Master Data Management (Mom) in Indian Banks

Abstract

Indian banks have recorded a phenomenal growth in the past decade with the initiation of Economic Reforms. The banks, both Public and Private, have transformed themselves into profit-oriented business organizations besides playing a developmental role in the economy. In an attempt to be more profitable, the banks have become competitive and more customer oriented. This new orientation has a more pragmatic approach in conducting the business. The MDM is one such tool which helps in meeting the customers' expectations according to their changing needs. While analysing the MDM Implementation in both the sectors, it was found that the Private Sector banks have been able to implement the MDM practices more effectively when compared to their Public Sector counterparts. This indicates that strategically speaking, the Private Sector banks have been more innovative in understanding their customers and in building the 360-degree view of the customers.