In this paper, we constructed a new and robust fixed point iterative scheme called the UO iterative scheme for the approximation of a contraction mapping. The scheme converges strongly to the fixed point of a contraction mapping. A rate of convergence result is shown with an example, and our scheme, when compared, converges faster than some existing iterative schemes in the literature. Furthermore, the stability and data dependence results are shown. Our new scheme is applied in the approximation of the solution to the oxygen diffusion model. Finally, our results are applied in the approximation of the solution to the boundary value problems using Green’s functions with an example.