How to turn fintech into a solution organization

I’m not in jargon.

Being solution-oriented means using strategic and holistic thinking on a problem

I understand why it is important in the context of a specialized business. Still, I strongly believe in connecting as human beings first, and I love getting to know my clients personally to fully understand their business, ethos, and principles.

All this is to say: I resisted the word “solution” when I first heard it. I thought it sounded like a more jargony way of saying that someone was a problem solver. However, the word kept popping up. On podcasts and in articles. It seemed to be everywhere.

So I threw myself down, and I searched for a definition of the word. This led me to the website of the Institute for Humane Education, where I learned that being a solution is completely different than being a problem solver. This is also where I was completely inspired by this concept and could not stop thinking about the wonderful people I work with who I will now describe as solution workers.

According to the Department of Human Education, the definition of solvent is one that strives to make choices and support systems that do the most good and the least harm. There are some who are always looking for the inhuman and unsustainable and developing transformative solutions, and finding ways to make the world more humane and sustainable. It goes beyond doing the best we can in a limited system and towards imaginatively changing the systems themselves.

Being solution-oriented means using critical systems and strategic and holistic thinking on a problem to design and implement plans that do the most good and do not end up causing damage in other areas. This is where solutionism and environmental, social and governance policy (ESG) are most closely linked – good ESG policy and communication will work together. So many projects that have a positive impact on the environment also have a social impact, and the corporate governance policy will probably also have a positive impact on the communities you work in.

One fintech company that tackles these various factors is GoHenry. It provides prepaid cards to young people and parents who are unsure of how to teach their children about money management in today’s economic climate with subscription services, online gaming payments and cashless shops. But it does not stop there – GoHenry is also committed to teaching the young people it earns about sensible financial decisions through its money orders, and gamifies to earn rewards and save towards goals. On top of this, the cards are now made of biodegradable material and a tree is planted through their collaboration with Eden Reforestation every time their cards are used.

An example of a solution-oriented person is Muhammad Yunus, a Bangladeshi “banker to the poor” who saw how traditional banking systems did not serve poor communities and started Grameen Bank, which lends microloans to let people from poorer communities set up businesses and lift themselves out of poverty in an empowering way. Yunus values ​​education, which is at the heart of Grameen Bank – he believes in teaching customers his sound financial principles so they can manage their money more easily.

Yunus’ approach has had a huge impact, triggering social and economic change and promoting gender equality – 94% of the company’s microloan recipients have been women, and it has inspired hundreds of more organizations to provide microloans.

A significant part of what the Institute for Humane Education teaches is that changes must be made by teaching young people to approach problems in this way, but also by being positive in the face of the problems we face. As I outlined in last month’s column, positive mental health is crucial if we are to continue to think creatively, solve problems and not throw ourselves under the pressure of the challenges we face.

In addition to teaching the young people in our lives to do this, those of us who are in a position to make it easier for these young people to make better choices should do so. We can communicate the positive changes our companies are making and highlight the good they are doing in all areas. Not only will you win business from a new generation that values ​​companies that have a positive impact, you can also inspire them to tackle a problem in their world with a solution-oriented mindset.

This is what I found so exciting about the solution-oriented approach: with solution thinking that works to meet challenges by solving the problems in the system, the impact can be large and far-reaching. The positive impact this has on young people who see it, can make them think in a more solution-oriented way, and address problems in their worlds – which in turn can affect beyond the immediate problem.

I’m going to leave today’s column with a request – take a moment and imagine the change you can make simply by taking a solution-oriented approach to fintech’s ESG policies.

About the author

Gihan Hyde is the award-winning communications specialist and founder of CommUnique, an ESG communications startup.

She has implemented ESG campaigns in eight sectors, in six countries over the past 20 years.

Her campaigns have had a positive impact on over 150,000 employees and 200,000 customers and have concluded over £ 300 million in investment agreements. Some of the clients she has advised include the World Health Organization (WHO), HSBC, Barclays, M&S, SUEZ, Grundfos, Philip Morris, USAID and the Saudi government.

Get in touch with Gihan via LinkedIn or Twitter @gehanam.