The Senior Economy initiative showcases a unique economic model that empowers seniors and struggling businesses, fostering unity and progress. By utilizing data-driven strategies and multi-channel communication, Banco del Pacífico effectively connected seniors with businesses seeking their expertise. This initiative highlights the transformative potential of creativity in developing targeted engagement strategies that resonate in business-to-business contexts, driving mutually beneficial relationships and leaving a lasting impact on all parties involved, including the bank's commercial growth.

Ecuador's 1.3 million senior adults face ageism, struggling to find employment due to negative stereotypes about their productivity. The economy, financial well-being, and demand for banking services are all affected by these issue, leading to an increase in credit risk. Banco del Pacífico, as a leading financial institution, recognizes its responsibility to address social issues like ageism and unemployment among seniors. For this reason, it aimed to transform the perception of seniors from a burden to an untapped market.

The main objectives of the Senior Economy initiative were to reintegrate senior adults into the workforce, promote their value by creating a new business model that places a price on their experience, and generate commercial growth for the bank. By showcasing the worth of seniors and reinforcing Banco del Pacífico's values, the initiative aimed to create a more inclusive and diverse employment landscape for businesses.

The creative idea behind Senior Economy was to develop an economic model that quantified and monetized senior adults' experience, transforming them from an overlooked demographic to an invaluable resource. By calculating the economic value of seniors' expertise, Banco del Pacífico devised a system where seniors' skills and businesses' needs could meet. This immersive brand experience highlighted the benefits of hiring seniors, challenging ageist stereotypes, and fostering new connections between businesses, experienced workers, and the bank.

The strategy behind Senior Economy centered on using data to calculate the value of seniors' experience. Seniors submitted their resumes on bancodelpacifico.com, providing information on their work history. This data was used to calculate a score for each section, assigning an economic value to their expertise.

Targeting senior adults and businesses needing experienced workers, we leveraged a cross-channel storytelling approach through Banco del Pacífico's channels (online platforms, on-site banks, social media, mailings, virtual assistant). This multi-faceted approach enabled us to reach a wider audience, emphasizing seniors' value and connecting them with businesses seeking their services.

Senior Economy was conceived in October 2022 and launched in November, with the initiative still ongoing. We developed a formula to calculate the price of seniors' experience and created inside the bank's website (bancodelpacifico.com) a platform for seniors to submit resumes and showcase their work experience.

The idea was promoted through Banco del Pacífico's channels (online platforms, on-site banks, social media, and more), effectively communicating the value of seniors' experience to businesses beyond our database. The scale of the initiative was limited to Ecuador.

Companies hiring senior adults through the platform saw an average revenue increase of 15% and 12% growth.

• Customer satisfaction ratings - Senior adults: 88%, Businesses: 90%.

• Over 19,593 senior adults joined, creating 10,862 successful matches.

• 29% of seniors secured stable clients, and 26% worked with multiple clients.

• The initiative led to a 35% increase in brand awareness and a 27% boost in positive perception for Banco del Pacífico.

• The Minister of Economy estimates that the Senior Economy program could contribute to a 0.40% increase in Ecuador's economic growth over 10 years.

The results demonstrate the initiative's ability to create commercial opportunities while addressing social issues, fostering economic growth and social impact, and enhancing the bank's reputation as a socially responsible institution.

Ageism affects 1.3 million senior adults in Ecuador who are often laid off under the assumption that they are no longer productive. The Senior Economy initiative introduced a new economic concept that places value on the experience of senior adults and allows them to sell it to struggling businesses that could benefit from their expertise.

The idea received positive feedback from the public and media as it not only addressed a social problem but also created a new market for senior adults, providing them with economic benefits while helping struggling businesses.