Responsible innovation in public policy: Compulsory banking of the elderly in Argentina

Abstract

since March 2012, Argentine retirees and pensioners receive their salaries through a savings bank compulsorily, according to the provisions of a law passed in October 2011 (regulated by the Central Bank of Argentine Republic), being indispensable then to use the debit card for any extraction procedure. While this was an innovative public policy to grant a royalty-free right to seven million beneficiaries, also caused various problems. The main issue is the delegation by the state, issues of collection management of assets and certification survival in financial institutions. This paper analyzes, from the perspective of a senior who has mobility problems and had never used debit cards, if innovation is socially responsible. For this first the problem of the place of older people in public policy is contextualized, then the recognition of financial abuse as a social problem and its articulation with public policies is studied, then the law regulated on the banking of the beneficiaries is analyzed ANSES. Finally a proposal for Financial Innovation responsible for seniors is presented.

Keywords

• seniors
• banking
• social innovation
• responsible innovation.