and environmental protection as the main directions of “The Power of 1 Dram” project. Since the companies firmly believe that these areas require constant interventions, and it is the development of these areas that will lead to the reduction of poverty. Besides that, the companies also try to tackle industry-specific issues, namely financial literacy. They have started a series of webinars with the “Ayb” Foundation, in the framework of which they talk to children about financial literacy. The companies also use media and digital platforms to regularly present articles, videos, and other materials educating the citizens about counterfeiting. “Recently, we launched the Idram Junior application, intended for children up to 16 years old, teaching them how to properly manage their money, make online payments, collect savings, and set financial goals. This is yet another way to create a financially literate society,” says Mrs. Vardevanyan.
The culture of giving
By implementing CSR projects, IDBank and Idram try to develop the mindset of their customers while also contributing to establishing a solid corporate culture. The people working here are also proud to be part of a company that constantly emphasizes responsible projects. In 2022, the companies allocated a considerable amount of their corporate budget for New Year’s Eve to the House of Soldiers Center. They also began a campaign under the “Do Good” motto. They teamed up with Tumo Studios to prepare souvenirs in the form of little pins. Companies sent three pins to those to whom they were to send a New Year present. Thus, the recipient of the gift already became a contributor because the budget of his gift would be directed to charity by the companies: one pin remained for the recipient of the gift, and the other two pins were to be sent by the recipient to two other people, actually challenging them to do good. A number of companies and many individuals joined this initiative.
The beneficiary of “The Power of one dram” for July is the “Children of Armenia” Fund.
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