In Ecuador, 1.3 million seniors face ageism, often losing jobs due to misconceptions about their productivity. This impacts the economy, financial well-being, and demand for banking services, while increasing credit risk. As a leading financial institution, Banco del Pacífico has a responsibility to contribute to the communities it serves and address social issues like ageism and unemployment among seniors.

The Senior Economy's objectives were:

- Shift the perception of seniors from a burden to an untapped market.

- Reintegrate seniors into the workforce.

- Promote the value of seniors' experience by putting a price on it.

- Create a sustainable model benefiting seniors and businesses.

- Foster economic growth and social impact.

By addressing senior unemployment, Banco del Pacífico aimed to value seniors' experience, stimulate economic growth, create new opportunities, and promote financial inclusion for a marginalized population segment. This would lead to increased demand for the bank's services, a more diversified and stable customer base, and an enhanced reputation as a socially responsible institution.

Banco del Pacífico's strategy in developing the Senior Economy involved a creative interpretation of the business challenge: transforming ageism into an opportunity. The bank recognized the untapped potential of seniors and the need for struggling businesses to access affordable expertise.

The approach involved several innovative steps:

- Collecting seniors' resumes and analyzing their skills, job history, and experience.

- Assigning an economic value to seniors' experience through a scoring system.

- Cross-referencing the new senior database with an existing database of struggling businesses to identify specific skills required.

- Matching seniors' skills to businesses' needs, fostering symbiotic relationships.

The process demonstrated creativity through testing, engagement, and experimentation, as the bank ventured into new territory by connecting two seemingly unrelated groups. The solution's design showcased innovation by creating an entirely new economic model, turning seniors' experience into a valuable commodity.

This breakthrough thinking allowed Banco del Pacífico to change the perception of seniors, reintegrate them into the workforce, and create a sustainable model that benefitted both seniors and businesses. In doing so, the bank demonstrated its commitment to social responsibility and its ability to generate transformative change through creative problem-solving.

The initiative made a significant positive difference in people's lives. Seniors regained a sense of purpose and financial stability, while businesses benefited from their expertise, leading to improved performance and growth. This circular commerce model also inspired other companies to consider the untapped potential of senior adults in their own operations.

The quality of execution was evident in the seamless integration of the new economic model into Banco del Pacífico's existing infrastructure. By utilizing its existing database of struggling businesses and developing a platform inside de bank's website for seniors to upload their resumes, the bank efficiently facilitated connections between seniors and businesses in need. This not only showcased the bank's commitment to creative problem-solving but also highlighted its ability to adapt and transform its operations to address evolving societal needs.

Through the Senior Economy, Banco del Pacífico not only demonstrated its dedication to social responsibility but also proved that creative thinking and innovative solutions could drive transformative change, making a lasting positive impact on countless lives.

Business impact: Businesses experienced an average revenue increase of 15% and growth of 12% by utilizing seniors' expertise. The influx of 19,593 seniors on the platform increased demand for the bank's services, resulting in new deposits and a stable source of funds.

Delivery of original objectives: Banco del Pacífico created 10,862 successful matches, providing participating seniors with a stable influx of work. This initiative fostered economic growth and social impact, achieving the bank's objectives.

Positive perception and CLV: A 27% increase in positive perception and high satisfaction ratings (88% seniors, 90% businesses) strengthened customer loyalty and long-term value for the bank.

Productivity and operational efficiencies: The initiative leveraged the bank's existing infrastructure and databases, efficiently connecting seniors and businesses. The increased flow of funds within the bank benefited its financial health.

In conclusion, the Senior Economy initiative highlights Banco del Pacífico's commitment to social responsibility, creativity, and innovation, addressing complex societal issues while generating positive business results and enhancing its reputation. This creative business transformation fosters economic growth, social impact, and long-term success.

Ageism is a significant problem that affects 1.3 million older adults in Ecuador, causing them to face discrimination in the workplace. The Senior Economy initiative aimed to combat this issue by promoting the value of seniors' experience and expertise and providing them with opportunities to continue working and sharing their knowledge with the younger generations.

The initiative has been successful in highlighting the value that seniors bring to the workforce, and their years of acquired experience and expertise should be recognized and appreciated. As a result, it has received praise in Ecuador for its innovative approach to addressing a social problem while also providing economic benefits to struggling businesses.