Khodjimamedov Akmal Ashurovich
Independent researcher Samarkand institute of economics and service,
Samarkand, Uzbekistan. E-mail: khodjimamedov@rambler.ru
ORCID: 0000-0002-0876-6671
Abstract. The analysis of the world market of banking activity allows us to conclude that the competition between traditional banks, neo-banks and financial technology companies is intensifying. This general trend is typical for banks. According to the analysis carried out by McKinsey, in recent years, the measures aimed at developing the activities of digital banks in the countries of the world have led to the strengthening of the competition of these banks with traditional banks in the market and the corresponding increase in the number of customers. Because the expansion of the types of financial services provided to customers by digital banks and the convenience of these services make it possible to attract customers.
Today, at a time when the world economy is becoming globalized, digitalization of the economy, transfer of the processes related to the use of digital technologies to a new stage is considered one of the urgent issues of today. The Decree of the President of the Republic of Uzbekistan “On the Development Strategy of the New Uzbekistan for 2022-2026” sets a number of important tasks for the commercial banks operating in the republic. In particular, by developing a program for the development of modern financial services, operations and technologies (fintex) and non-cash payments, it is envisaged to use advanced foreign experience.
Based on this, one of the important tasks facing banks today is to introduce innovative products and services in order to increase the efficiency of banks’ activities, ensure their financial stability, and expand the bank’s customer base. This, in turn, means that it is necessary to carry out scientific research in this field and that the chosen topic is one of the actual topics. Special attention is paid to the foreign experience and practice of developing innovations that can be a powerful instrument at one time or another in the environment of strong competition between domestic and foreign banks, as well as other non-bank credit organizations, and their implementation. Also, as a result of the research, the problems of using digital technologies in banks were studied and analyzed.
This article examines the foreign experience and practice of introducing banking innovations, and examines the possibilities of their use.
Keywords. Digital technology, banking, banking services, innovation, Big Data, blockchain.