DIGITIZATION OF RETAIL BANKING SERVICES AND DEVELOPMENT OF ONLINE BANKING PRACTICES
Keywords:
retail banking services, FinTech, banking products, mobile banking, plastic card, deposit, bank loansAbstract
The article explores retail banking services, their significance, and their advancements amid digital transformation. Utilizing data from 14 commercial banks in Uzbekistan, it includes 280 observations. The dependent variable is the deposit activities of commercial banks, while the independent variables are the credit activities, remote services, and plastic card services of these banks, analyzed through various models. The research indicates that among three models analyzed using panel data, the Random Effects Estimator (REE) model, represented by the equation Y=0.59x1+0.08x2+0.22x3-1.66, is the most optimal for assessing the development of retail banking services in the national economy. The Hausman test is employed to choose between the Fixed Effects Estimator (FEE) model and the Random Effects Estimator (REE) model, by comparing their estimates and checking for statistical significance. If the p-value exceeds 0.05, the REE model is preferred as it accounts for unobserved heterogeneity, unlike the FEE model. In this analysis, the p-value from the Hausman test is 0.36, higher than 0.05, leading to the preference for the REE model to evaluate the impact of retail banking services development. Consequently, it is concluded that the REE model is appropriate for this analysis.
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