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

• Suyunov Dilmurod Kholmuradovich

  Higher School of Business and Entrepreneurship, Uzbekistan

• Ergashev Khusan

  Higher School of Business and Entrepreneurship, Uzbekistan

• Ergashev Mirzabek

  Higher School of Business and Entrepreneurship, Uzbekistan

Objective: This study aims to analyze the New Uzbekistan Development Strategy for 2022-2026, which seeks to make the digital economy the main driver of economic growth by increasing its volume by at least 2.5 times. Additionally, it examines the strategy’s goal of completing the transformation of state-owned commercial banks and increasing the share of private banks in total bank assets to 60% by the end of 2026. Method: The research involves an in-depth analysis of the modernization processes in the banking sector, focusing on mutual trust and transparency between banks and clients. It also reviews global practices and the impact of scientific and technological progress on banking activities.  Results:  Findings indicate that the rapid adoption of advanced technological solutions is essential for the modernization of the banking system. Furthermore, increasing transparency and trust between banks and customers is a key factor in achieving sustainable growth. The study also highlights the potential challenges in balancing state-owned and private banking sector contributions.  Novelty: This study provides a comprehensive evaluation of the role of digital transformation in banking modernization within the framework of Uzbekistan's development strategy. It offers new insights into the factors influencing financial sector reforms and the impact of scientific and technological advancements on banking efficiency.

"Development Strategy of New Uzbekistan for 2022-2026," approved by the Decree of the President of the Republic of Uzbekistan No. PF-60, Jan. 22, 2022. [Online]. Available: https://lex.uz/docs/5841063

"Strategy for Reforming the Banking System of the Republic of Uzbekistan for 2020-2025," approved by the Decree of the President of the Republic of Uzbekistan No. PF-5992, May 12, 2020. [Online]. Available: https://lex.uz/docs/4811025

S. M. Mirziyoyev, "Address of the President of the Republic of Uzbekistan to the Oliy Majlis," Jan. 24, 2020. [Online]. Available: https://president.uz/ru/lists/view/3324

"Uzbekistan in the Digital Economy," Finance.uz. [Online]. Available: https://finance.uz/index.php/ru/fuz-menu-economy-ru/11083-uzbekistanvtsifrovoj-economy

"Bank of America Digital Transformation in Commercial Banking," Mobiloitte. [Online]. Available: https://www.mobiloitte.com/blog/bank-of-america-digital-transformation-commercial-banking

"Blockchain Index," Accenture. [Online]. Available: https://www.accenture.com/us-en/insigh/blockchain-index

"Digital Transformation in Accounts Receivable," Bank of America. [Online]. Available: https://business.bofa.com/en-us/content/accounts-receivable-digital-transformation.html

"IMD World Digital Competitiveness Ranking 2021," IMD. [Online]. Available: www.imd.org

"Bank of Japan Review 2021," Bank of Japan. [Online]. Available: www.boj.or.jp/en

A. A. Abduvokhidov et al., "Issues of Digitalization of the Banking System in Uzbekistan," Innovatsii v Ekonomike, vol. 4, no. 2, 2021.

A. Bharadwaj, O. El Sawy, P. Pavlou, and N. Venkatraman, "Digital Business Strategy: Toward a Next Generation of Insights," MIS Quarterly, vol. 37, pp. 471–482, 2013.

"Digital Transformation in the Hungarian Banking Industry - Experience with Design Thinking," Society and Economy, vol. 41, pp. 293–310, 2019, doi: 10.1556/204.2019.41.3.2.

S. D. Kholmurodovich and K. Vokhid, "Problems in the Development of Remote Banking Services in Commercial Banks of Uzbekistan," World Economics and Finance Bulletin, vol. 26, pp. 39–46, 2023.

A. K. Olimovich, M. Botabayev, and S. D. Kh., "Strategic Project Management System in the Company," in Proc. Int. Conf. Sci. Res. Nat., 2023.

A. Davletyarov, D. Suyunov, and A. Kenzhabaev, "Foreign Experience in the Development of Small Business and Private Entrepreneurship in the Field of Service," Global Scientific Review, vol. 14, pp. 5–11, 2023.

D. X. Suyunov and V. R. Kaytavov, "Current Issues of Digitization of Transformational Processes in Commercial Banks," Am. J. Bus. Manag. Econ. Bank., vol. 10, pp. 38–45, 2023.

D. Kh. Suyunov, "Scientific and Theoretical Foundations of Improving the Implementation of a Modern Corporate Control System in Joint-Stock Companies," Manag. Ethics Rules Online Sci. J., vol. 3, no. 2, pp. 433–441, 2023.

D. X. Suyunov and M. I. Makhsudov, "Benefits of Digitalization of the Economy in Uzbekistan," Economy and Society, pp. 748–751, 2023.

D. Kh. Suyunov, "Mechanisms for Improving Uzbekistan's Position in International Ratings and Indices and Systematic Work with Them in State Bodies and Organizations," Sci. Innov., vol. 2, Special Issue 13, pp. 486–488, 2023.

D. K. Suyunov and N. K. Yormatova, "Digital Transformation of Personnel Management Processes in a Commercial Bank," J. New Century Innov., vol. 43, no. 4, pp. 75–78, 2023.

D. X. Suyunov and A. T. Kenjabayev, "E-Commerce Textbook," 2023, 450 pages.

S. D. Kholmuradovich and R. H. Yuldashevich, "The Role of Foreign Investments in the Development of Small Business and Private Entrepreneurship," EPRA Int. J. Socio-Econ. Environ. Outlook (SEEO), 2022.

S. D. Kholmurodovich and T. D. Shermonovna, "The Role and Importance of Digital Technologies in the Development of Enterprises," Am. J. Soc. Sci. Educ. Innov., vol. 4, no. 2, pp. 15–19, 2022.

T. Botirturdiboy and S. D. Kholmuradovich, "Using Marketing Strategies and Improving SWOT Analysis in the Development of the Activities of a Catering Enterprise," Educational Devotees, vol. 25, no. 5, pp. 149–156, 2022.

• View Article

• Artificial Intelligence

Copyright (c) 2025 Suyunov Dilmurod Kholmuradovich, Ergashev Khusan, Ergashev Mirzabek

This work is licensed under a Creative Commons Attribution 4.0 International License.