I came across this statement in a proof and I can't figure out why its true, could someone point out why (or give a hint). Thanks.
Suppose that $T:X\to X$ is a bounded linear operator that maps a Banach space $X$ to itself such that
$$||I-T||<1,\quad\quad(*)$$
where $I$ denotes the identity on $X$, and the $||\cdot||$ the induced operator norm. Then $T$ is bijective.
In case anyone comes across this later on here's a follow up on Karene's answer.
It follows from $(*)$ that
$$S_n:=\sum_{i=0}^n(I-T)^i$$
is bounded for all $n$ and that the sequence $(S_n)$ is Cauchy. Since $X$ is complete, the space of linear bounded operators on $X$ is complete as well. Thus $S_n$ tends to some linear bounded operator $S$ as $n$ tends to infinity. Then, it's easy to verify that
$$(I-T)S=S-I\Rightarrow TS=I$$
and similarly to show that $ST=I$.