Zokir Mamadiyarov
PhD, associate professor, independent researcher, TSUE, Tashkent, Uzbekistan.
ORCID: 0000-0002-1508-488X

Abstract: This article discusses the digitization of banks, the importance of digital transformation of banks, the use of digital channels during and after the COVID[1]19 pandemic, the factors underlying the digital transformation of banks and the demanding technological trends. Increasing the competitiveness of banks will enable them to have more revenue and save as much as possible in terms of net profit. Of course, the banks of the future will not be able to function as the current cost structure of banks will therefore require the digital transformation of banks. The results of the research and analysis show that the operating costs of digital banks are about 40% lower than the costs of traditional banks, and about 50% of them have been achieved by reducing staffing. Another technological trend that requires digital transformation in banks is the ability to predict – to prevent problems that may occur in the future. Reliable data on identifying different scenarios of the economic crisis will help banks to prepare in advance. Thus, before turning banks into other promising and financially profitable industries, it is necessary to make the right decisions and implement them with modern fintex solutions. The increase in the use of smartphones is accelerating the trend of digital transformation as a result of which the connection to banking channels through them has improved and has become an important tool for users. The banking industry is also being modernized through multifunctional digital transformation capabilities. There has been an increase in the conversion of existing bank branches to digital channels, in particular, an increase in the number of new banks and the implementation of daily transactions through digital channels. That’s why traditional banks need to move from having a physical branch to a banking service center that meets customer needs. As a result, the bank is increasing the number of interactive digital channels that connect customers with the bank in real time 24/7. In addition, banking service centers will be encouraged to provide prompt customer service, transparent information and advice. In the process of preparing the scientific article, the methods of data comparison, data grouping, factor analysis, expert evaluation were used effectively, and the author’s conclusions and recommendations on innovative development of remote banking services in the digital transformation process.

Keywords: Digital transformation, risk, mobile banking, pandemic, efficient banking, neobank..

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