K R O Fending Off the FinTechs: How T W Agile Financial Services Firms are E A Transforming Their Businesses Authors L RamanaMurthy Magapu I SVP Operations, BFSI Platforms, Tata Consultancy Services G Sathish Sankaranarayanan Principal Consultant, BFSI Technology Group, A Enterprise Intelligent Automation, Tata Consultancy Services Few stories better illustrate the challenge facing banks and financial services firms than the swift rise of Quicken Loans and its online Rocket Mortgage unit. Quicken Loans used Rocket Mortgage’s 2016 launch to increase its loan volume by more than 7% to $96 billion. Rocket alone closed $7 billion in loans in its first year, immediately placing it among the 49 top 30 U.S. mortgage lenders. Quicken Loans, meanwhile, increased its U.S. mortgage market share six-fold over the last 50 10 years, from less than 1% to 5.7% in 2017. 49 Housing Wire, Here’s How Much Rocket Mortgage Helped Quicken Loans in 2016, March 7, 2017, accessed March 13, 2018, https://www.housingwire.com/ articles/39505-heres-how-much-rocket-mortgage-helped-quicken-loans-in-2016 50 Bloomberg, Big Banks Have Ground to Recapture in Mortgage Lending, January 12, 2017, accessed March 13, 2018, https://www.bloombergquint.com/ gadfly/2017/01/12/big-banks-have-ground-to-recapture-in-mortgage-lending