Detroit-based fintech Rocket Companies, has announced Shawn Malhotra as its first ever group Chief Technology Officer (CTO) where he will oversee the development and implementation of technology across the company’s ecosystem, including artificial intelligence (AI) development, data science, product engineering, technology operations and information security–among other areas.
“Shawn brings a wealth of expertise and a transformative vision to our technology teams. As we double down on our commitment to technology innovation, Shawn will help us focus on delivering groundbreaking solutions to our clients, partners and team members,” said Varun Krishna, CEO of Rocket Companies. “Shawn’s primary objective will be to increase the rate of innovation and execution in the organization, amplifying Rocket’s AI initiatives. His fresh perspective and history of leveraging AI to simplify and automate processes makes me confident that, together, we will quickly realize our vision of AI-fueled homeownership.”
Tech-rich background
Malhotra held a variety of technology leadership roles at Thomson Reuters, most recently, as Head of Engineering and Product Development for the entire company. Under Malhotra’s oversight, Thomson Reuters established a platform to accelerate development of generative AI solutions, while introducing an AI assistant spanning all Thomson Reuters products. Previously, Malhotra served as the CTO of Thomson Reuters’ Corporate Technology business unit. When he joined the company in 2017, he was instrumental in founding Thomson Reuters’ Toronto Technology Centre, prioritizing AI talent and expanding TR Labs–the company’s division dedicated to research around AI and other technological innovation.
“I am looking forward to being part of this pivotal time in Rocket Companies’ history and am eager to explore how AI can simplify the path to homeownership,” said Malhotra. “I truly believe in the transformative potential of AI technology. Few missions are as crucial or deserving of its power as Rocket’s goal of making housing more accessible for all.”
Before his time at Thomson Reuters, Malhotra spent 12 years at Intel–including his time at Altera before the company was acquired by Intel. He led Intel’s Toronto Technology Centre, which housed 200 software engineers, and was the Director of Software Development. Malhotra started his career as a Software Developer for Qualcomm.
Rocket launches new AI offerings
Rocket Companies recently announced the launch of Rocket Logic and Rocket Logic–Synopsis, tools that use generative AI to automate manual tasks that humans would typically spend hours of time completing. This includes classifying documents, extracting client data, tracking sentiment, and recording client patterns and preferences. AI empowers Rocket team members to focus on building relationships with those on the journey to homeownership, and strengthening rapport with clients.
