By leveraging data from seniors' resumes, the project turned their experience into a quantifiable, valuable asset that businesses could benefit from. The innovative use of data allowed for personalized matches between seniors and businesses, leading to improved outcomes and satisfaction for both parties. The data-driven approach not only helped seniors secure employment opportunities but also transformed struggling businesses into thriving enterprises. The Senior Economy initiative showcases how data can be creatively applied to solve social issues and drive economic growth, making it an exemplary contender for the Creative Data Lion.

Ecuador faces a unique challenge where 7% of the population are seniors, and 95% of them lack financial stability. This overlooked demographic has a wealth of experience, but their expertise often goes unrecognized and undervalued, this impacts the economy, financial well-being, and demand for banking services while increasing credit risk. Simultaneously, the country has a high rate of business creation, with 80% of these businesses failing within the first three years due to lack of experience and guidance.

Banco del Pacífico, one of Ecuador's leading financial institutions, recognized the opportunity to bridge the gap between the seniors and struggling businesses while contributing to the communities it serves and addressing social issues like ageism and unemployment among seniors. For this reason, the bank sought to change perceptions, promote the value of seniors' experience in the workforce, and contribute to a sustainable and inclusive economic growth for seniors.

The inventive concept behind Senior Economy involved harnessing data to quantify and monetize the experience of senior adults, turning an underappreciated demographic into a valuable asset. By gathering work history data from resumes submitted to bancodelpacifico.com, we gained crucial insights into each senior's practical expertise. The data showed that all seniors possess essential skills honed over time, which are highly sought after by businesses.

Our pioneering approach utilized a formula to determine a monetary value for each senior's experience, making it available as a service to businesses. This people-focused data analysis centered on measuring and appreciating seniors' experience based on their acquired skillsets.

This novel approach not only tackles a social issue by providing financial stability to seniors but also aids businesses by connecting them with seasoned workers. Senior Economy fosters a lasting market for seniors' knowledge, mutually benefiting both seniors and businesses.

The strategy began by collecting seniors' work history data through their resumes submitted on bancodelpacifico.com. After verifying seniors' IDs, the platform allowed them to upload word, pdf, or jpg documents. An Optical Character Recognition (OCR) tool was used to convert these files into plain text. Next, the data was categorized and stored using SQL for efficient organization and retrieval.

A weighted ponderation formula was applied to interpret the data. The formula considered years of experience, industry expertise, skills acquired, and educational background, assigning a unique weight to each factor based on its importance. This allowed us to calculate a price for each senior's experience, making it available as a service to businesses in need.

To target the right audience, we identified seniors looking for opportunities to use their experience and businesses struggling due to a lack of expertise.

The creative use of data in the Senior Economy initiative involved applying the weighted ponderation formula to the information gathered from seniors' resumes. The formula evaluated various factors like years of experience, industry expertise, skills acquired, and educational background, calculating a unique economic value for each senior's experience.

Python was used to process the data stored in the SQL database, applying the formula to identify the rarity and value of seniors' skillsets. The data was then contrasted with publicly available information like the national census and the bank's understanding of different financial sectors, which enabled us to assess the profitability of various areas of work.

By determining the value of seniors' experience, we created a sustainable market for their skills, connecting them with businesses in need.

The Senior Economy initiative achieved remarkable data-driven results, benefiting seniors, businesses, and the economy:

Enhanced consumer experience: With 19,593 seniors using the service, 10,862 successful matches were made, leading to high satisfaction ratings (seniors: 88%, businesses: 90%).

Data-driven behavior change: The initiative resulted in 29% of seniors gaining stable jobs and 26% freelancing with multiple clients, highlighting their valuable experience.

Business impact: Companies hiring seniors saw a 15% average revenue increase and 12% growth. Seniors' 81% retention rate demonstrated a lasting impact. Banco del Pacífico enjoyed increased deposits and reduced loan defaults due to improved financial stability. The bank's brand awareness rose by 35%, and positive perception by 27%, driving new opportunities and customer loyalty. Is estimated that the program could contribute a 0.40% increase in Ecuador's economic growth over 10 years.

In Ecuador, ageism is a prevalent issue that affects around 1.3 million older adults and prevents them from obtaining employment opportunities. The Senior Economy initiative was designed to address this issue by highlighting the value of seniors' experience and creating opportunities for them to continue working and sharing their expertise with the next generation.

The initiative was successful in demonstrating that seniors have a wealth of knowledge to offer the workforce and that their experience should be recognized and valued. As a result, the Senior Economy received widespread recognition in Ecuador, where it was commended for its innovative solution to a social problem, as well as its ability to provide economic benefits to struggling businesses.