OPEN BANKING TECHNOLOGY IN THE BANKING SYSTEM: OPPORTUNITIES FOR CUSTOMERS AND TRANSFORMATION PROCESSES

Abstract

This article explores the role of "Open Banking" technology as a driver for the transformation of commercial banks in the digital economy. The research analyzes the significance of Open API interfaces in banking ecosystems, data exchange mechanisms, and the financial opportunities created for customers in this process. It scientifically substantiates how digital changes in the banking system of Uzbekistan, particularly the partnership between banks and fintech, affect the speed and quality of customer service. In conclusion, proposals are put forward to overcome existing barriers to the implementation of Open Banking.