It has been a tumultuous few years for America’s banking industry. With scandals, financial reform and more, the banking sector has been through the ringer. But could things be finally turning around? Is the worst over for America’s banks? This article explores the current situation, whether progress is being made, and what the future may hold.
1. Recessionary Woes of American Banks
The recessionary period has been tough for many American banks. The banking sector was one of the first to be hit and experienced one of the deepest impacts of the recession. Here’s a overview of how American banks have been affected:
- Low Interest Rates – Banks have faced a zero-interest rate policy since the start of the recession, severely impacting their ability to make profits.
- Credit Crunch – Credit overall has been tight as banks shifted towards stricter lending standards, and as consumer and business borrowing decreased.
- Reduced Profits – Banks are finding it difficult to make money and have settled for tight margins and low profits.
The recession has also caused a decrease in consumer trust in banks, resulting in an overall decrease in consumer banking activities. Banks have dived into newer methods, such as mobile banking, to replace revenue lost from traditional banking activities.
2. Could the Tide Be Turning?
While 2020 has been a tumultuous year and disruptive to lifestyles, the tide may slowly be turning towards a brighter future. This can be seen in a number of ways:
- Economy Rebounding: Evidence of economic recovery has been seen in many countries around the world. Despite the pandemic, some states have seen an upswing in their stock markets and other countries have recovered faster than expected.
- Businesses Reopening: With governments focusing on tackling the virus, many restrictions have been formulated to enable businesses to reopen. For example, some countries are allowing customers to enter shops provided that the store adheres to the necessary safety protocols.
It isn’t clear yet how long it will take for the world’s economies to fully recover, however, it is evident that the tide is slowly turning. More and more people are feeling a sense of optimism, as the process of returning back to daily life continues to gain momentum. Recovery is on the horizon, and it is something to be welcomed.
3. Evidence of an Upward Spiral
It’s easy to find evidence of a positive upward spiral if you look for it. Whether it’s in the form of physical or emotional health, relationships, careers, or even creativity, there are many signs of progress that can be readily identified. Here are three signs that show a positive upward spiral:
- Stress Levels Decreasing: If you’ve been feeling a noticeable reduction in your stress levels, it could be indicative of an upward spiral of emotional health. You’ll also likely feel a greater sense of peace and contentment, and be less overwhelmed by day-to-day events.
- More Productive: As you gain momentum, it’s likely your productivity levels will increase. You’ll be able to think more clearly and get more done in less time. You may even notice a shift in the way you approach tasks and challenges – with more focus and enthusiasm.
- Increased Self-Esteem: Higher self-esteem is one of the clearest indicators of an upward spiral in progress. You may find yourself being more confident and comfortable in social situations, and being more open-minded and optimistic about the future.
If you feel like you might be in the middle of an upward spiralling life trajectory, recognize it for what it is and savour the positive changes it brings. Take time to pause and celebrate your successes, no matter how big or small. Doing so will help to reinforce positive thinking and behavior, further aiding you in your climb.
4. Looking Ahead to a Brighter Future
The future looks bright. After all the turmoil and hardship of 2020, your future is yours to write. Here are 4 things that can help you move forward into a brighter future:
- Focus on the present: Rather than worrying about a future you can’t predict, focus on the now and how you can make the most out of the current moment.
- Be optimistic: Believe in the power of resilience and that you can continue to thrive in the face of adversity.
- Surround yourself with positivity: Seek out the people and relationships that lift you up and turn away from those that bring you down.
- Develop a long-term plan: Whether it’s professional or personal, create a roadmap to help guide you in the coming months and years.
These basic points of advice can lead you to growth and success. Take charge of your future by committing to taking positive steps in the days, weeks, and years ahead. Your brighter future is ready for you to explore.
It’s hard to say for sure where America’s banks will be in the years to come, but for now at least, the worst may be over. With new reforms and regulations providing greater transparency in the banking industry, and the constant vigilance of an informed public, US citizens can rest assured that their finances, and the future of the banking industry, are securely in their hands.