ACADEMIC RESEARCH IN MODERN SCIENCE
International scientific-online conference
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PROSPECTS FOR IMPROVING AND DEVELOPING ONLINE BANKING
SERVICES IN COMMERCIAL BANKS OF THE REPUBLIC OF
UZBEKISTAN
Ismoilov Mirshokh Valijon ugli
The head of the sales department
Hayot bank AJ Oybek BXM CHakana
https://doi.org/10.5281/zenodo.14749088
Abstract
: The article examines the prospects for improving and developing
online banking services in commercial banks of the Republic of Uzbekistan. The
state of development of remote banking services in the practice of commercial
banks of Uzbekistan is analyzed based on the collected statistical data.
Keywords:
remote banking services, internet banking, mobile banking,
Bank-client, online banking
The most effective way to ensure the competitiveness of commercial banks
is to gain the trust of customers and create all the amenities for them, as well as
to increase the type, quality and speed of services. In order to ensure
competitiveness, banks are increasingly feeling the need to introduce modern
banking services and use new technologies.
In particular, in this regard, the President of the Republic of Uzbekistan Sh.
Mirziyoyev emphasized in his speech that "... this year we need to take drastic
measures to develop the banking system. Starting from 2020, a large-scale
transformation program will be implemented in each bank. In this regard,
increasing the capital, resource base and income of our banks will be the focus of
our special attention" [1].
Taking into account the above, in recent years a number of documents have
been adopted aimed at liberalizing the banking system and adapting it to the
conditions of free competition. In particular, the adoption of the Resolution of
the President of the Republic of Uzbekistan No. 3620 “On additional measures to
increase the popularity of banking services” dated March 23, 2018 identified
existing problems in the provision of banking services and measures to be taken
by banks [2]. In particular, the development and promotion of innovative
products for cashless payments, including contactless and mobile technologies;
the introduction of contactless and mobile technologies, primarily in the areas of
social and household services, transport, trade, catering, especially in the
regions; ensuring interaction with international payment systems, etc.
A number of scientists were closely acquainted with the research works of a
number of scientists on the topic. They analyzed the opinions of scientists on
ACADEMIC RESEARCH IN MODERN SCIENCE
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remote banking services. In particular, according to the Uzbek economist K.
Sattorova: “Remote bank account servicing is a complex of information services
and the execution of operations on the client’s account based on his instructions
without visiting the bank. The remote bank account servicing system is based on
the client’s application to the bank’s database via a telecommunications system”
[4].
In recent years, in order to improve the quality of customer service and
increase the quality of services provided to them, various innovative banking
services have been offered by banks. In particular, the traditional "Bank-Client"
system, which provides remote banking services, is widespread in our republic
and is implemented in all banks. To use this system, a special program is
installed on the client's computer, which provides interaction with the bank's
information system through communication channels. However, due to the need
to connect to a specific workplace and use specialized programs when using the
"Bank-Client" system, the ability to use this system is limited. Therefore, online
banking (internet banking) systems are widely used, which work through the
Internet and a simple browser, that is, a common program that provides the
client with access to the network.
Internet banking technology creates additional conveniences for both the
bank and its customers. In particular, the client can perform banking operations
on his account from anywhere and at any time via the Internet, without visiting
the bank, and can receive information about the status of his account, receipt of
funds, and the reflection of payments. This creates the advantages of saving time
and money for the client, freely choosing a bank regardless of the distance of the
address, and quickly managing his funds. Also, the creation of a national
technological platform operating in "on-line" mode in cooperation with
commercial banks that are participants in the "Uzcard" interbank payment
system will allow the client to manage his card accounts, make utility and other
payments in real time through Internet banking services.
As a result of the analysis of the prospects for the development of remote
banking services in Uzbekistan, the following proposals and recommendations
were developed:
1. Each commercial bank should develop its own strategic program for the
development of remote banking services in commercial banks and the
development of a remote customer service system. This program should include
a roadmap for the step-by-step transition of all types of services to remote and
online modes. This roadmap should include the source of financing for the tasks
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set, implementation deadlines, the department responsible for implementation,
and the project launch date.
2. Currently, the types of services provided remotely by commercial banks
include utility and other payments, card-to-card money transfers, online
conversion, online deposit services, as well as retail lending services in
individual banks, and it is advisable to increase their range at the next stage. In
particular, these include the ability to send and receive funds abroad through
integration with international money transfers, and the introduction of a virtual
issuance service for plastic cards.
3. It is natural that the development of remote banking services creates the
need for customer identification. Taking this into account, it would be
appropriate to create integration capabilities from the database of the Ministry
of Internal Affairs for all mobile banking services when the need arises to
identify an employee when providing customer service.
References:
1. Address (2018) Address of the President of the Republic of Uzbekistan
Shavkat Mirziyoyev to the Oliy Majlis, December 23 issue of the newspaper Xalq
so'zi
2. Resolution of the President of the Republic of Uzbekistan No. 3620 dated
March 23, 2018 “On additional measures to increase the popularity of banking
services”
3. Statistical Bulletin of the Central Bank of the Republic of Uzbekistan, 2018-
2020
4. Sattorova K. Transformation of banking payment systems in the economies of
countries // Economic Journal. 2024. No. 2. P. 122-129.
