Summary: Jay Kotak, co-head of Kotak 811, emphasized the need for Indian banks to improve customer experience while speaking at the Global Investors Meet, Invest Karnataka 2025 in Bengaluru. He highlighted that banks are lagging behind fintechs in areas like telecalling, brand experience, and mobile app quality, stressing that the banking system lacks empathy toward customers. Kotak called for a shift toward a more customer-centric approach, leveraging technology and fostering stronger relationships to remain competitive in a fintech-driven landscape. He urged traditional banks to enhance their digital offerings and prioritize customer satisfaction to meet modern expectations.
At the Global Investors Meet, Invest Karnataka event 2025 in Bengaluru, Jay Kotak, co-head of Kotak 811, emphasized the pressing need for Indian banks to enhance their customer experience. Speaking to a gathering of global investors, industry leaders, and policymakers, Kotak highlighted how traditional banks are lagging behind new-age fintech firms in delivering superior customer service.
“I think from a banking system level we are not empathetic enough towards our customers,” Kotak stated during his address. He pointed out key areas where Indian banks need to step up, including telecalling practices, brand experience, and the quality of mobile banking applications.
Fintechs Leading the Way
Kotak underscored the stark contrast between the customer experience offered by traditional banks and the more advanced, user-centric approach of fintech companies. “We need to do much better in terms of how we treat our customers. In terms of telecalling, brand experience, and quality of our mobile apps, we are light years behind where we need to be and where our competitive fintechs are right now,” he said.
Fintech firms have rapidly gained popularity in India due to their seamless user interfaces, innovative features, and customer-first approach. These companies have set new benchmarks in areas such as digital onboarding, personalized financial solutions, and quick grievance redressal—areas where traditional banks often fall short.
Call for Change
Jay Kotak’s remarks serve as a wake-up call for Indian banks to rethink their approach to customer engagement. By leveraging technology and adopting a more empathetic and user-focused mindset, banks can bridge the gap with fintechs and better meet the expectations of modern customers.
He also noted that improving customer experience isn’t just about technology but also about fostering trust and building stronger relationships with clients. “It’s not just about apps or digital solutions; it’s about making customers feel valued at every touchpoint,” Kotak added.
A Competitive Landscape
India’s banking sector is undergoing a rapid transformation, driven by digitalization and a surge in fintech innovation. Traditional banks are under increasing pressure to adapt and evolve to remain competitive in this new landscape. Experts believe that focusing on customer experience will be a critical differentiator for banks in the years to come.
Jay Kotak’s candid insights have sparked important conversations about the future of banking in India. His call for greater empathy and customer-centricity highlights the need for a cultural shift within the banking industry to align with the expectations of a tech-savvy and digitally empowered customer base.
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Last Updated on Thursday, February 13, 2025 5:19 pm by Entrepreneur Edge Team https://entrepreneuredge.in/
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