https://nordascend.com/index.php/ejedp <p>The European Journal of Economic Dynamics and Policy is a peer-reviewed academic publication that explores the complex interactions between economic theory, quantitative modeling, and policy analysis. It focuses on advancing understanding of dynamic processes that shape economic growth, financial stability, labor markets, and institutional development within Europe and beyond. By combining rigorous empirical research with innovative theoretical approaches, the journal provides a platform for scholars, policymakers, and practitioners to discuss and evaluate strategies that influence economic performance, social welfare, and sustainable development in an increasingly interconnected global economy.</p> en-US admin@nordascend.com (Hannah Olsson) support@nordascend.com (Ragnar Åberg) Fri, 08 May 2026 11:03:27 +0500 OJS 3.2.1.5 http://blogs.law.harvard.edu/tech/rss 60 https://nordascend.com/index.php/ejedp/article/view/25 Human resource management (HRM) plays a crucial role in improving employee performance, especially in large and rapidly developing companies such as Artel. However, the effectiveness of HRM practices is not always fully realized by employees. This study aims to examine the relationship between HRM and employee performance in Artel Electronics. The research used a quantitative correlational approach with data collected from 64 employees through a structured questionnaire. The data were analyzed using Pearson correlation. The results show a positive but weak relationship between HRM and employee performance (r = 0.291, p = 0.020), indicating that better HRM practices are associated with improved employee performance, although the effect is not strong. The findings also reveal that many employees do not fully utilize available HRM programs such as training and development. Therefore, it is recommended that Artel Company enhance the implementation and communication of HRM practices to maximize their impact on employee performance. Zahro Husniddin-kizi Husniddinova, Nuriddin Bektemir-o’g’li Javliyev, Rofi Rofaida Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/25 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/26 Artificial intelligence (AI) has become one of the most influential forces shaping contemporary marketing practice. This article examines how AI reshapes personalized marketing strategies by enabling firms to interpret customer data more intelligently, anticipate preferences more accurately, and tailor communication across digital touchpoints with far greater speed than traditional approaches. Using a systematic literature review, the study synthesizes recent scholarship on AI-enabled personalization, recommendation systems, predictive analytics, conversational agents, customer experience, and privacy concerns. The review shows that AI can substantially improve targeting precision, content relevance, and customer journey coordination when it is supported by reliable data, transparent governance, and thoughtful human oversight. At the same time, the literature makes clear that personalization is not effective simply because it is automated. Its success depends on whether customers perceive it as useful, respectful, trustworthy, and contextually appropriate. Overall, the article argues that AI is most valuable when it supports relationship-oriented marketing rather than purely mechanical optimization. Asadbek Allaberganov, Inomjon Qudratov, Layung Andiya Prasetyanti Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/26 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/27 This article compares the evolution, structure, and policy drivers of financial inclusion in Uzbekistan and Indonesia by using an IMRaD framework and a comparative secondary-data design. The study is motivated by the fact that both countries have pursued inclusion through digitalization, but they start from different historical, institutional, and market conditions. Indonesia represents a large archipelagic lower-middle-income economy in which financial inclusion has been shaped by agency banking, e-money, QR-based payment interoperability, and national literacy campaigns. Uzbekistan is a post-reform transition economy where banking modernisation, card-based payments, remote banking, and state-led reforms have made it easier for people to get what they need. However, cash use, gender gaps in digital payments, and weak depth of formal savings are still major problems. The article brings together research from around the world, official statistics, policy papers, and comparative indicators from the Global Findex, OJK, Bank Indonesia, IFC, and World Bank. The results show that Indonesia’s ecosystem has become more mature overall, especially when it comes to payment system interoperability and policy coordination. Uzbekistan, on the other hand, has made quick progress from a lower starting point, especially when it comes to increasing account ownership, debit card use, and remote banking. But the two countries show different problems with inclusion. Indonesia’s challenge is not only expanding access but converting nominal inclusion into high-quality and regularly used services with stronger literacy, consumer protection, and productive finance for women and MSMEs. Uzbekistan’s challenge is to move from account expansion toward deeper and more frequent usage, especially for savings, digital merchant payments, and broader access beyond urban and salaried groups. The article contributes by offering a structured cross-country comparison that distinguishes access, usage, quality, and resilience dimensions of financial inclusion, and by proposing a policy matrix tailored to both contexts. The study concludes that sustainable financial inclusion requires more than opening accounts; it requires trusted digital infrastructure, interoperable payment rails, consumer capability, gender-responsive design, and stronger links between payments, savings, credit, insurance, and entrepreneurship. Dilrabo Meliboyeva Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/27 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/28 Background: The post-pandemic era has fundamentally restructured the relationship between brands and consumers, particularly among Millennials - a cohort defined by heightened social consciousness and digital fluency. Objective: This study investigates the influence of brand activism on Millennial consumer loyalty in the aftermath of the COVID-19 pandemic, examining perceived authenticity and value congruence as mediating variables and emotional engagement as a moderating variable. Methods: A cross-sectional survey design was employed. Data were collected using quota-based purposive sampling from 412 Millennial respondents (aged 27-42) across four major Indonesian cities (Jakarta, Bandung, Surabaya, and Yogyakarta). Structural Equation Modeling with partial least squares (PLS-SEM) was used for analysis. Results: Brand activism exerted a significant positive direct effect on consumer loyalty. Perceived authenticity and value congruence each served as significant partial mediators. Emotional engagement moderated the direct activism-loyalty path, amplifying the relationship among highly engaged consumers. The model explained 58.7% of the variance in consumer loyalty (R² = 0.587). Conclusions: Post-pandemic Millennials demonstrate heightened responsiveness to activist brand positioning, affiliating loyalty with brands whose moral commitments align with their evolving worldview. This study extends Social Identity Theory into a post-crisis consumer context and provides a non-Western empirical test of the activism-loyalty mechanism. Brand managers are advised to treat activism as a long-term institutional commitment calibrated to target Millennial value profiles, delivered through emotionally resonant communication, to maximize loyalty returns in post-pandemic markets. Elzod Valiev, Gulshat Karlibaeva, Arief Budiman Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/28 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/29 Indonesia is one of the biggest e-commerce markets in Southeast Asia. As more people shop online, businesses need to understand how digital marketing affects the way consumers make purchasing decisions. This paper reviews existing studies on three digital marketing strategies: social media marketing, influencer marketing, and content personalization. The goal is to understand how these strategies influence consumer behavior in Indonesian e-commerce, specifically brand awareness, purchase intention, trust, satisfaction, and loyalty. The paper uses three main theories as its foundation: the Technology Acceptance Model (TAM), the commitment-trust theory, and the social proof principle. The paper uses a narrative literature review approach, drawing on 20 selected peer-reviewed studies published between 1984 and 2025. on the review, this paper argues that social media content quality matters more than posting frequency. Influencer marketing works best when influencers are honest and genuinely connected to the products they promote. Personalization improves customer satisfaction but must respect consumer privacy. It offers seven research propositions that future studies can test. It also gives practical suggestions for Indonesian businesses, especially small and medium enterprises (SMEs), on how to improve their digital marketing strategies. Suhrobbek Nurullaev, Gulshat Karlibaeva, Arciana Damayanti Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/29 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/30 The paper looks at how happy employeesre with their jobs and what motivates them affects how well they work in small and medium-sized businesses in Tashkent, Uzbekistan. These medium-sized businesses are really important, for Uzbekistans growing economy. Which is why it’s more important than ever to know what makes people work hard for these companies. This research is about studying medium-sized enterprises in Tashkent. We looked at data from 120 employees in these medium-sized enterprises. We also talked to 15 HR managers in these medium-sized enterprises. We used a way to understand the numbers from the 120 employees. This special way is called linear regression. For the talks with the 15 HR managers we used another way to understand what they said. This other way is called analysis. We did this to get an understanding of the small and medium-sized enterprises, in Tashkent.The results indicate that the level of job satisfaction and motivation to work has a significant effect on employee performance. Work motivation is the more potent of the two. The study finds that what motivates people in Uzbekistan is different to what motivates people elsewhere. It is important to be appreciated, to have a stable job and to be supported by the company. These findings are helpful for HR professionals and small business owners. They want to get work done in changing economies. The main things we looked at are: job satisfaction; work motivation; employee performance; medium-sized enterprises, also called SMEs; Uzbekistan; human resource management. These are all important, for HR professionals and small business owners. They can use this information to improve how work gets done. Diyorbek Baxtiyor-o’g’li Mamatkulov Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/30 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/31 This article examines how green marketing interacts with consumer behavior in two emerging economies, Uzbekistan and Indonesia. The research utilizes an IMRAD-based comparison methodology, drawing on secondary data from the World Bank, national statistical and policy documents, and recent academic publications from 2015 to 2025. The article compares the two countries based on the size of their markets, how many people use digital technology, how they develop laws about the environment, and what factors are known to affect green purchase behavior. The findings reveal that Indonesia has a more comprehensive and advanced ecosystem for green marketing, supported by a larger consumer market, stronger legislative frameworks for sustainable finance and the circular economy, and a more extensive body of empirical research on environmentally responsible consumption. Uzbekistan, on the other hand, is making quick progress in digital growth and green-economy reforms that come from the top down. But its green consumer industry is still not fully established. There are fewer eco-labels, fewer things available, and less proof to back up its claims, which makes people less likely to believe it and take part in environmentally friendly actions. Across both countries, trust, product functionality, price fairness, environmental knowledge, and the credibility of promotional claims are consistently important. But the balance between these drivers is different. Indonesian consumers are more likely to respond to messages about identity, social influence, and sustainability in digital channels. On the other hand, Uzbek consumers seem to care more about practical value, credibility, and the connection between environmental claims and socio-economic benefits. The article contends that successful green marketing in both contexts must transcend symbolic promotion to encompass verifiable product performance, transparent claims, targeted digital education, and context-specific pricing and distribution strategies. The research offers a comparative framework for marketers and policymakers, along with a proposed action matrix to enhance green consumption in emerging markets. Habibullo Kamoljon-ugli Kobiljonov, Ablatdinov Sultanbek Azatovich, Mokh Adib Sultan Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/31 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/32 This article examines how the rapid expansion of digital banking in Uzbekistan creates new risks for customer satisfaction. The study uses a qualitative-descriptive design based on a structured literature review and secondary-data analysis. Academic studies published between 2020 and 2025 were combined with official sources from the Central Bank of the Republic of Uzbekistan, the World Bank, the Statistical Agency, and UNDP. The proof shows that Uzbekistan’s digital financial ecosystem has grown quickly. Internet use has gone up a lot, payment companies have grown, digital identification has made it easier to access services from afar, and the number of transactions through payment companies grew a lot in 2024. But the same speed-up also raises the risks of customer dissatisfaction related to cybersecurity, fraud, service outages, poor complaint handling, privacy issues, and gaps in digital literacy. The review also shows that convenience alone is not enough to keep people happy. Trust, system reliability, user-friendly design, and responsive support are still very important. The article says that banks in Uzbekistan should make risk management and customer experience management two of their top priorities. Putting money into anti-fraud systems, safe onboarding, service recovery, customer education, and design that works for everyone will probably make people happier and encourage them to use digital banking services for a long time. Kamila Oktyabrova, Mehrangiz Xudayorova, Netti Sisika Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/32 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/33 Background: The fast fashion industry, one of the world's most environmentally and socially destructive sectors, is under escalating pressure to adopt sustainable finance mechanisms. Despite the rapid global expansion of green finance instruments - including green bonds, sustainability-linked loans (SLLs), and ESG-integrated portfolios - their systematic application within the fast fashion sector remains fragmented, undertheorized, and empirically underdeveloped. The urgency is amplified by the sector's disproportionate contribution to global greenhouse gas emissions, water pollution, and labor exploitation in developing economies. Objective: This study systematically reviews peer-reviewed literature at the intersection of green finance and fast fashion, identifying key opportunities, structural barriers, and theoretically grounded pathways toward sustainable industry transformation. The review also maps bibliometric trends and research gaps to guide future scholarly inquiry. Method: A Systematic Literature Review (SLR) following the PRISMA 2020 framework was conducted using the Scopus database. A total of 1,247 records were identified; after rigorous screening based on pre-established inclusion and exclusion criteria and inter-rater reliability assessment (Cohen's κ = 0.87), 42 peer-reviewed articles published between 2013 and 2024 were included for final synthesis. Thematic analysis was conducted following Braun and Clarke's (2006) framework, structured around three guiding research questions. Results: The review reveals a growing yet asymmetric body of literature, with ESG performance and financial performance receiving the most attention, while green bond adoption and climate finance mechanisms remain nascent within the fashion sector. Social performance (S-pillar) demonstrates the most robust and consistent positive association with both market-based and accounting-based financial outcomes. Structural barriers - including regulatory fragmentation, greenwashing risks, information asymmetry, and supply chain opacity - substantially impede green finance adoption. Creditor-oriented financial systems exhibit stronger ESG signaling effects than investor-oriented systems. Bibliometric analysis reveals a sharp increase in publication volume post-2020, reflecting heightened institutional and regulatory attention. Emerging thematic clusters encompass circular economy finance, digital traceability, and climate risk disclosure. Conclusion: Green finance represents a viable and increasingly imperative pathway for transforming the fast fashion industry toward environmental and social sustainability. Realizing this potential requires multi-stakeholder institutional alignment, credible ESG disclosure infrastructure, fashion-specific financial This is an open-access article distributed under the terms of CC BY License 104instruments, and coherent regulatory frameworks. Future research should examine longitudinal causal mechanisms, digital technology enablers Laylo Tarkulova, Inomjon Qudratov, Arief Budiman Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/33 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/34 Purpose - This study aims to analyze interaction patterns, network structures, and information dissemination related to loyalty program discussions on Instagram using a Social Network Analysis (SNA) approach based on the hashtag #LoyaltyProgramResearch. Design/methods/approach - The study applies a quantitative network-based approach by collecting 100 Instagram data points through the SocialX platform. The methodology includes data pre-processing, network construction (nodes and edges), and analysis using SNA metrics such as degree centrality, betweenness centrality, and closeness centrality. Additional analyses, including text network analysis, word cloud, sentiment, and emotion analysis, are used to enrich interpretation. Findings - The results show that discussions are centered on key themes such as loyalty, programs, customers, and rewards. Influential actors and clustered communities play a significant role in information dissemination. Sentiment analysis indicates a dominance of neutral (63%) and positive (36%) sentiments, with minimal negative responses (1%), while emotion analysis highlights happiness as the dominant emotion. Research limitations/implications - This study is limited by the relatively small dataset and the use of a single hashtag. Future research should incorporate larger datasets and multiple platforms to improve generalizability. Practical implications - The findings provide insights for marketers to design more engaging and data-driven loyalty strategies by leveraging user interaction patterns and sentiment insights from social media. Originality/value - This research integrates SNA with text and sentiment analysis to provide a comprehensive understanding of digital conversations on loyalty programs, offering both theoretical and practical contributions. Javohir Jahongir-ugli Meyliyev, Sardor Umarovich Xoldorov, Asep Miftahuddin, Arciana Damayanti Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/34 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/35 Purpose - This review examines AI-driven personalization as a distinct digital marketing technology and clarifies how it creates marketing value while also generating privacy and governance concerns. Methodology - Using PRISMA-style review logic, the study screened peer-reviewed journal articles and major review papers published between 2020 and 2025, with limited early-2026 updating. From 176 identified records, 39 studies were retained and coded by application domain, analytical theme, AI mechanism, focal outcome, constraining factor, and managerial implication. Findings - The literature shows that AI-driven personalization generally improves perceived relevance, usefulness, convenience, engagement, and purchase intention when personalization is timely, contextually appropriate, and supported by credible first-party data. These benefits are not automatic. The same systems may intensify privacy concern, perceived intrusiveness, algorithmic opacity, and authenticity doubts. Across the reviewed studies, trust emerges as the main mediating factor connecting personalization with engagement, satisfaction, loyalty, and purchase intention. Novelty - The article integrates technical, consumer, and governance perspectives into one explanation of how AI capability becomes marketing value. Significance - The review offers an evidence map and a practical basis for a more responsible and effective personalization strategy. Nurmuhammad Shuhrat-ugli Asadullaev, Mamurbek O‘tkir-o‘g‘li Karimov, Mokh Adib Sultan Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/35 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/36 This paper explores the integration of business intelligence (BI) systems within human resource management (HRM) and their broader impact on organizational decision-making. With corporate data generation reaching unprecedented levels, extracting actionable value from this information represents a critical modern operational hurdle. BI platforms offer a practical solution, enabling HR departments to evaluate staff performance with greater objectivity, optimize workforce planning, extend retention periods, and improve talent acquisition strategies. By analyzing the role of these technologies in driving organizational effectiveness specifically through real-time tracking, predictive modeling, and evidence-based managerial action this study highlights a direct correlation between HRM-focused BI adoption and tangible corporate improvements. Sevinch Yusuf-qizi Tog‘aymurodova, Sultanbek Azatovich Ablatdinov, Yoga Perdana Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/36 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/37 Social media marketing is one of the most important ways of marketing today. Many businesses use Instagram, TikTok, Facebook, and YouTube to promote their products, talk with customers, and build their brand. The use of social media is growing fast, and it has changed how people think and buy products.This study looks at how social media marketing affects consumer buying decisions. Social media marketing has five main parts: entertainment, interaction, trendiness, customization, and informativeness. These parts help attract people and give useful information.Consumer purchase decision is measured by purchase intention, product preference, purchase confidence, and recommendation intention. This means how much people want to buy, like the product, trust it, and tell others about it. The results show that social media marketing has a positive effect on people. It helps people feel interested, trust the brand more, and decide to buy products.Therefore, businesses should use interactive and informative content on social media to attract customers and improve their buying decisions. Samandar Bahodir-ugli Toshpulatov, Inomjon Qudratov, Dibias Lazuardi Maulid Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/37 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/38 Small and medium enterprises (SMEs) are central to Uzbekistan’s transition toward a more diversified, private-sector-led, and export-oriented economy. However, although the country has expanded trade turnover, modernized parts of its financial system, and introduced several exporter-support measures, many SMEs still face serious constraints when attempting to obtain export financing. This article examines the main challenges in accessing export financing among SMEs in Uzbekistan using an IMRaD structure and a desk-based qualitative methodology. The study uses recent policy documents, international development reports, national statistics and financial-sector evidence published between 2020 and 2026. The results indicate that export-finance constraints are not caused by any single problem but are the result of the interactions between the high cost of borrowing, collateral requirements, short maturity of loans, limited credit history, weak financial reporting, foreign-exchange and payment risks, underutilisation of trade-finance instruments, regional and gender gaps, and the uneven implementation of support programmes. The article also concludes that recent reforms such as the creation of new classifications of SMES, lines of credit, trade-development institutions, insurance support and finance initiatives underpinned by the World Bank/IFC/ADB are important but still not enough unless backed by more robust risk-sharing mechanisms, digital credit infrastructure, expansion of export-credit insurance, factoring and supply-chain finance and practical training for SME exporters. This study contributes to the literature by linking general SME finance barriers to the specific working-capital needs of Uzbek exporters. It concludes with policy recommendations for banks, government agencies and development partners to improve inclusive export financing. Turobbek Obloyorov, Inomjon Qudratov, Netti Siska Nurhayati Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/38 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/39 Electronic commerce market The Republic of Uzbekistan in 2023-2025 demonstrates an acceleration in turnover against the backdrop of internet saturation and the growth of digital payment habits, while simultaneously tightening regulatory and anti-fraud requirements. According to official statistics on e-commerce trade (internal trade, annual indicator), the turnover increased 1from 13.26 trillion soums in 2023 to 15.21 trillion soums in 2024 (about +14.7% year-on-year). For 2025, the industry regulator’s public communications provide an estimate of approximately 22.7 trillion soums and about 4.6% in total retail (the methodology may differ from the statistical 2 indicator, which is important to consider). In the retail market structure, according to official data, the share of e-commerce remains “unambiguous” and amounted to approximately 3.71% in 2024 1(calculation: 15.21 trillion soums for e-commerce / 410.07 trillion soums for retail). International official reference books also provide comparable indicators: according to "state statistics," the e-3 commerce market in 2024 is estimated at $1.2 billion, or 3.8% of retail. Demand is shaped by almost “universal” access to the internet: the share of the population using the internet, according to a sample survey of households, increased from 89% (2023) to 93.3% (2024) and reached 94.2% in 4January-August 2025. On the infrastructure side, the National Statistics Office also records 30.1 million internet connections as of January 1, 2024 (+12.5% year-on-year) and 34.217 million mobile subscribers as of January 1, 2024, which creates a natural foundation for m-commerce (“phone purchases”). The key structural trend is ecosystems (marketplace + fintech + logistics). An exemplary example is the Uzum digital ecosystem: by the end of 2024, it reveals a GMV of $345 million in the e-commerce segment, an increase in orders to 19 million, nearly 1,000 delivery points and 6approximately 14,000 sellers, as well as a high share of regions in orders (approximately 60%). Regulatory and trust factors are becoming as important as marketing and logistics: at the end of 2023, a set of measures was approved to protect the rights of digital service consumers and combat digital offenses, including anti-fraud circuits and requirements for payment organizations (form and capital). Main practical recommendations: for businesses, build omnichannel (PUDO/self-delivery+delivery), develop trust (returns, transparency), implement anti-fraud and “safe” payment scenarios, as well as master retail media and personalization; for politicians, increase the comparability of e-commerce statistics, accelerate the standardization of logistics and addressing, 6maintain platform competition, and develop financial literacy as a component of demand. Nilufar Bakhrom-kizi Daminova Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/39 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/40 Purpose - This study examines how digital banking influences the financial performance of commercial banks. The paper focuses on how digital banking affects profitability, cost efficiency, operational efficiency, customer growth, non-interest income, competitiveness, and selected risk dimensions. As mobile banking, internet banking, digital payments, analytics, and automated service platforms become central to banking strategy, the key issue is no longer whether digital banking matters, but under what conditions it creates measurable financial value. Methodology - The study adopts a comparative analytical desk-review design. Recent peer-reviewed studies and institutional reports on commercial banks, digital transformation, and bank performance were reviewed and interpreted through a common indicator framework. The analysis synthesizes findings on return on assets, return on equity, cost-to-income ratio, fee-based income, customer growth, and digital risk to explain both convergent and divergent outcomes. Findings - The evidence indicates a broadly positive but conditional relationship between digital banking and commercial bank performance. The strongest and most consistent gains appear in cost efficiency, operating productivity, customer reach, and revenue diversification. Profitability gains are real but often delayed by high up-front investment, legacy-system complexity, cybersecurity spending, and uneven customer migration. Banks obtain the best outcomes when digital banking is combined with process redesign, data-enabled sales, governance discipline, and active risk management. Novelty - The article integrates recent evidence into a performance-channel framework that links digital banking to bank profitability through cost, revenue, customer, and resilience mechanisms rather than treating digitalization as a simple technology variable. Significance - The study is useful for bank managers, researchers, and regulators who need to evaluate whether digital transformation produces sustainable financial value in commercial banking. Karomat Shakirovna Oktyabrova, Inomjon Qudratov, Budhi Pamungkas Gautama Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/40 Thu, 07 May 2026 00:00:00 +0500 https://nordascend.com/index.php/ejedp/article/view/41 This article analyzes the historical development, theoretical foundations, and modern trends of the branding concept in the service sector. The article examines the gradual transformation of the brand concept - from product branding to service branding, the emergence of customer-centric strategies, digital transformation, and the integration of experience marketing. Additionally, the relationship between brand value, brand reliability, and customer loyalty in the service sector is analyzed using practical examples. The article contains scientific and practical conclusions, as well as recommendations for effective brand management. How the intangible nature of services affects strategies and the transformation of consumer-brand interactions is analyzed from a scientific perspective. The study highlights the modern “Service-Dominant Logic” theory and the role of brands in digital ecosystems. Shukurillo Asatillo-ogli Saadi Copyright (c) 2026 https://creativecommons.org/licenses/by/4.0 https://nordascend.com/index.php/ejedp/article/view/41 Thu, 07 May 2026 00:00:00 +0500