Research On The Impact Of China's Internet Finance Development In Laos On Lao Traditional Commercial Banks

China's rapid development of Internet financial business has become an important part of China's financial system.At the same time,China's Internet financial enterprises are rapidly expanding overseas.Laos is one of the more important markets for Chinese Internet financial enterprises.In this paper,the development status of China's Internet finance in Laos,as well as the favorable and unfavorable effects on the development of Laos' traditional commercial banks are analyzed.Literature analysis,case analysis,induction and deduction methods are used in the study to explore the impact of China's Internet Finance on Laos' traditional commercial banks.Impact and CountermeasuresThe following conclusions can be drawn from this study: first,as a friendly neighbor of China,China's Internet financial enterprises have gradually entered Laos,among which ICBC Internet finance,Alipay and WeChat are at the core.At present,Chinese Internet financial enterprises in the Lao market mainly carry out business including deposit and savings,small loans,fee payment.Secondly,the positive impact of the development of Internet finance in Laos on the traditional commercial banks in Laos includes: promoting the renewal of the development concept of the traditional commercial banks in Laos,bringing new technology to the development of the traditional commercial banks in Laos,and promoting the optimization and reorganization of the traditional commercial banks in Laos.The negative impact of the development of China's Internet finance in Laos on the traditional commercial banks in Laos includes: the entry of China's Internet financial enterprises leads to the "out-of-date" of the original marketing mode,the crowding-out effect of China's Internet financial enterprises on the traditional commercial banks in Laos and the entry of China's Internet financial enterprises.The entry leads to the lag of financial rate products of Lao's traditional commercial banks,and the failure to actively integrate into the Internet under the non-cooperative game leads to the missed development opportunities.The reasons for these adverse effects are: the lack of change in business philosophy with the times,the lack of Internet marketing capabilities in financial business,the lack of financial cooperation with the Internet,the lack of high-quality Internet financial operation team.Thirdly,Lao's traditional commercial banks make use of China's Internet finance to develop healthily.They should change their management concepts and establish a crisis culture,including a comprehensive understanding of the impact of technological change,a crisis culture under the challenge of Internet finance,and strengthen the ability of Internet marketing to meet the challenge of market crowding.Focus on strengthening the construction of online financial product marketing channels,strengthening service marketing to improve market recognition,innovating the Internet marketing mode of banking financial products;use China's Internet financial penetration to promote financial product innovation,including long tail customers' financial product innovation,in-depth enterprise supply chain system to provide value-added financial services China's Internet finance has developed steadily,including the favorable environment for Laos' traditional commercial banks to carry out Internet finance,the addition of traditional commercial banks' Internet finance departments,and the active cooperation with China's Internet financial enterprises.Professional team of operational capability.