Senior Economy exemplifies creative B2B innovation by leveraging cross-channel storytelling to connect businesses with the untapped potential of senior adults. By addressing ageism and fostering mutually beneficial relationships, Banco del Pacífico's Senior Economy initiative drives growth, improves brand health, and showcases the transformative power of a compelling narrative in B2B communications.

The Senior Economy initiative was established to address the challenges faced by 1.3 million senior adults in Ecuador, who experience ageism and struggle to find employment due to negative stereotypes about their productivity. This discrimination affects the economy, financial well-being, and demand for banking services while increasing credit risk.

Banco del Pacífico, as a leading financial institution, recognizes its responsibility to tackle social issues, such as ageism and unemployment among seniors, and to contribute positively to the communities we serve. For this reason, we sought to transform the perception of seniors from a burden to a valuable resource. The primary objectives of this innovative economic model were to reintegrate senior adults into the workforce and promote their value by creating a new business model that capitalizes on their experience.

Senior Economy highlighted the worth of seniors and reinforced the bank's values and dedication to fostering an inclusive employment landscape.

The creative idea behind Senior Economy was to develop a new economic model that valued the experience of senior adults by assigning an economic value to their expertise and connecting them with businesses that needed it the most. This innovative approach aimed to reintegrate seniors into the workforce in an inclusive and mutually beneficial manner.

The strategy behind Senior Economy involved using data to determine the value of senior adults' experience. Seniors who entered bancodelpacifico.com and submitted their resumes provided information on their past work experience, which was then used to calculate a score for each section, ultimately assigning an economic value to their expertise.

The target audience included both senior adults and businesses in need of experienced workers. A cross-channel storytelling approach was employed to promote the expertise of senior adults, leveraging Banco del Pacífico's various channels such as online platforms, on-site banks, social media, mailings, and virtual assistants. This multi-faceted approach enabled us to reach and engage a broader audience, emphasizing the value of seniors' experience and connecting them with businesses seeking their services, creating a win-win situation for both parties.

The Senior Economy initiative was developed and tested in October 2022, and officially launched in November of the same year. The initiative is still ongoing.

To implement the Senior Economy model, a formula was developed to calculate the price of seniors' experience based on the data collected from their resumes. A platform, on the bank's website (bancodelpacifico.com) was created for seniors to submit their resumes and share their work experience. This information was used to calculate the economic value of their experience using the developed formula.

The idea was promoted through all of Banco del Pacífico's channels (online platforms, on-site banks, social media, and more), effectively communicating the value of seniors' experience and the benefits of the Senior Economy to businesses in need, including those 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 is a pervasive issue that affects the work of 1.3 million older adults in Ecuador. The Senior Economy initiative aimed to combat this problem by promoting the value of seniors' experience and providing opportunities for them to continue working and sharing their knowledge with the next generation.

Through the initiative, we were able to show that seniors have a lot to offer in the workforce and that their experience and expertise should not be undervalued or overlooked.

Overall, the Senior Economy initiative was well received in Ecuador, where it was praised for its innovative approach to solving a social problem while also providing economic benefits to struggling businesses.