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New York Community (NYCB), Figure Team up for Blockchain Efforts
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New York Community Bancorp, Inc. (NYCB - Free Report) has collaborated with Figure Technologies, Inc. on a series of blockchain projects. In line with this, the bank has made a direct equity investment in Figure.
Through a strategic relationship, both companies will allocate resources into blockchain projects that will use the Provenance Blockchain. This will advance the bank’s priorities such as financial inclusion in banking and credit by relying on blockchain, cost reduction, lower complexity within the mortgage business, and a faster and less expensive payment system.
Provenance Blockchain is an open-source blockchain technology, which was made with the highly-regulated financial services industry in mind, and is used across various asset classes and markets.
Since Figure has developed numerous blockchain-based solutions in lending and payments, New York Community’s move to pursue innovative blockchain solutions in the banking field will help it benefit from the former’s knowledge.
Both companies have collaborated to invest in the JAM FINTOP Blockchain fund, which aims to invest in and develop blockchain infrastructure and businesses.
The collaboration will help New York Community to diversify operations beyond multi-family loans in New York City, and emphasize non-luxury residential apartment buildings, with rent-regulated units that feature below-market rents.
Markedly, the company has been leaning on technology to drive operational efficiency and growth. It has been expanding into the Banking-as-a-Service space on the back of partnerships with fintech companies and has been growing deposits through numerous strategies, including strengthening its presence in the existing borrower base. Such efforts will boost New York Community’s revenue prospects.
The stock has gained 5.7% over the past three months against the industry’s decline of 6.2%.
Image Source: Zacks Investment Research
Other Stocks to Consider
ESSA Bancorp, Inc.’s (ESSA - Free Report) Zacks Consensus Estimate for fiscal 2021 earnings has been revised 3.8% upward over the past 30 days. It carries a Zacks Rank #2 at present.
Flagstar Bancorp, Inc. carries a Zacks Rank of 2 at present. The Zacks Consensus Estimate for its 2021 earnings has been revised 4% upward over the past 30 days.
Heritage Financial Corporation (HFWA - Free Report) carries a Zacks Rank of 2 at present. The Zacks Consensus Estimate for its 2021 earnings has been revised 21.7% upward over the past 30 days.
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New York Community (NYCB), Figure Team up for Blockchain Efforts
New York Community Bancorp, Inc. (NYCB - Free Report) has collaborated with Figure Technologies, Inc. on a series of blockchain projects. In line with this, the bank has made a direct equity investment in Figure.
Through a strategic relationship, both companies will allocate resources into blockchain projects that will use the Provenance Blockchain. This will advance the bank’s priorities such as financial inclusion in banking and credit by relying on blockchain, cost reduction, lower complexity within the mortgage business, and a faster and less expensive payment system.
Provenance Blockchain is an open-source blockchain technology, which was made with the highly-regulated financial services industry in mind, and is used across various asset classes and markets.
Since Figure has developed numerous blockchain-based solutions in lending and payments, New York Community’s move to pursue innovative blockchain solutions in the banking field will help it benefit from the former’s knowledge.
Both companies have collaborated to invest in the JAM FINTOP Blockchain fund, which aims to invest in and develop blockchain infrastructure and businesses.
The collaboration will help New York Community to diversify operations beyond multi-family loans in New York City, and emphasize non-luxury residential apartment buildings, with rent-regulated units that feature below-market rents.
Markedly, the company has been leaning on technology to drive operational efficiency and growth. It has been expanding into the Banking-as-a-Service space on the back of partnerships with fintech companies and has been growing deposits through numerous strategies, including strengthening its presence in the existing borrower base. Such efforts will boost New York Community’s revenue prospects.
Currently, New York Community carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock has gained 5.7% over the past three months against the industry’s decline of 6.2%.
Image Source: Zacks Investment Research
Other Stocks to Consider
ESSA Bancorp, Inc.’s (ESSA - Free Report) Zacks Consensus Estimate for fiscal 2021 earnings has been revised 3.8% upward over the past 30 days. It carries a Zacks Rank #2 at present.
Flagstar Bancorp, Inc. carries a Zacks Rank of 2 at present. The Zacks Consensus Estimate for its 2021 earnings has been revised 4% upward over the past 30 days.
Heritage Financial Corporation (HFWA - Free Report) carries a Zacks Rank of 2 at present. The Zacks Consensus Estimate for its 2021 earnings has been revised 21.7% upward over the past 30 days.