“Good solid businesses take time and effort to get right and scale,” says Jay Kotak, who stands at the intersection of digital banking and corporate strategy at Kotak Mahindra Bank. As co-head of Kotak811, he plays a pivotal role in shaping the bank’s digital retail strategy. Simultaneously, as senior vice president for conglomerate relationships, he works closely with India’s most ambitious business groups as they diversify into emerging sectors.

Kotak811 has grown into a major engine of growth for the bank. In FY24, it accounted for 72% of all new savings accounts, expanding its user base to 23.6 million. Deposits and transactions rose 38% and 52%, respectively. The division also launched a new mobile app—developed entirely in-house—and introduced 811Super, a premium savings product.

In April 2024, when the Reserve Bank of India imposed a temporary embargo that paused digital onboarding, the 811 team seized the opportunity to overhaul its back-end systems. By February 2025, the regulator lifted the restrictions, and digital customer acquisition resumed at full pace. Reflecting on the experience, Jay underscores the importance of trust, compliance, and disciplined scale.

“We remain very excited… onward on the same mission.”

Coming out of a period of regulatory recalibration with renewed clarity, Jay brings a strategic lens to how India’s largest business houses are evolving. He observes that even long-established tech firms like Flipkart now operate with the breadth of traditional conglomerates.

“It’s across the board… I don’t think people are saying, ‘these are the three hard sectors’ anymore.”

Reflecting on his journey so far, Jay distills his biggest learning into a single word: persistence.

“There’s no magic bullet—whether in the AI world or anywhere else. Building a profitable franchise that delights customers and stays financially healthy takes a lot of work and a lot of ups and downs.”