The Senior Economy initiative revolutionized the way businesses perceive seniors' experience by transforming it into a valuable asset through the use of data. By analyzing seniors' resumes, the system developed a rate for their experience that businesses could acquire, resulting in a more personalized and beneficial match for both parties.

This data-driven approach not only helped seniors secure employment opportunities but also helped struggling businesses. The initiative serves as an outstanding example of how data can creatively address social issues and promote economic growth, positioning it as a strong contender for the Creative Data Lion award.

Ecuador is facing a unique challenge where 7% of its population are seniors, and 95% of them are struggling financially. This demographic, which possesses a wealth of experience, is often undervalued and overlooked, negatively impacting the economy, financial stability, and demand for banking services, while increasing credit risk. At the same time, the country has a high rate of business creation, with 80% of new businesses failing within the first three years due to a lack of experience and guidance.

Banco del Pacífico, one of Ecuador's leading financial institutions, recognized the opportunity to bridge the gap between seniors and struggling businesses while contributing to the communities it serves and addressing social issues such as ageism and unemployment among seniors. To this end, the bank set out to change perceptions, promote the value of seniors' experience in the workforce, and support sustainable and inclusive economic growth for seniors.

The Senior Economy initiative introduced an innovative approach to recognizing the value of senior adults' experience by leveraging data to quantify and monetize it. Through the website bancodelpacifico.com, seniors submitted their resumes, providing valuable work history data that allowed us to gain insights into their practical expertise. Our data-driven approach demonstrated that all seniors possess essential skills honed over time, which are highly sought after by businesses.

By developing a formula to assign a monetary value to each senior's experience, we were able to offer it as a service to businesses. This people-centric data analysis approach focused on measuring and appreciating seniors' experience based on their acquired skillsets.

This novel approach not only addresses a social issue by providing financial stability to seniors but also helps businesses by connecting them with seasoned workers. Senior Economy creates a sustainable market for seniors' knowledge, mutually benefiting both seniors and businesses alike.

The Senior Economy initiative's initial step was to gather seniors' work history data from resumes uploaded on bancodelpacifico.com platform. The platform allowed seniors to upload their resumes in various formats such as word, pdf, or jpg, which were then converted to plain text using Optical Character Recognition (OCR) tools. The data was organized and stored efficiently using SQL for easy access.

To quantify seniors' experience, a weighted ponderation formula was implemented, considering essential factors such as years of experience, industry expertise, acquired skills, and educational background, with each factor assigned a unique weight based on its significance. The resulting calculations provided a price for each senior's experience, which was made available as a valuable service to businesses in need.

To ensure effective targeting, the initiative focused on identifying seniors seeking opportunities to use their expertise and businesses facing challenges due to a lack of experience.

The Senior Economy initiative revolutionized the approach to valuing seniors' experience by utilizing a weighted ponderation formula to quantify the worth of their expertise. The formula analyzed a range of factors, such as industry knowledge, years of experience, skills acquired, and educational background, to determine the unique economic value of each senior's expertise.

To process the data effectively, we employed Python to analyze the information stored in the SQL database, applying the formula to identify the scarcity and value of seniors' skillsets. To assess the profitability of various fields of work, we contrasted this data with publicly available information, including the national census and the bank's understanding of different financial sectors.

By determining the value of seniors' experience, we created a sustainable market for their skills and connected them with businesses in need, contributing to a more inclusive and prosperous economy.

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, a significant number of older adults, approximately 1.3 million, face ageism that impedes their chances of securing employment opportunities. To combat this issue, the Senior Economy initiative was launched to showcase the wealth of experience that seniors possess and to provide them with opportunities to continue working and sharing their expertise.

The initiative was successful in raising awareness of the value that seniors can bring to the workforce and advocating for recognition and respect for their experience. Its innovative approach to tackling a social problem and providing economic benefits to struggling businesses received widespread recognition in Ecuador.