This article is aimed at studying the introduction of the “Open banking” business model into the financial sector of Uzbekistan as one of the strategic mechanisms ensuring the digital transformation of the economy. This model allows for the development of innovations, increased competition in the banking services market, and improved the quality of financial services provided to the population. The concept of “Open Banking” was studied with an emphasis on world practice and the experience of Great Britain, and the activities of banks operating in an open system were analyzed. Also, issues such as creating a reliable regulatory framework, strengthening security and confidentiality measures, and developing cooperation between banks, fintech companies, and regulators were studied. The purpose of the article is to draw attention to the expected risks, along with demonstrating the economic opportunities of the “Open Banking” business model in the process of its gradual implementation.

The article analyzes the processes of digital transformation of the banking system of the Republic of Uzbekistan in recent years, achievements, and current pressing issues. The study examined the role of the digital economy in the activities of commercial banks, in particular, the role of Big Data technologies and online platforms, their significance in increasing banking efficiency, and innovative approaches such as blockchain. Based on the theoretical approaches of scientists to assessing banking efficiency, the skills of banks in minimizing costs and optimizing profits are emphasized. In conclusion, the necessity of forming a digital transformation ecosystem in Uzbekistan, expanding the fintech infrastructure, and increasing the competitiveness of the banking system through the implementation of international standards has been put forward

This article theoretically argues that digital transformation is a strategic necessity for banks to remain competitive with fintech companies as a result of rapid technological advancements in digital transformation. In addition, the theoretical foundations of digital transformation in retail banking are critically examined, and the main principles of diffusion of innovation theory, resource-based view (RBV), institutional theory, service-oriented logic (SDL), technology adoption models, and dynamic capabilities are extensively analyzed. It is argued that digital transformation is not just about implementing digital tools, but also about creating value, delivering services, working with customers, improving efficiency, and increasing interbank competitiveness. By analyzing a large body of scientific literature, the study identifies gaps in existing theoretical frameworks and attempts to identify how banks can adapt to the digital economy, increase investment in innovation, and become digitally mature. Such analyses contribute to the field both scientifically and practically by offering comprehensive development models to understand the systemic and multidimensional dynamics of digital transformation in retail banking.

This article presents the scientific and theoretical aspects of enhancing the accessibility of banking services in the process of bank transformation through the development of digital technologies, as well as the transition of banks from traditional to digital service formats. In the analytical section, the activities of existing digital banks, mobile applications, and payment systems in our country are examined and analyzed, along with the advantages and disadvantages of traditional and digital banking. In the conclusion, proposals and recommendations were developed regarding the advancement of digital technologies in the process of bank transformation.

This article analyzes the role of digital payment systems in the economy and their impact on money circulation and the velocity of money. Digital payment systems ensure the speed, transparency, and security of financial transactions, thereby reducing the need for cash. This process positively influences economic development, accelerates money circulation, and contributes to the wider accessibility of financial services. In addition, the article highlights opportunities to accelerate economic processes through electronic payments, mobile banking, and other digital technologies

This article analyses the use of electronic money in Uzbekistan, as well as the factors influencing its development and the existing challenGES. Although the adoption of electronic payment instruments has significantly increased in recent years due to the growth of the digital economy, several constraints—including insufficient infrastructure, low digital literacy, and limited trust in the banking system—have been identified as slowing down this process. The study provides a comparative analysis of the experiences of Uzbekistan, Turkey, and Kazakhstan, and presents statistical data on chanGES in total bank deposits, the share of electronic money, and term deposits from 2017 to 2024. The findings indicate that despite the rise in the use of electronic money, its share within total bank funds has decreased. These trends are shown to be closely related to the development of digital infrastructure, security systems, digital literacy, and government regulatory policies. The author emphasizes the need to expand infrastructure, strengthen security measures, improve digital literacy, and enhance the legal framework to further promote the development of the electronic money market

This article explores modern methodological approaches to assessing the quality of banking services provided to individuals. In the context of digital banking expansion, omnichannel service models, and the increasing importance of customer experience, traditional evaluation criteria are no longer sufficient. The study conceptualizes service quality as a multidimensional economic category and proposes an integrated assessment framework incorporating functional efficiency, digital interface usability, communicative transparency, security standards, and customer loyalty indicators. Particular emphasis is placed on combining subjective satisfaction metrics with objective operational parameters. As a result, a modern methodological model is developed to support continuous monitoring and strategic management of service quality in retail banking for individuals

This article analyzes the ways to strengthen the competitiveness of the banking system through the development of digital culture and human capital potential. The study compares the experience of banks in Singapore, the United Kingdom, and South Korea with the current practice in Uzbekistan. The results reveal that the integration of digital culture and human capital is a key factor in enhancing the efficiency of banking services and ensuring sustainable competitiveness.

This article analyzes the impact of digital platforms on international trade. Digital technologies play a crucial role in optimizing trade processes, reducing transaction costs, and expanding access to new markets. At the same time, the development of digital platforms highlights issues such as digital inequality, cybersecurity, and legal regulation. The article proposes measures to mitigate these risks and promote the development of digital trade.

The article discusses the importance of implementing transformation processes in Uzbekistan’s commercial banks under globalization and competitive conditions, as well as their future prospects. The study highlights the necessary changes for the successful operation of commercial banks in modern economic conditions, their ways of increasing competitiveness, and integrating into the global financial system. The article explores the challenges faced by Uzbekistan's banking system in the transformation process and examines the social, economic, and technological factors influencing this process. Recommendations are proposed for introducing new technologies, developing digital banking services, and ensuring the financial stability of banks. Furthermore, the future prospects of Uzbekistan's commercial banks in the context of global competition are analyzed, with measures proposed for strengthening the financial stability of the country's banking system.

This article examines the development of modern banking products based on customer demand and the improvement of their efficiency. It analyzes the implementation of innovative technologies in the banking sector, such as biometric identification, artificial intelligence, Big Data, the Internet of Things (IoT), and digital platforms. The study highlights that digital transformation enhances the quality of banking services, strengthens data security, and increases customer trust.

This article analyzes the role and development trends of modern financial technologies — fintech services — in international markets. The author highlights the emergence of fintech technologies in the context of the digital economy, the reasons for their global expansion, and their impact on the financial services sector. Based on a regional analysis, the article examines the specific features of fintech development in various regions (North America, Europe, the Asia-Pacific region, and LAMEA). Using the examples of major fintech companies such as PayPal, Stripe, Revolut, and Ant Group, the article emphasizes the expansion of digital payments, open banking, blockchain technologies, and services based on artificial intelligence. Drawing on statistical data and international experience, the article identifies the key advantages of fintech services, including high speed, cost reduction, financial inclusion, and the provision of innovative products. The conclusion highlights the prospects for further development of the fintech sector and the need for cooperation between technological innovation and state regulators. The article is of both theoretical and practical interest for banking professionals, participants in the financial services market, and those involved in the digitalization of the economy.

This article examines the economic essence of digital governance in joint-stock companies, with a particular focus on banks operating under conditions of institutional and technological transformation. The study argues that digital governance should not be reduced to automation or IT adoption, but should be interpreted as a data-driven management system influencing decision quality, risk management, compliance, and financial stability. Using a systematic and comparative approach, the limitations of macro-level indices such as DESI and EGDI are identified in assessing corporate governance effectiveness. To address this gap, the paper proposes an integrated author’s indicator system and an integral evaluation model linking digital governance maturity with economic and risk-related outcomes. The findings provide a methodological basis for empirical analysis and practical application in banking governance

This article discusses strategies for the development of financial services in commercial banks in order to increase their competitiveness, efficiency and value proposition. In an era characterized by global technological development and changing customer preferences, commercial banks face the need to innovate and adapt to changing market demands. The article notes that today, when digital technologies are rapidly developing, the banking sector is reorganizing its activities in accordance with modern requirements. The digital financial services offered by commercial banks serve not only to meet the needs of customers, but also to improve the quality of banking services, reduce operating costs and increase competitiveness.
The process of developing digital financial services by commercial banks has been gradual for many years, depending on technological progress, changes in customer requirements and the development of global financial markets. The implementation of these strategies will help commercial banks take a leading position in the financial services sector, stimulate business growth and achieve broader goals of economic prosperity and social well-being.

This article discusses the issues of improving the audit of intangible assets (IA) using the example of Asakabank JSCB operating in the banking system of Uzbekistan. The study analyzed software, internet banking platforms, mobile applications, brand value and other intellectual property objects recorded in the bank's balance sheet in accordance with the requirements of IFRS 38 "Intangible Assets" and IFRS 3 "Business Combinations". The main problems encountered in the process of auditing IIA at Asakabank - subjectivity in valuation, insufficient completeness of the legal documents base, discrepancies in depreciation policies - were identified, and proposals and recommendations based on advanced international practices were developed to eliminate them. In particular, measures such as standardizing the valuation methodology, integrating digital technologies into the audit process, improving the skills of auditors and strengthening intellectual property rights were proposed. The results of the study will serve to increase the transparency of the audit of intangible assets at Asakabank JSCB and ensure the reliability of financial statements.

The article notes the need to improve the lending activities of commercial banks based on the introduction of digital technologies in the process of assessing the creditworthiness of potential borrowers. An analysis of innovative lending models in foreign countries is presented, issues of managing credit activities and credit risks, the main directions of development of digitalization of banking activities are considered

In recent years, the intensification of global financial instability has posed significant challenges to banking markets. In response, commercial banks have placed particular emphasis on enhancing their resilience to economic fluctuations. According to expert forecasts, activity in the global banking sector is expected to increase substantially in 2025–2026. Notably, inflation in the Eurozone in 2024 is projected to be around 2.3% instead of the previously forecast 2.7%. Financial stability, however, remains tied to moderate growth prospects. Various models typically chosen or approved by regulators are used to assess banks’ stability. Contemporary research focuses on improving existing methodologies and financial stability indicators in light of changes in the global macroeconomic environment, raising capital adequacy requirements for banks, and enhancing tools for forecasting their future performance. At the same time, the adoption of new technologies and financial instruments is accelerating banks’ digital transformation and the automation of their business processes. This article offers a comprehensive study of the means and mechanisms for ensuring the financial stability of commercial banks in Uzbekistan. Its primary objective is to analyze the state of the banking sector and identify ways to strengthen its resilience, drawing on global best practices and national specificities. To achieve this, both scientific-pedagogical methods (historical-comparative analysis, structural-logical research) and empirical approaches (statistics from regulatory documents and bank reports, expert surveys) are employed.

The paper examines the economic essence and theoretical evolution of digital governance in joint-stock companies, with a focus on joint-stock banks, under transformation. It argues that digital governance goes beyond IT adoption by reducing information asymmetry as well as agency and transaction costs, strengthening control and accountability, and enabling early risk identification. Using comparative and content analysis, the study contrasts key concepts, proposes an evolutionary model and a factor system, and formulates an author’s definition of digital governance. The results provide conceptual implications for improving governance architecture in banking organizations

The article examines the application of financial technologies in commercial banks, the classification and principles of financial technologies according to their fields of activity. An analysis of the main financial technologies used by commercial banks is presented, their content, as well as their application in banking practice, is described.

This article explores the theoretical foundations of the process of bank transformation and presents the scientific and theoretical views of foreign scholars, as well as the authorʼs own definitions related to transformation. Furthermore, the study examines the impact of transformation processes on improving banking efficiency through the implementation of modern technologies, the development of customer-oriented approaches, and the enhancement of employeesʼ professional qualifications. In addition, research has been conducted on attracting highly qualified specialists to banking practice

The article examines the key issues related to the development of the payment system based on modern international experience and explores the possibilities of its application in Uzbekistan. It also identifies the problems through a comprehensive analysis of the current state, challenges, and prospects for the development of the payment system of the Republic of Uzbekistan in the context of the digital economy. Based on the research conducted, practical proposals and scientific recommendations have been developed to improve the development of the payment system in Uzbekistan.

This article explores the theoretical and practical aspects of improving non-performing loan (NPL) management systems in commercial banks, considering international practices and the specifics of Uzbekistan’s banking sector. The study analyzes macroeconomic and institutional factors influencing the rise of NPLs and evaluates the role of digitalization and artificial intelligence technologies in enhancing asset recovery and risk mitigation. Practical policy recommendations are proposed to reduce NPL levels and strengthen banking system resilience in Uzbekistan.

The article examines the problems of organizing customs management when implementing digital customs services. The main goals of digitalization of customs authorities are set out in the adopted regulatory documents on optimizing business processes, increasing the collection of customs payments, combating the shadow economy and minimizing risks. The factors influencing the digitalization of customs activities and the level of digitalization are considered. Scientific and practical proposals and recommendations for eliminating problems in the organization of customs management when organizing the provision of digital customs services are also developed.

This study investigates the role of ESG-driven innovation as a strategic source of competitive advantage in the banking sector, with a comparative focus on state-owned and private banks across emerging and developed markets. Drawing on the Resource-Based View and Dynamic Capabilities theory, it develops a novel ESG Innovation Index that captures the depth and integration of sustainability technologies, such as AI-based ESG analytics, carbon tracking platforms, and digital reporting systems into core banking functions. Using a panel dataset of 68 banks from Central Asia and benchmark economies (2015–2024), the study employs fixed-effects and system GMM models to assess the impact of ESG innovation on profitability (ROA, ROE), operational efficiency, market share, and investor attractiveness. Results reveal that ESG innovation significantly enhances financial and operational performance, while the magnitude of its impact is substantially higher among private banks. The findings highlight that ownership structure moderates the innovation–performance nexus, with private banks leveraging technological agility for greater returns, whereas state-owned banks tend to pursue compliance-oriented sustainability agendas. The research contributes to strategic management and sustainable finance literature by framing ESG innovation as a contingent dynamic capability and offers policy insights for regulators seeking to balance innovation incentives across ownership types.

This article discusses the challenges of increasing the assets of commercial banks in Uzbekistan and ways to accelerate their activities in the national economy. During the ongoing reform of the financial sector, several measures have been implemented to create the necessary legal framework for maintaining a strong banking industry and fostering competition. The article also presents the existing challenges in increasing the volume of bank assets and the author's proposed solutions.