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IMPROVING MODERN BANKING SERVICES
Abduxomidov Ikromjon Maxamdin o’g’li
Master of Banking and Finance Academy
of the Republic of Uzbekistan
Abstract:
This document explores the improvement of banking services for the
population, highlighting the need for innovation, financial literacy, service quality,
and customized products for diverse social groups. It emphasizes the importance of
modern banking in addressing economic challenges and promoting financial
accessibility. By adopting strategies such as online banking, educational programs,
and feedback mechanisms, banks can enhance their offerings and better meet the
needs of their clients.
Keywords
: Banking services, financial literacy, customer service, economic
growth, online banking, financial accessibility, innovation, social inclusion,
customized products.
Improving banking services to the population is one of the important aspects of
modern economic development. Banking services, such as deposits, loans,
transactions, online banking, etc., serve to solve problems for the population, increase
economic activity and increase financial importance. First, the services of banks
require innovation of their activities. For example, the expansion of mobile and online
banking services allows to create convenience for customers, save time and simplify
operations. Second, increasing financial literacy is important. Banks should organize
trainings, seminars and webinars to spread financial knowledge among the public. It
helps customers to use banking products and services effectively. Third, it is
important to improve the quality of customer service. Banks should pay attention to
customer feedback, improve the service process and solve their problems quickly.
It is also important that banks adapt their services to different social strata and
offer special products for small businesses, farmers and low-income people. As a
result, it serves to improve banking services to the population, ensure financial
stability and stimulate economic growth. Such methods, in turn, contribute to the
overall development of society. Although the provision of remote banking services
in the commercial banks of the Republic of Uzbekistan is developing year by year, it
cannot be said that there are no problems in the further development of these services.
It is possible to achieve an increase in the number of customers by eliminating the
problems that have arisen in remote banking services and creating convenience in the
program. In addition to problems, several factors affect the development of remote
banking services in commercial banks. Despite this, a number of regulatory legal
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documents have been developed in the banking system of our country regarding the
development of remote banking services and intensive work is being carried out.
Today, banks are trying to increase their income as a result of increasing the number
of customers, attracting more customers and improving the quality of services
provided to them.
Remote banking services provided by banks to their customers is one of the most
promising areas of development of the modern banking system, and a number of
factors influence its development. In the development of remote banking services, it
is necessary to take into account the factors affecting these services. These influencing
factors can be divided into two, i.e. internal and external factors. In short, the wide
introduction of modern information and communication technologies in the
relationship between the bank and the client, including the creation of a mechanism
for encouraging the introduction of financial services based on relatively low-cost
electronic digital technologies, the opening of 24/7 smart offices in all bank branches
throughout our republic, and the introduction of bank cards and their offering
convenient services for bank clients and residents of our country by dramatically
increasing the number of service equipment (payment terminals, info kiosks and
ATMs) is considered an urgent issue today [4].
Currently, in order to develop the banking system, the government of our
republic is implementing a large-scale transformation program in every bank starting
from 2020, paying special attention to increasing the capital, resource base and
income of banks, radically updating their software through the wide application of
information technologies, this year By July 1, the task of taking drastic measures such
as the full operation of the "credit history" information system and the training of
modern personnel for the sector has been set. According to President Sh.M.
Mirziyoev, "Unfortunately, the banking system is 10-15 years behind the
requirements of the times in terms of the use of digital technologies, the introduction
of new banking products and software. 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 in the center of our special attention.
Consumers of banking services approved by the decision of the Central Bank
of the Republic of Uzbekistan No. 16/18 dated April 28, 2018 (list number 3030,
July 2, 2018) (Collection of legal documents of the Republic of Uzbekistan, July 9,
2018, No. 27, Article 553) part 2, paragraph 1 of the decision on making additions to
the regulation on the minimum requirements for the activity of commercial banks in
the implementation of mutual relations with it is strictly stated that his right to use
banking services cannot be restricted [1]. In this regard, on the basis of the decision
of the President of the Republic of Uzbekistan on March 23, 2018 "On additional
measures to increase the popularity of banking services" [3], as a result of the increase
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in the quality and scope of services offered to customers and the rise of the culture of
customer service by commercial banks, the population and The confidence of
business entities in the banking system is getting stronger and serves the stable
development of the banking and financial system of our country.
The main features of the use of the digital economy in the provision of retail
settlement services by commercial banks are as follows:
-
high degree of automation;
-
electronic document exchange;
-
electronic integration of accounting and management systems;
-
electronic data bases;
-
Availability of CRM (customer relationship system);
-
corporate networks.
Also, as conveniences of the digital economy in the activities of banks, the
reduction of costs for payments (for example, the ticket to go to the bank and other
resources are saved), getting more and faster information about goods and services,
the great opportunities of entering the global market of goods and services in the
digital world, and Feedback (consumer an example is rapid improvement of goods
and services at the expense of quick acquisition of opinion). It is known that in the
era of the digital economy, the number of users of the global network of the Internet
plays an important role in the provision of retail settlement services, while
commercial banks have widely introduced innovative technologies to the population.
Currently, taking into account that the main goal of reforms in the banking
sector is to train commercial banks to work for the client, building trust in the banking
system and putting an end to foreign interference in banking activities is an urgent issue.
For this purpose, through the wide implementation of information technologies in banks,
to fundamentally update their software, to train modern personnel, to continue the
processes of attracting qualified specialists from leading foreign financial institutions to
leadership positions, in order to introduce modern banking practices, management and
services in state banks together with foreign specialists, and the need to fully implement
the "credit history" information system in lending practices has increased [5]. The role
and importance of digital technologies in world development is increasing year by year.
In particular, the widespread application of technical transformation processes to financial
sectors is increasing the efficiency of banking systems, payment operations, lending and
other similar services. Such technologies that improve and optimize financial services are
financial technologies under the name "Fintech".
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