TRANSFORMATION PROCESSES IMPLEMENTED IN THE BANKING SYSTEM AND POSSIBILITIES OF IMPLEMENTING IT IN OUR COUNTRY

Аннотация

The article discusses the goal of the New Uzbekistan Development Strategy for 2022-2026, which sets the goal of "making the digital economy the main "driver" sector and increasing its volume by at least 2.5 times", and the task of completing the transformation processes in state-owned commercial banks and bringing the share of private banks in bank assets to 60 percent by the end of 2026. The main driver of the development of the banking system, increasing mutual trust and transparency between the bank and the client, and the consequences of modernization without the rapid implementation of the latest achievements of scientific and technological progress in banking activities, as well as in-depth studies of world practice and influencing factors are analyzed. Keywords:Homelink system, Pronto system, Payments Industry Intelligence portal, IT integration, CashPro platform, artificial intelligence, treasury, receivables. Login Currently, it is impossible to modernize banking activities without the rapid implementation of the latest achievements of scientific and technical progress. World practice shows that scientific and technical progress and the rapid growth of new information technologies (IT) have a significant impact on the overall assessment of the attractiveness of a bank. This creates the need to study advanced foreign experience in this regard. Address of the President of the Republic of Uzbekistan to the Oliy Majlis “Unfortunately, the banking system is 10-15 years behind the requirements for the development of digital technologies, the introduction of new banking products and software. Starting in 2020, a large-scale transformation program will be implemented in each bank. Increasing the capital, resource base and profitability of banks will be the focus of our attention” [1] – he emphasized. page636 INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE ISSN:2692-5206,ImpactFactor:12,23 AmericanAcademicpublishers,volume05,issue02,2025 Journal: https://www.academicpublishers.org/journals/index.php/ijai Technologies related to digital transformation, such as big data, cloud computing, artificial intelligence, and the Internet of Things, are characterized by their innovation-driven nature and focus on consumer needs. Table 1 The main issues in the development of transformation processes in the banking system The main problems faced by most of our commercial banks are the No. development of the banking system transformation process and digitization Digital offices have been created, but they are poorly integrated into the 1. bank's internal processes, which hinders the rapid launch of new products and services. A significant part of the IT infrastructure is outdated and most of them work according to old methodologies. They do not fully understand how to work with new adaptive methodologies. Similarly, in the process of digital 2. transformation, the business direction, in addition to the IT direction, must also be able to use project management systems to create products based on new methodologies and set the right requirements for software developers. Low business involvement in data analysis and data management, or lack of 3. such skills at all, hinders the effective use of data. The complete absence of a flexible HR policy or HR strategy is a factor that hinders the attraction and retention of modern IT and product management 4. specialists. This gap in the corporate culture of traditional banks prevents the rapid introduction of new products and services. Risk management and other support functions usually work in the interests of their own functions, not the business at all, but rather seek solutions to 5. problems together with the business, but often limit the business in new initiatives, that is, they impose restrictions without any analysis or research. Bank customers are increasingly paying attention to digital products and channels, and most of them are ready to switch to a fully digital service: but 6. another problem with digital banks is that it is possible to order cards online, but the delivery system by couriers has not yet developed to that level. The following key functions and features are missing from most banks' digital channels and products (although many other banks and even FinTechs have them): 7. - Debit cards: online application and courier delivery - no credit cards or payment cards - financial analysis (PFM) - Fast P2P payments with other banks via VISA Direct . page637 INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE ISSN:2692-5206,ImpactFactor:12,23 AmericanAcademicpublishers,volume05,issue02,2025 Journal: https://www.academicpublishers.org/journals/index.php/ijai The CRM system does not fully function as a tool for storing all customer 8. data and cross-selling it the Homelink system was created , which allowed bank customers to check their deposits, make payments and transfer money from their bank accounts by connecting to a computer via telephone . In the same year, a simi