The Senior Economy initiative was established by Banco del Pacífico to combat the negative impact of ageism on 1.3 million senior adults in Ecuador who struggle to secure employment due to unfair perceptions of their productivity. This discrimination adversely affects the economy, financial stability, and demand for banking services while raising credit risk.

As a responsible financial institution, Banco del Pacífico recognizes the importance of addressing social issues like ageism and senior unemployment, and strives to make positive contributions to the communities it serves. With Senior Economy, we aimed to change the perception of seniors from being a burden to a valuable resource by reintegrating them into the workforce and promoting the value of their experience through a new economic model.

By fostering an inclusive employment environment, Senior Economy highlighted the importance of seniors and reinforced the bank's values and commitment to making a positive impact.

The concept that drove the creation of Senior Economy was to develop an innovative economic model that recognizes the value of the experience possessed by senior adults, assigning it an economic value that can be marketed to the businesses that could benefit the most from it.

The idea helped reintegrate senior individuals into the workforce in a manner that is both inclusive and forward-thinking while also helping struggling businesses survive the economic crisis and pay their debts to the bank back.

The strategy behind Senior Economy involved a data-driven approach that utilized the bank's website as a platform to gather and process information on the work experience of senior adults with resumes they submitted. The platform's capabilities of data gathering and processing made it able to calculate the economic value of seniors' expertise, providing a tangible metric for businesses to consider.

This approach not only demonstrated the worth of seniors' experience but also optimized the end-to-end customer journey by streamlining the process of matching experienced seniors with businesses in need of their services. The target audience was both seniors and struggling businesses in need of experience, and the bank's platform provided a relevant and efficient means of connecting the two.

The Senior Economy initiative was able to engage a broad audience and increase consumer engagement.

The Senior Economy initiative was launched in November of 2022, following extensive development and testing that began in October of the same year. This ongoing initiative utilizes a formula to calculate the monetary value of seniors' experience based on the data collected from their resumes, which are submitted through the platform in bancodelpacifico.com

To spread awareness of the initiative, Banco del Pacífico utilized all available communication channels, including online platforms, on-site banks, and social media. The aim was to communicate the value of seniors' experience and the benefits of the Senior Economy to businesses in need, extending beyond the database of seniors on the platform. The initiative is currently limited to Ecuador and has received widespread recognition for its innovative solution to ageism and its economic benefits for struggling businesses.

• 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 widespread issue that has a significant impact on the employment opportunities of 1.3 million older adults in Ecuador. The Senior Economy initiative was developed with the aim of addressing this issue by promoting the value of seniors' experience and expertise.

The initiative provided opportunities for senior adults to continue working and sharing their knowledge with younger generations. Through the implementation of this initiative, we were able to demonstrate that seniors have valuable contributions to offer in the workforce and that their experience and expertise should be recognized and appreciated.

The Senior Economy received positive feedback in Ecuador, where it was commended for its innovative approach to tackling a social issue while simultaneously supporting struggling businesses.