Indian banking is at a pivotal moment, with rapid changes driven by digital advancements like UPI and Aadhaar, along with rising customer expectations. Jay Kotak, Co-Head of Kotak 811 at Kotak Mahindra Bank, shared these insights during the CNN-News18 Rising Bharat Summit 2025. He emphasized that banks need to enhance customer engagement to stay ahead of fintech innovators.
Kotak highlighted how factors such as mobile technology, affordable devices, and even the global pandemic have reshaped the financial landscape in India. Today’s consumers are more demanding than ever, wanting their banking experiences to be seamless and efficient.
In a thought-provoking discussion, Kotak also addressed comments made by his father, Uday Kotak, about younger generations preferring investment management over direct business operations. He believes the next wave of Indian entrepreneurs should immerse themselves in running businesses, echoing trends from American history when business heirs were directly involved in their family’s enterprises. He noted, “Just like in the U.S. years ago, it’s essential for today’s leaders to build and operate before stepping back into investment.”
Shashwat Goenka, Vice Chairman of RP-Sanjiv Goenka Group, added another perspective. He pointed out that operational leadership and strategic investing can coexist. Engaging in both aspects helps leaders remain close to customers and markets while also capitalizing on emerging opportunities. He mentioned that modern wealth creation involves smart investments, including nurturing startups alongside running businesses.
Lavanya Nalli, Vice Chairperson of the Nalli Group, shared her journey as the first woman in her family’s business. She noted the positive change allowing today’s youth to pursue their passions without financial pressure. Yet, she also highlighted the importance of operational experience, suggesting that structured leadership training for successors can strengthen future generations.
Nalli raised a valid concern about complacency in successful companies. “Success can sometimes lead to a lack of innovation,” she argued. She recounted her initiative to establish an e-commerce branch in 2016, recognizing that disruptive trends could quickly change the game. “To avoid being overtaken, companies must be proactive in their approach,” she emphasized.
Goenka reinforced the need for data-led decision-making, especially as industries face rapid changes from policies and technology like AI. He underlined that businesses need to adapt continually to remain relevant, stressing that embracing calculated risks is crucial for sustainable growth.
According to a recent report from the Reserve Bank of India, the digital payment landscape in India has seen a 46% increase year-over-year, showcasing a growing trend in consumer behavior towards digital transactions. This aligns perfectly with the insights shared by industry leaders at the summit, underlining the critical need for banks and businesses to evolve alongside their customers.
As the landscape of Indian banking and business continues to transform, it’s clear that staying hands-on and being adaptable will play a key role in shaping the future.
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Source linkIndian banking digitisation, UPI, Aadhaar, consumer expectations, fintech disruptors, financial innovation, mobile telephony, demonetisation
