How hackathons can help redefine your ESG communications and product strategy
Hackathons are dynamic events where individuals come together to solve pressing challenges through technology and creativity.
Hackathons are an impactful way for fintechs to harness their tech prowess for the greater good
These intense brainstorming and development sessions often span a day or two, bringing together tech enthusiasts, developers, designers, and sometimes even subject matter experts to collaborate intensively on software projects.
But I am not telling you anything you already don’t know, especially as the tech sector practically invented the principle.
I was first introduced to the concept when a client commissioned me to advise them on how to change the mindset of their 75,000 employees and help them understand why the company had committed to a set of ambitious environmental, social, and governance (ESG) targets.
By running a hackathon, I was able to help the company’s employees and suppliers understand why they should join its ESG journey.
The essence of a hackathon lies in its ability to bring together minds from diverse fields—tech enthusiasts, developers, designers, and subject matter experts—to collaborate on software projects or innovative solutions within a constrained timeframe. This high-energy setting encourages participants to step out of their comfort zones, fostering a unique blend of innovation and problem-solving prowess.
One of the most compelling applications of hackathons is in the realm of sustainability and ESG. These events have the potential to propel significant advancements in how we approach environmental stewardship, social responsibility, and transparent governance.
No one knows your company better than your employees and stakeholders, so it’s important to bring them along with you on your ESG journey. By directing the hackathon’s focus towards sustainability challenges, participants can develop ground-breaking solutions that promote resource efficiency, equitable social policies, and robust governance practices.
But what’s in it for you as a fintech? Well, hackathons offer a unique opportunity to leverage your technological expertise and innovative mindset to address sustainability and ESG communication challenges.
Effective ESG communication is paramount for fintechs, especially those looking to attract ESG-focused investors and environmentally conscious customers. Here’s where the hackathon model can be particularly beneficial. By organising or participating in hackathons with a focus on sustainability, fintechs can:
- Innovate for transparency: Your company could develop tools and platforms that enable transparent reporting and tracking of ESG goals. This could include blockchain-based solutions for immutable record-keeping of ESG data or AI-driven analytics for assessing ESG performance.
- Enhance customer engagement: You could create apps or platforms that educate and engage customers on ESG investing. Gamification of ESG investing or personalised sustainability scores for investment portfolios could significantly boost customer interest and participation in sustainable finance.
- Cultivate a community: You could use hackathons to foster a community of like-minded individuals and organisations passionate about sustainability. This community could become a valuable resource for sharing best practices, collaborating on projects, and driving collective action towards ESG goals.
For fintechs aiming to organise a hackathon, inclusivity should be a priority. Ensure diversity among participants to bring a wide range of perspectives to the table. Clearly articulate the challenges to be addressed, provide access to mentors and resources, and create an environment that encourages innovation and risk-taking.
In conclusion, hackathons represent a dynamic and impactful way for fintechs to harness their technological prowess for the greater good. By focusing on sustainability and ESG challenges, these events can lead to the development of innovative solutions that not only drive business growth but also contribute to a more sustainable and equitable world.
About the author
Gihan Hyde is the award-winning communication specialist and founder of CommUnique, an ESG communication start-up.
She has been implementing ESG campaigns in eight sectors, across six countries over the past 20 years.
Her campaigns have positively impacted over 150,000 employees and 200,000 customers and have closed over £300m in investment deals. Some of the clients she has advised include The World Health Organisation (WHO), HSBC, Barclays, M&S, SUEZ, Grundfos, Philip Morris, USAID, and the Saudi Government.
Get in touch with Gihan through LinkedIn or X @gehanam.
