Using the ‘Theory of Change’
In order to drive the change and set the right approach to generate a tangible social impact, we have adopted the ‘Theory of Change’ (ToC) framework.
This widely used methodology for planning, managing and evaluating the social impact of a programme or initiative allows us to identify how well our social impact programmes are working.
To apply the ToC framework to Social Impact Banking, we first identified the outcomes we wanted to achieve.
- the generation of social and economic wellbeing for individuals and territories;
- renforcing the culture of social impact both internally and externally through employee commitment, client’s engagement and relevant partnerships.
We then needed to define the steps required to work towards these goals.
These have been defined as:
• Inputs – The resources invested in carrying out the activities, which include, for example, financial, human, social, and material resources.
• Outputs – Direct, tangible and measurable products of activities that contribute to achieving the outcomes.
• Outcomes – The tangible effects of our support that represent the positive changes experienced by funded clients and the target beneficiaries of their initiatives.