ISSUES OF INTRODUCTION AND DEVELOPMENT OF DIGITAL TECHNOLOGIES IN COMMERCIAL BANKS OF UZBEKISTAN

Аннотация

The scientific thesis examines some aspects of the introduction and development of innovations in commercial banks of the Republic of Uzbekistan based on the study of advanced experience of developed countries, and examines the scientific and theoretical views of foreign economists on banking innovations. Consequently, scientific conclusions, proposals and recommendations on the introduction and development of innovations in commercial banks of Uzbekistan were formed. Key words: commercial banks, innovations, financial technologies, mobile applications, remote banking services, digital technologies. To date, the financial and banking system in Uzbekistan is rapidly developing based on the study of the best practices of the developed countries of the world. Innovations and digital technologies are also being introduced both in the real sector of the economy and in the banking system. These measures make it possible to reduce the cost of manufactured goods and services, increase efficiency and competitiveness in the domestic and foreign markets of enterprises and banks. In order to ensure the financial stability of banks and protect the interests of depositors and creditors, it is necessary to comply with prudential standards set by the Central Bank, and one of these prudential standards is the liquidity ratio, which determines the need to establish a reliable liquidity system in banks1. Devaluation reserves are included in the fixed capital of commercial banks and are not a relatively stable source of financing for banking activities. As Chris Barltrop, an expert with the World Bank for Reconstruction and Development, 1 Law of the Republic of Uzbekistan “On Banks and Banking” (No. ZRU-580 of 05.11.2019) 142 MODELS AND METHODS IN MODERN SCIENCE International scientific-online conference puts it: “Bank capital is a reliable and relatively expensive form of financing banking activities”2. Therefore, it is expedient to include the amount formed on the balance sheet of a commercial bank at the expense of devaluation reserves in the additional capital structure. Theoretical, methodological and practical issues of innovations in banking system were studied in the scientific works of foreign scientists, economists such as E. Gill, T. Koch, E. Reed, X. Grüning, E. Dollan, L. Roger, A. Simanovsky, O. Lavrushin, V. Usoskin, G. Panova, J. Sinki, R. Kotter, W. Soto, Moiseev, E. Zhukova, G. Beloglazova, N. Valentseva, A. Gavrilenko, V. Kolesnikov, G. Korobova, L. Batrakova, A. Litvinova, O. Ovchinnikova, G. Panova, V. Rodionova, I. Rykov, G. Tosunyan and others . 3 In today’s world, leading banks strive to endlessly improve the quality of their banking services while reducing the cost of their maintenance. The range of banking and financial services is expanding every year, new types of products and services are constantly appearing on the market. This factor serves to intensify competition between banks for each client. In order to ensure the financial stability of banks and protect the interests of depositors and creditors, it is necessary to comply with prudential standards set by the Central Bank, and one of these prudential standards is the liquidity ratio, which determines the need to establish a reliable liquidity system in banks . 4 One of the main risks for banks in the Republic of Uzbekistan is to improve the quality of credit portfolio and risk management, pursue a moderate growth of lending, pursue a balanced macroeconomic policy, ensure technological stability of the banking system through the implementation of technological solutions for assessing financial risks liquidity risks will need to be identified and managed early . 5 One of the main risks for banks in the Republic of Uzbekistan is to improve the quality of credit portfolio and risk management, pursue a moderate growth of lending, pursue a balanced macroeconomic policy, ensure technological stability of the banking system through the implementation of technological solutions for assessing financial risks liquidity risks will need to be identified and managed early 6. 2 Diana McNaughton, Chris Barltron. Banking institutions in developing countries. Washington, DC, IDE, 1993., p. 21. 3 Rutgajzer V. M. and Buditsky A. E. Estimation of the market value of a commercial bank URL: https://www.livelib.ru/author/208447/latest-v-m-rutgajzer-a-e-buditskij 4 Law of the Republic of Uzbekistan “On Banks and Banking” (No. ZRU-580 of 05.11.2019) 5 Decree of the President of the Republic of Uzbekistan PF-5992 “On the strategy of reforming the banking system of the Republic of Uzbekistan for 2020-2025” January 12, 2020. 6 Decree of the President of the Republic of Uzbekistan PF-5992 “On the strategy of reforming the banking system of the Republic of Uzbekistan for 2020-2025” January 12, 2020. 143 MODELS AND METHODS IN MODERN SCIENCE International scientific-online conference In addition, the significant changes that have occurred over the past decades in the banking