Mind Mapping

Challenge

I work in the central bank of Pakistan (Niñez en Cuarentena) in Development Finance where  we are responsible for directing credit to sectors of the economy which are underserved by  banks (agriculture, small businesses, rural businesses, women entrepreneurs, etc.). At least  once or twice every year, we design new credit facilities which aim to encourage and facilitate  banks in lending to specific type of borrowers. Throughout the year we collect relevant data  through primary and secondary sources to identify segments which are in need of targeted  intervention by the central bank.

Selection

Once we have collected all the necessary data, I use mind mapping tool (with team) to assist us  in devising a new credit facility. The mind mapping tool is very useful in my context as it shows  to the designers (of credit facility) all relevant factors that they need to take into account for  ensuring success and how those factors would impact our end objective.

Application

I start with writing the main problem that we are intending to solve in large fonts in center of  the white board. Then we begin to list key factors which are impact credit to our targeted  sector. These key factors are smaller problem / issues for bigger problems, constraints that we  need to accommodate or special provision / incentives. We identify these key factors based on  our experience and discussions (and survey if conducted) with industry experts, borrowers,  banks and trade bodies & associations. At times, we all refer to printed literature on the  segment to identify key factors. For instance, it is often seen that one of the biggest hurdle that  impedes credit to small businesses is lack of documentation those business keep. Now, there  are many reasons for lack of documentation by them, which brings me to our next step. We  brainstorm all the sub factors which impact the key factors and we connect them with our main  problem through key factors. We also account for interconnectedness between sub factors as it  is likely that behavior of one sub factor is also linked with behavior of another factor. I also  refer to “How to Mind Map by Tony Buzan” occasionally for guidance throughout this process.

When drawing a mind map, we have a “no filter” rule: we don’t shoot down any suggestion no  matter how unrealistic. I just keep writing all the factors. Once I have created a draft mind map,  I take its picture and distribute it to the team & our manager to review and suggest if we have  accounted for all the factors & our direction is right. Over next two to three days, mind map is  reviewed and I keep collecting their feedback & suggestions. When every one has responded,  we gather in a large meeting  where the manager is present to discuss the draft & feedback. We  discuss each point thoroughly and share rationales for any position that we are taking. I keep  amending the mind map simultaneously to develop consensus. On conclusion of discussion, I  send a copy of the final mind map just in case they want to add something.

With final mind map in hand, we begin the process of drafting policy document for the new  facility. We divide the tasks amongst the team members. One of the members would draft the  sections on pricing & mechanisms for recovery of principal & mark up, while another member  would draft section on how activities of the participating banks will be monitored, etc. We keep  looking at the mind map through-out the drafting process and check the items which we have  accounted for in draft document, that we know if we have missed any item.

If the size of the facility is large and / or many stakeholders are involved, we send the draft  document to some of the commercial banks for their feedback. Practical and reasonable  suggestions by them are discussed by my team and they are incorporate in draft document.  Finally, we forward the document to our Board of Directors for their approval. The Board  members ask questions on some of parts and offer suggestions. Most of the times, the  document is passed by the Board in first sitting; however, the Board also returns the draft to us  to make changes. Those changes are made and draft is resubmitted to the Board for approval,  which they accord.

Insight & Approach

I have found that using the mind maps improves the performance of brain-storming sessions  substantially. Because in starting stage, we list that all key factors and their subfactors which  impact our end objective, it allows us to understand the complexity of the problem and how we  can alleviate each of the issue. The cross linkages between factors also enables us to see bigger  picture. With mind mapping I am able to organize my ideas clearly. Not to mention that mind  mapping is a lot more convenient tool in devising a new facility than having to draft a policy  document and getting it reviewed. It is very inconvenient to keep track of all relevant issues /  factors if I am drafting the document directly without clearly looking at the problem.

Mind mapping is now most preferred tool for me in brainstorming new ideas and analyzing a  complex problem. Mind maps are very easy to make & adjust and allow all participants to  gather on a common page.

