Maxmudova Muxlisa Qodirjon qizi
Associate professor of Banking department, TSUE
https://orcid.org/0000-0002-5777-6606
JELClassification: G22 O31
Abstract. This article presents the new trends entering the rapidly developing financial industry, particularly FinTech products and their descriptions, advantages and disadvantages. As financial institutions strive to adapt to these transformational trends, understanding the adoption and implementation of financial innovation services will be critical. In this regard, the use of advanced foreign experiences that have successfully implemented these innovations will serve as a valuable resource for institutions aiming to improve the quality of their services. Attention is paid to various directions of financial institutions, their implementation and, as a result, improvement of the quality of banking services, and the developing aspects of banking activity are widely studied. As financial technology (FinTech) attempts to replace traditional finance and banking practices, scholars are attempting to extensively study the impact and implications of these advances on global financial institutions. The impact of this new trend on the traditional financial system and commercial banks is also highlighted. The foreign experiences of this new system, which provides modern and innovative solutions unlike the traditional financial sector, are also studied, and conclusions and suggestions for using innovative financial services are presented.
Keywords. financial innovation, FinTech, digitization, traditional banks, financial services, financial institutions.