Financial technologies (Fintech) as a factor of structural transformation of the banking system: modern challenges, risks and development prospects

Abstract

The banking sector of Uzbekistan is undergoing active digital transformation under the influence of the rapid development of the fintech industry and state policy on digitalizing the economy. These changes affect both traditional banking operations and facilitate the implementation of innovative digital services based on modern technologies. The paper examines key trends in the transformation of the banking system, as well as key challenges, including regulatory requirements, cyber risks, increasing competition from fintech companies, technological lag, and the need for organizational and cultural changes.