Khodjimamedov Akmal Ashurovich

Independent researcher Samarkand institute of economics and service, Samarkand, Uzbekistan. E-mail:  ORCID: 0000-0002-0876-6671

Abstract. Today, in the context of digitalization of commercial banks, one of the important tasks is to organize banking innovations and improve them using existing opportunities. The article discusses the strategy of the innovation process that stimulates and improves the financial market. The global impact of innovative changes in the banking sector with the emergence of new technologies in modern society has been considered and analyzed. At this stage, the most serious and important risks that may arise in the banking activity due to evolving technological processes are identified.

At present, in the context of globalization of the economy and the development of information technology, the issue of moving to a new stage of the process associated with the digitization of the economy is urgent. Although the concept of the digital economy was developed in the late 20th century, these processes have begun to take place in the last 5-7 years. The aim of the study is to assess the importance of digital transformation for the country’s economy. In the financial market, special attention is paid to the development and implementation of innovations that can become a powerful tool in one period or another in the context of growing competition between local and foreign banks and other non-bank credit institutions. In addition, the article discusses the specific types of innovations in the modern banking sector, as well as their impact on commercial banks.

Innovation plays an important role in the globalization of the world economy. As a result of the study, the problems of using digital technologies in banks were studied and promising directions for their solution were identified. The views of leading scholars on improving banking innovation were analyzed. In addition, proposals and recommendations for improving banking innovation in the context of digitalization of the banking system were formulated.

In the process of preparing the scientific article, the methods of data comparison, logical and structural analysis, grouping and comparative comparison were used, and conclusions and recommendations on the introduction and improvement of banking innovations were formed.

Key words: innovations, banking services, investments, FinTech, banks, banking risks, digital technologies, startups, internet.



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