<abstract><p>In this paper, we introduce a new fixed point iterative scheme called the AG iterative scheme that is used to approximate the fixed point of a contraction mapping in a uniformly convex Banach space. The iterative scheme is used to prove some convergence result. The stability of the new scheme is shown. Furthermore, weak convergence of Suzuki's generalized non-expansive mapping satisfying condition (C) is shown. The rate of convergence result is proved and it is demonstrated via an illustrative example which shows that our iterative scheme converges faster than the Picard, Mann, Noor, Picard-Mann, M and Thakur iterative schemes. Data dependence results for the iterative scheme are shown. Finally, our result is used to approximate the solution of a nonlinear fractional differential equation of Caputo type.</p></abstract>