CURRENT TRENDS IN THE DEVELOPMENT OF THE BANKING SECTOR OF THE REPUBLIC OF KAZAKHSTAN IN THE DIGITAL ECONOMY

Abstract

ABSTRACT. The purpose of this research is to establish the prospects for the development of Kazakhstani commercial banks in the digital economy. The present paper analyzes the processes of digitalization in the banking sector of the Republic of Kazakhstan, examines the key trends in the field of digital banking technologies that determine the development of the industry.

This purpose focuses on analyzing modern trends in the development of Kazakhstan commercial banks in the digital economy. The present paper analyzes the processes of digitalization in the banking sector of the Republic of Kazakhstan, identifies key trends in digital banking technologies that shape the future development of the industry, and analyzes the main challenges hindering the rapid implementation of innovative solutions in the financial and credit sector. A review of the digital transformation of the banking sector has been conducted, demonstrating how, despite the COVID-19 pandemic and other unfavorable external factors, stability was maintained, sustainable development was ensured, and the banking sector continued to act as a driver of real GDP growth in the country.The study utilizes and analyzes key absolute and relative indicators of the development of Kazakhstan's banking sector for the period 2019–2023, reflecting its current position in the national economy. The paper highlights both objective and subjective challenges accompanying the digitalization process and outlines the key trends in digital banking technologies that will determine the future course of digital transformation in the banking sector.