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6THE IMPORTANCE OF REMOTE BANKING SERVICES IN THE DEVELOPMENT OF THE DIGITAL ECONOMY
Egamberganov Jahongir Kadambaevich
Tashkent State University of Economics
2nd year student of the Faculty of Corporate Governance.
https://doi.org/10.5281/zenodo.8265935
Qabul qilindi: 17.08.2023
Crossref DOI: 10.24412/cl-37059-2023-08-25-30
UDK: 330.1
Annotation: this article explores the problems of ensuring the stability of the banking system and its stability in the conditions of the digital economy in the Republic of Uzbekistan and the possibilities of using modern information technologies in their solution.
Key words: digital economy, banking system, innovative modern, Internet Banking, availability, profitability, rentability.
INTRODUCTION.
The digital economy is a system for the implementation of economic, social and cultural relations using digital technologies. Remote implementation of services provided to bank customers by creating digital technologies, platforms and business models in the banking system and introducing them into everyday life, ultimately saving time, establishing a constant dialogue between the bank and the client, significantly increasing the standard of living of people, limiting corruption and the �black economy�.
OBJECT AND METHODS OF RESEARCH.
The development of the banking system in our republic, the introduction of modern IT technologies into the industry and digitization processes are carried out.
President of the Republic of Uzbekistan SH.Mirziyoyev's appeals to the Supreme Assembly call 2020 �the year of the development of Science, Education and the digital economy�, while the importance of transforming the banking system in our country due to the provision of new innovative modern services is highlighted. The legal basis for the provision of remote banking services in the banking system is created. Of particular importance is the law of the Republic of Uzbekistan �on payments and payment systems�, adopted on November 1, 2019.
On October 5, 2020, the decree of the president of the Republic of Uzbekistan "on measures to approve the strategy "Digitll Uzbekistan-2030" No. 6079 and its effective implementation"was adopted.
The main principle of remote banking services is the remote exchange of various information between the client and the bank, in which the bank is obliged to ensure the safety of practice. The following types of remote service systems for Bank accounts are popular:
A Bank-client is a system that is carried out through a computer, in which a special program is installed on the client's computer. This program stores all customer information on the computer.
Internet Banking-allows the client to transfer payments in real time, while the client is connected to the bank remotely. Mobile banking system is created on the basis of internet banking technology. SMS banking is a system in which a bank receives SMS visual information to customers about transactions in their deposit accounts as well as accounts opened to bank cards. At this point, the number of users of remote banking services in our republic is increasing sharply.
The number of users of remote service systems from their data to bank accounts increased from more than 534ming in 2015 to more than 10153 thousand as of January 1, 2020. As the main reason for this, today the population is sought after by the fact that commercial banks are widely using mobile application applications.
Figure 1. Advantage aspects of remote banking services for the client.
It is known that remote banking services have aspects and peculiarities of preference for both the client and the bank. Including for a bank client:
Convenience-the client can use services from anywhere in the world;
Operation - payment of services using remote service systems is carried out at high speed, and sometimes immediately;
Availability - the cost of using remote service services is small, often banks provide free remote banking services;
Profitability - often banks give customers the opportunity to carry out long-term banking operations at more favorable prices, rather than providing services in the office;
Rentability � most banks support and develop a wide variety of remote service channels (for example, Internet, mobile or stationary).(Figure 2
And for the Bank, the main advantages of the remote banking service are:
By reducing the cost of customer service, the economic benefit-the cost and points of sale of customer service in bank branches are much higher than in remote interaction. Of course, the bank has a huge cost for the implementation of the MBX system, but they will be paid after a while, and the more customers the bank is connected to long Services, the shorter the cost recovery period.
Remote service terminals and self-service devices, which include customer service, are much more efficient than traditional service in a bank office. no bank can serve tens of thousands of customers in its offices. As a result of reducing the time of cooperation with the client, the volume of service increases. And the active bank works with private customers, provides a large impact remote service. The introduction of a remote service will help solve the problems of developing existing points and ensure the availability of banking services for the client anywhere and at any time.
Regardless of their geographical location, there are opportunities to attract customers, and the bank receives access to new customer segments that did not serve the bank before the introduction of long-term services.
It increases the speed and quality of customer service.
The accuracy of banking operations is increasing, the number of possible errors is reduced, the operational risks of the bank are reduced.
The Bank has the opportunity to solve important additional tasks, for example, to quickly inform the client about new banking products or inform the client about the necessary actions (timely payment of the delay, expiration of the deposit, etc.).
The correct introduction and development of remote service will increase the efficiency of banking activities and expand its business by selling banking products and attracting new customers, while the client will save time and distance.
Currently, there are some disadvantages in the development of the digital economy in Uzbekistan and the provision of remote banking services:
Low internet speed and poor quality;
The imperfection of legislation in the field of information technology;
Low computer literacy in citizens / digitpol;
Non-transparency of legislation;
Lack of information technology professionals or leaving them to other countries;
Technological weakness of the created infrastructure;
The fact that the security of information technology is not well ensured, etc.
Together with the advantages of the development and viability of the digital economy, problems and risks are also observed.
The problems and risks that the digital economy can cause are manifested in:
Cyber attack security, personal data protection issues;
�Digital slavery� � the use of the data of millions of people to control their behavior later;
Several industries and professions can disappear after unemployment increases, the development of Information Technology and its implementation;
The problem of rapid wear and tear of technology and its elimination as a result;
The growth of technological dependence on foreign suppliers.
The following may be the solution to the problems faced in the implementation of the digital economy:
1) promote the creation and development of business focused on the digital economy;
2) additional support of small and medium-sized businesses in the field of digital technologies, platforms, creation of digital services. This can be achieved, for example, by providing certain benefits to the respective companies (such as insurance payments or tax contributions) to develop digital technologies, creating healthy competition between such companies, providing them with orders and standards that match the final product;
3) formation and expansion of digital platforms for key areas;
4) increase in the volume of training IT specialists (we prioritized this direction of activity, which we indicated earlier);
5) formation of network, regional and universal systems to ensure cybersecurity. In particular, it is necessary to improve legislation to combat cybercrime, establish protection units in law enforcement agencies, develop safe technological solutions, ensure mutual cooperation between all participants in the global digital economy. It should be remembered that ensuring safety should not hinder the growth and development of technologies. It is necessary to strengthen interstate information exchange in the field of ensuring cybersecurity;
6) application of blockchains (blockchain technology is a technology that allows you to safely, reliably carry out transactions without any intermediaries of the parties)
7) ensure the interoperability of third-party applications or third-party applications with APL banking software. The open interface allows third-party developers and other businesses to create tools for accessing bank data, as well as applications for customers. This allows you to improve not only new, but also old Services and products. Thus, placing interfaces in the public domain gives impetus to the development of innovation. By providing open APL, the bank benefits from various developers such as reducing the cost of software support and integration, increasing customer loyalty, as well as new opportunities for business development. At the same time, the activities of banks within the framework of Open APL are absolutely transparent.
8) implementation of� Cloud"technologies ("cloud computing" is a method of data processing that provides software as an Internet service with niterfeys convenient for users to remotely access specific computer resources and capacities. When a customer changes their needs, they can change the volume of resources consumed with high flexibility. A group of servers on the network appears to the client as a single virtual server.)
In conclusion, a number of reforms are being implemented in our republic on the development of the digital economy, the remote provision of banking services to a new level of the economy, the implementation of transformation processes in banks. In order to expand the processes in this regard, according to the Presidential Decree �on the strategy for reforming the banking system of the Republic of Uzbekistan for 2020-2025�dated May 12, 2020 PF-5992, it is established that banks will undergo transformation processes from the current year. In accordance with the decree, the introduction of modern technologies, expansion of the number and coverage of contactless payments, automated scoring system, digital identification, extensive use of a credit conveyor, the introduction of business models based on the principles of a digital bank was established.
CONCLUSIONS.
In Uzbekistan, the number one �AnorBank� was established and a license was provided by the central bank. This bank is expected to start its operations from 2021.
In our opinion, the development of the digital economy and the further expansion of banking remote services in it will increase the standard of living of the population of our country, establish transparent activities of economic sectors, and use of Information Technologies.
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