ACADEMIC RESEARCH IN MODERN SCIENCE
International scientific-online conference
121
DEVELOPMENT OF TYPES OF FINANCIAL SERVICES
Yuldoshev Obbos Amonovich
Teacher at Turon University
Email: abbosyuldashev667@gmail.com
https://doi.org/10.5281/zenodo.14243387
Abstract.
In the article, increasing the quality and speed of banking services
is considered an important priority in the development of the financial services
sector, and it shows the advantages of using banking services based on digital
technologies.
Keywords
. financial services, banking, digital technology, digital banking,
blockchain.
Introduction
Research conducted by international organizations has shown that the
introduction of financial technologies can increase the profitability of financial
institutions by 20%. For example, according to research conducted by Insider
Monkey, the highest-profit sector in 2021, that is, during the pandemic, was
various software products (applications and systems), with a return on capital of
32.07% during this period [5].
Literature Review
Due to the fact that financial services are mainly based on implementation
through banks, several modern scientists are covering the issue of banking
transformation in scientific articles. In particular, S.V. Krivoshapova noted that
"billing, speed of payments and cash services are one of the important problems
in credit organizations" [1]. T.A. Vasileva pointed out that banks are no longer the
sole owners of unique information, and due to the development of financial
instruments, transactions are concluded without bank intervention, and as an
example, "complete contracts" offered by non-bank financial intermediaries are
cited [2].
Analysis and Results
As a result of the implementation of new standards for financial services in
Uzbekistan's banking structures, a number of positive changes can be observed.
In particular, payments for purchased goods and services are made through bank
plastic cards, and transactions are carried out through banks. This creates
convenience for the population in providing financial services (Diagram 1).
ACADEMIC RESEARCH IN MODERN SCIENCE
International scientific-online conference
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Diagram 1
Payments Made via POS Terminals*
(billion UZS)
* Compiled by the author after studying the official data of the Central Bank of the
The data indicates that payments through POS terminals increased
significantly between 2019 and 2023. For instance, payment volumes grew by
183 699.1 billion UZS during this period (254 719.1 – 71 020.0), reflecting a
358.6% increase or a 3.5-fold rise.
Additionally, in 2020, the Central Bank of Uzbekistan introduced a
QR-
online
payment system, enabling buyers to make payments for goods and
services without the need for bank cards or POS terminals. This system requires
merchants to request a QR code from their bank, which buyers can scan using
their mobile applications to complete payments instantly. Such innovations have
undoubtedly improved the efficiency and convenience of transactions.
Despite these successes, certain challenges remain in improving financial
services for the population. These include:
- Low digital literacy among the population;
- Ensuring data security;
- Improving internet speed, particularly in remote regions.
To address these issues, several measures must be implemented.
Conclusion and Recommendations
Despite notable successes, there are several challenges in enhancing
financial services for the population. Addressing these issues requires the
implementation of specific measures, including:
1.
Improving Digital Literacy
- Enhance public knowledge through educational programs and
demonstrations via television and online platforms.
71 020,2
81 000,0
111 137,0
177 671,0
254 719,1
-
50 000,0
100 000,0
150 000,0
200 000,0
250 000,0
300 000,0
2019
2020
2021
2022
2023
ACADEMIC RESEARCH IN MODERN SCIENCE
International scientific-online conference
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2.
Advancing Digital Banking Services
- Increase the variety of digital banking applications and enrich them with
new features to create convenience for customers.
- Develop banking models that align with existing economic relationships.
3.
Investing in Infrastructure
- Focus on improving internet speed, particularly in remote areas, to
enhance the quality of remote banking services.
4.
Strengthening Security Measures
- Ensure the confidentiality of customers’ personal information and the
security of money transfer transactions.
- Expand the use of biometric authentication, digital identification,
blockchain, and other advanced technologies.
5.
Developing Human Resources
- Provide continuous training for bank employees to increase their
proficiency in using modern digital technologies.
6.
Establishing Legal Norms
Accelerating the development of legal standards for the use of digital
banking technologies and their promotion.
List of Literature:
1.Krivoshapova S.V, Latvin E.A. Actual problems and perspective development of
the raschetno-kassovykh operational client's credit organization of the RF.
//Electronic scientific and practical magazine "Sovreme nauchnye issledovaniya
i innovatsii". //https://web.snauka.ru/issues/2014/11/41074.
2. Vasileva T.A. Concept bank. 3.0: Global trends and consequences // Open
Journal
Systems.
[Electronic
resource].
-
URL:
http://fkd.org.ua/article/view/107714/105099.
3. Azlarova A, & Rakhmatullaeva M. (2022). Transformation of the banking sector
- neot'emlemaya chast processa stanovleniya tsifrovoy ekonomiki v Respublike
Uzbekistan. Science and scientific potential: basis of sustainable innovation
development society, 1(1), 34–37.
// https://doi.org/10.47689/inlibrary-sspbsids-2022
4. Erdonaev A. Teoreticheskie osnovy transformatsii kommercheskikh bankov. //
"Rynok, dengi i kredit" ejemesyachnyy ekonomicheskiy nauchno-prakticheskiy
zurnal, 4/2023. S.-3-11.
5. Vnimanie k klientu - osnova raboty: v Sberbanke rasskazali o principakh
klientotsentrichnosti - RIAMO (riamo.ru). // https://riamo.ru/article/288179.
