Summary: At the Global Investors Meet 2025 in Bengaluru, Jay Kotak, co-head of Kotak811, acknowledged the growing influence of fintech in India’s financial sector. In a lighthearted remark directed at Zerodha, he noted their disruption in the broking business and jokingly urged them not to expand further into banking.
Zerodha co-founder Nikhil Kamath responded by highlighting regulatory barriers that prevent fintech firms from obtaining banking licenses.
Beyond humor, Kotak emphasized the need for traditional banks to improve customer experience, citing issues with telecalling, brand experience, and mobile app quality. He admitted that banks are significantly lagging behind fintech firms in these aspects and called for greater digital transformation in the banking sector.
Bengaluru, February 2025 – The rapid evolution of India’s fintech sector took center stage at the Global Investors Meet 2025 in Bengaluru, where Jay Kotak, co-head of Kotak811, made a candid observation about the industry’s transformative impact.
While speaking about the growth of fintech in India, Kotak playfully addressed the influence of online brokerage giant Zerodha in reshaping financial services.
“You’ve already disrupted the broking business, please don’t come after us,” Kotak remarked in a lighthearted tone when asked about gaps in the financial sector and the potential for fintech companies to build solutions around them.
Zerodha co-founder Nikhil Kamath responded with a dose of realism, highlighting the regulatory barriers that fintech firms face in entering the banking industry. “We won’t get a license even if we wanted,” he quipped, pointing to the stringent restrictions preventing fintech players from transitioning into full-fledged banks.
Beyond the humor, Kotak acknowledged the pressing need for traditional banking institutions to improve customer experience, particularly in comparison to fintech firms.
“I think from a banking system level, we are not empathetic enough towards our customers. We need to do much better in terms of how we treat them—whether it’s in telecalling, brand experience, or the quality of our mobile apps,” he said. “We are light-years behind where we need to be and where our fintech competitors are right now.”
His remarks underscored the growing competition between legacy banking institutions and digital-first fintech firms that have redefined convenience, efficiency, and customer engagement in financial services. As fintechs continue to set new standards, Kotak’s candid acknowledgment signals a call for traditional banks to accelerate their digital transformation efforts and prioritize customer-centric innovation.
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