The Importance of Implementing Transformation Processes in Commercial Banks of Uzbekistan Under Globalization and Competition and Its Future Prospects

This article examines the economic significance and promising directions of implementing transformation processes in the commercial banks of Uzbekistan under globalization and intensifying competition. Particular attention is paid to the digitalization of commercial banks’ activities, the introduction of modern banking technologies, the formation of a customer-oriented service model, the improvement of management systems and increasing banks’ competitiveness. The study analyzes the organizational and economic mechanisms of banking transformation, the effectiveness of using digital technologies and the possibilities of applying the advanced experience of international banking practice in Uzbekistan’s banking system. In addition, the main factors affecting the acceleration of transformation processes and the existing problems are identified, and scientific and practical proposals for eliminating them are developed. The research results show that transformation processes are of strategic importance for increasing the stability, financial efficiency and international competitiveness of Uzbekistan’s commercial banks.