THE IMPORTANCE OF DIGITAL TRANSFORMATION PROCESSES IN COMMERCIAL BANKS OF UZBEKISTAN
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Abstract
The banking system needs to be fundamentally rebuilt in light of the recent rapid growth of the digital economy, shifting consumer demands for banking services, and the need to conform to global financial standards. According to the study, the primary directions of the transformation process include the digitalisation of banking services, the growth of remote services, the modernisation of corporate governance and risk management systems, the introduction of novel financial products, and the development of human capital. Additionally, it highlights the significance of banking system reforms being carried out within the scope of the "Digital Uzbekistan 2030" goal by contrasting Uzbek practice with worldwide experience. This article explores the significance of digital transformation processes in commercial banks in Uzbekistan. It analyzes how digital technologies improve operational efficiency, customer experience, competitiveness, and financial inclusion. The research also discusses challenges and recommendations for successful implementation of digital transformation in the Uzbek banking sector.
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References
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