The Importance of Digital Economy Development in Banking Financial Services

Abstract

The article theoretically analyzes the importance of developing the digital economy in the field of financial services. In particular, the legal framework and practical processes were studied to accelerate the transformation of banks in Uzbekistan.

Aim: The study aims to highlight the importance of developing the digital economy in the financial services sector and to develop proposals and recommendations for improvement.

Methods: The study used research methods such as analysis and synthesis, induction and deduction, statistics and comparison.

Conclusion: The fact that banks are commercial organizations, first of all, should be commercial, and the work should be organized based on market mechanisms.

This should be avoided as banks perform functions that go beyond their core business. As a result, the development of the digital economy and the further expansion of remote banking services in it will lead to an increase in the standard of living of the country's population, the formation of transparent sectors of the economy and the widespread use of information technologies