Kamalov Shukhrat Kamalovich,
Associate Professor, Department of Information Systems and Digital Technologies, Tashkent Financial Institute
Email: kamalov.shukhrat@gmail.com, ORCID: 0000-0002-2595-9344
Abstract. The development of financial technologies is actively carried out by commercial banks in our republic. They strive to actively digitally adapt functionality to user needs in the online environment, move all products to digital channels, and participate in fierce competition in the digital field as much as possible. Remote technologies using modern fintechs allow the client to use banking services with maximum convenience and to minimize time and financial costs in the process of working with the bank. The article analyzes the necessary conditions for the development of the fintech industry, the formation of infrastructure for the digital transformation of the local banking business model, and the prospects for the use of modern financial technologies. The problems and disadvantages of using peer-to-peer technology models from fintech developments in the mobile payment services market in influencing the quality, price and level of financial services are analyzed. As a result of integrated cooperation between banks and fintech startups in the financial services market, the digital transformation of neobanking business models and their advantages over traditional banks are highlighted.
Keywords: fintech, financial services, payment services, peer-to-peer, neobank, traditional banks, blockchain, Bigadata, artificial intelligence (AI).