Shirinova Shohsanam

PhD, Teacher of the Department of International Finance and Credit

Tashkent Financial Institute

Tashkent, Uzbekistan

Phone: +998 (97) 783-13-33


ORCID ID:0000-0001-7276-8965

Abstract. In the article, the author considered in detail such concepts as “digitalization”, “fintech”, “neobanking”. Based on the analysis of the relevant literature, the author identified the problems and risks of introducing digital technologies in the modern banking sector. In addition, the main innovative technologies in the banking sector were analyzed, and possible consequences were identified in case of inaction of commercial banks on the global integration of digital technologies. The author studied the data of the German central bank, and also clearly demonstrated the share of digital banks in the context of countries. Conclusions were drawn according to which, every bank needs a “digital agenda” and an adaptive strategy, every bank needs to find a balance between existing advantages and new forms of banking, every bank needs to be aware of the problem of IT security and report this awareness to its customers, the bank should, as necessary, upgrade its IT infrastructure and provide the necessary system security. The topic of digitization goes beyond media and social expectations. Digitalization of banks today is increasingly in demand by customers. The modern bank customer uses on-demand and platform models in entertainment and (often unknowingly) demands digital qualities from their financial service provider. The events of recent years have only accelerated this process. The modern shopper already lives in the digital space. He shop online and work from home. Thanks to this passive influence, the modern bank customer will no longer find his way to the classic bank branch. In this context, services such as video-assisted consultation, getting a loan on a mobile phone, connecting with social networks are self-evident expectations of customers from their bank. Since the chosen topic is about the impact of digitalization on retail banking is a broad subject area, only the most important areas of activity are considered. Other areas were not included due to the scope of this work. Recommendations for action are developed and written down using a SWOT analysis for the respective areas of activity. The specific procedure and associated framework conditions of the methodology are explained in detail in the chapter Results.

Keywords. Digitalization, “fintech”, digital clients, banking sector, neo-banking, automation.



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