ANALYSIS AND EVALUATION OF BANK PRODUCTS AND SERVICES IN AZERBAIJAN AND IN THE WORLD IN THE MODERN ERA

Summary: The banking sector in Azerbaijan has undergone significant transformations, especially after the country gained independence. The regulatory framework is largely governed by the Central Bank of Azerbaijan, which has been shaping policies on interest rates, credit policies, and foreign exchange regulations. Currently, the major banks in Azerbaijan include both state-owned and private institutions that play a crucial role in the economy by providing essential banking services like savings accounts, personal loans, mortgages, and credit cards. On the global stage, banking services have increasingly shifted towards digitalization, with many customers opting for mobile banking, internet banking, and fintech solutions. Globally, the trend has also moved towards sustainability, with banks introducing green financing and socially responsible investment products, considering environmental, social, and governance (ESG) factors. With financial markets becoming more interconnected, Azerbaijan’s banking system is starting to align with global financial frameworks, although there are still gaps in terms of offering advanced products and services compared to more developed markets. In Azerbaijan, traditional banking products are widely offered, but there is a growing shift towards innovative financial services, including digital banking platforms and contactless payment systems. The customer experience in Azerbaijan is steadily improving, although banks need to enhance accessibility, transparency, and reduce fees to keep pace with global customer expectations.