July 29, 2013

Lao Banks Grow - New Commercials Emerge

When I visited Laos 10 years ago I never saw a single bank commercial on television and would only sometimes see their billboards or signs.  Fast forward to today, 2013, and Lao banks both private and public have fully taken on the idea of advertising.  Competition among them is fierce. 

A burgeoning middle class, a large proportion of young workers with money, and banking rules that have become more open to competition that has allowed for incredible growth in the banking sector.  The days where people hid money in their homes are quickly vanishing.  The new norm is to open a bank account.

Ten years ago ATM machines and bank cards were basically non-existent and using your credit in Laos was not advisable due to higher rates and also simply because it was not widely excepted.  Cash reigned supreme and in fact still does.  However some banks are now offering ATM bank cards and credits cards have become more widely accepted.  A lot of that change also has to do with the growth in the tourism sector and the demands from both tourists and the expat community, as well as, Lao consumers expecting more services comparable to Thai and other foreign banks.

Here are several Lao bank commercials found online, in random order:

- Its all hugs and kisses with this commercial pulling at the sentimental heart strings with its images of family and giving.

Lao Construction Bank
- Focusing on, of course, development - in more ways than one.

ICB Laos Bank
- Its advertising targets the younger Lao generation

Phongsavanh Bank (2 commercials)
-  Showing that saving can start at an early age.

- futuristic style commercial

- Pushing forward ATM use in Laos

- Submitted by VM as part of the Stories to Share Series on Laoconnection.com.

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