The future looks optimistic for the first time in several years for credit card companies. Even with the Federal Reserve focusing their attention on regulating credit card fees and penalties charged to consumers, banks have technology to thank for the positive outlook. Increases in smart phone payment services, e-commerce and a steady drop in credit defaults have given the industry new, long-term revenue prospects and reason for the upbeat opinion on the future of credit cards.

Findings from a recent survey by Grant Thornton LLP show that nearly three-fourths of bank executives see the U.S. economy improving in the next six months, compared with more than two-thirds for all business leaders. Optimism is also reported by 85% of bankers regarding their own businesses who project improvement over the next six months.

“Although bankers are more optimistic about the economy in general, we aren’t seeing that optimism translate into increased hiring yet,” says Nichole Jordan, national Banking and Securities industry practice leader at Grant Thornton LLP. “Bankers are proceeding with caution focusing on building up capital and preparing for the costs of compliance and financial reform regulations”, reported Nichole Jordan, of Grant Thornton LLP.

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