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The Digital Sculptor at Kotak Mahindra

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Jay Kotak, 

Co-head, Kotak811
age: 35
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IN AN ERA where digital transformation dictates the pace of progress, Kotak Mahindra Bank has been quick to capitalise on the shift with the launch of 811, a digital-only app whose name stands for India’s tryst with demonetisation in 2016. Under Jay Kotak’s co-leadership, Kotak811 accounted for 72% of all new accounts opened by the bank last year. As of March 2023, 811 had 17.5 million savings accounts, of which over 5 million were opened just last year. Kotak’s plan though extends beyond digital transactions; he envisions Kotak811 as a leader among technology companies that are revolutionising banking. “The big learning is trust and reputation really matters for Indians even in digital world,” says the eldest son of founder Uday Kotak.
Jay’s strategy involves focusing on high-use case offerings such as debit and credit cards, FDs, and UPI transactions. “We are part of a bank, we’re not a fintech. But the way we think about the world is similar to how Cred would think,” says Jay.
His additional role as SVP conglomerate relationships is helping him build ties with both the retail and corporate banking sectors, leveraging insights from each to drive innovation. “If you look at the credit-to-GDP ratio in the U.S. and at the sophistication of their consumer credit industry… The number of people that consume those products and have financed them on a reasonably robust banking system, gives me hope that India is getting there and we’re doing a solid job as an industry,” believes Jay.