One of the largest and most profitable commercial banks in Laos, the Lao Development Bank (LDB Bank) is a joint venture bank between Chaleun Sekong Energy Co., which owns a 70% stake, and the Ministry of Finance with a 30% stake. Through a focus on customers and supporting their businesses operations, it has become a trusted bank for customers in the country.
At the Global Retail Banking Innovation Awards 2024 held in Singapore, The Digital Banker recognised LDB Bank by presenting it with the Best Customer Centric Business Model – Laos award, for offering excellent customer service across the country through its branches and serving clients through multiple channels.
Placing customers at the heart of the business
Through its customer-centric business model, LDB Bank has prioritised delivering exceptional services to meet the diverse needs of customers. The Bank has expanded its reach by providing multiple channels such as online banking and opening more branch offices nationwide, ensuring easily accessible banking services in order to build stronger and more enduring relationships with customers.
LDB Bank always places customers’ service at the forefront of its banking operation, prioritising the understanding of customer needs and ensuring positive experiences at every stage with LDB Bank for long-term relationships. In addition to providing financial support in key sectors such as agriculture, tourism, energy and environmental initiatives, LDB Bank aims to understand perspectives, create a common culture and onboarding process and look beyond to after-sales services.
The Bank offers a diverse range of services tailored to meet the specific needs of each customer segment, with VIP customers receiving exceptional one-stop services at every location. For instance, VIP customers enjoy benefits such as higher daily withdrawal limits compared to other commercial banks in Laos, complimentary financial advisory service and foreign currency support whenever needed.
Beyond the customer-centric business model, LDB Bank also focuses on innovation and product development to meet the evolving need of its customers, creating new products tailored to their needs, particularly enabling access to its application from any device, allowing customers to process financial transactions more conveniently and securely. Through LDB Bank’s app, customers can effortlessly transfer funds, pay bills, monitor accounts, and access insurance services from the palm of their hand. This innovative solution has been a game-changer for financial inclusion, promoting digital payments and providing convenient access to banking services for people across Laos.
LDB Bank is also actively committed to ESG principles and sustainable development in Laos. By working closely with clients, LDB Bank can play a crucial role in assisting industries in reducing their carbon footprint and achieving net zero goals. Simultaneously, the Bank’s support for the carbon credit initiative, covering a vast land area of 2.5 million hectares, has the potential to generate over 10 million tons of carbon credits annually. This initiative not only benefits the environment but also offers significant opportunities for customers and communities. ultimately contributing to sustainable economic growth in the country.
Meanwhile, LDB has actively contributed to various social responsibilities such as the mobilisation of funds for COVID-19 prevention in various provinces and ministries, as well as organising events and product exhibitions to stimulate the economy and tourism in essential provinces of Lao PDR. Furthermore, the Bank has provided support to flood victims in affected provinces. Overall, through its business activities by prioritising the customers first, LDB Bank has made significant contributions to the socio-economic development of Lao PDR in this new era, aligning with the policies of the Lao government.
