Tashkent, Uzbekistan (UzDaily.com) -- On 10 May, Uzpromstroybank held a presentation in Tashkent of a major project developed on the basis of SAP technologies - the Budgeting system.

The event was attended by representatives of the Central Bank of the Republic of Uzbekistan, the International Finance Corporation, international audit organizations and commercial banks, and journalists.

The Decree of the President of the country from 12 May 2020 on the Strategy for Reforming the Banking System of the Republic of Uzbekistan in 2020–2025 defines a number of tasks aimed at digitalizing the sphere based on modern information technologies.

In the process of transforming the activities of Uzpromstroybank with the assistance of international experts, special attention was paid to the execution of these instructions. New financial models and, on their basis, projects aimed at the effective management of the banking business are involved.

In particular, the "Budgeting" system was created on the basis of the advanced German SAP program.

The system includes such areas as the preparation and monitoring of the budget of business structures and banking products, the formation of a transfer assessment for banking resources, and the distribution of expenses for banking products.

Specialists from leading international companies were also involved in the implementation of the project, which provided close assistance in developing a financial management methodology and implementing financial programming.

“Currently, in the banking system, financial indicators in the business areas of the institution are planned on the basis of the “product approach” successfully tested in international practice,” said Shokhpur Gulturayev, Deputy Chairman of the Board of JSCB “Uzpromstroybank”. - The system will continue to be planned in stages, for this a project team consisting of qualified specialists has been formed.

The presentation provides detailed information on the stages of implementation of the "Budgeting" system, the level of implementation of international experience in this area, and the possibilities of the program.

It was noted that the system creates an opportunity to analyze internal and external factors of changes in the bank’s financial performance, identify sustainable sources of income growth, plan the institution’s profit for each banking product and points of sale, optimize the activities of industries by assessing the correctness of their financial situation, strict control and optimization of expenses , the correct allocation of resources in the banking business.

Also, the "Budgeting" system supports the creation of client-oriented transparent banking products and services, identifies the need to reduce their cost, determines the direction of development of low-margin products.

- In the process of implementing the project, a special approach was made to each direction, - said the director of the Department of Accounting and Financial Management of JSCB "Uzpromstroybank" Oybek Vohidov. – In particular, in the implementation of unified budget models for areas and products of the banking business, the SAP Business Planning and Consolidation program was used, for the distribution of costs among banking products, the introduction of transfer pricing models, the SAP Profitability and Performance Management program, financial indicators - the SAP BO Web Intelligence program.

At the end of the event, the participants were also presented with long-term plans for the effective management of the banking business.