Senior Economy revolutionizes B2B relationships by showcasing creativity and innovation to tackle ageism and connect businesses with the untapped potential of senior adults. This physical and digital experience employs immersive brand storytelling, experiential marketing, and a multi-channel approach to strengthen relationships between businesses and senior adults. By redefining seniors as valuable resources and fostering mutually beneficial relationships, Senior Economy drives growth for businesses and Banco del Pacífico, while improving brand health and contributing to social progress.

Ecuador's 1.3 million senior adults face ageism, struggling to find employment due to negative stereotypes about their productivity. This issue impacts the economy, financial well-being, and demand for banking services while increasing credit risk. As a prominent financial institution committed to fostering economic growth and social progress, Banco del Pacífico aimed to transform the perception of seniors from a burden to an untapped market, while addressing the social issue of ageism and unemployment among seniors and contributing to the betterment of the communities we serve.

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 platform on their website where seniors could showcase their skills and businesses could tap into their vast knowledge. This immersive brand experience highlighted the benefits of hiring seniors, challenging ageist stereotypes, and fostering new connections between businesses, experienced workers, and the bank. Through a blend of physical and digital touchpoints, Senior Economy's cross-channel storytelling engaged businesses and senior adults, ultimately creating a win-win situation for both parties.

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.

In October 2022, the Senior Economy initiative was conceptualized and underwent development and testing before being officially launched in November of the same year. To determine the economic value of seniors' experience, a formula was created that relied on data from their resumes. Seniors were encouraged to submit their resumes and work history on the bank's website, which was used to calculate the value of their expertise.

Banco del Pacífico utilized a variety of channels, including online platforms, on-site banks, and social media, to promote the Senior Economy initiative and communicate the value of seniors' experience to businesses seeking their services. The initiative is ongoing and limited in scope to Ecuador, but has the potential to expand to other markets in the future.

• 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.

In Ecuador, 1.3 million senior adults face ageism and are often laid off due to the belief that they are no longer productive. The Senior Economy was a new economic concept that valued the experience of senior adults and sold it to struggling businesses that could benefit from their expertise. The idea was well-received in Ecuador by the public and the media, as it addressed a social problem and created a new market for senior adults while also providing economic benefits to struggling businesses.