Using technology to increase the bottom line – whether it's through fees or new revenue streams – is at the top of many credit unions' business strategies.

In addition to providing revenue for credit unions, services such as identity protection and payday loan alternatives lead to better member value and greater loyalty.

"We are shifting more and more from a traditional portfolio builder, and a financial institution relying on interest income and margin, to a financial institution that is relying on fee income generation," Ray Shams, EVP and COO for the $943 million, El Segundo, Calif.-based Xceed Financial Credit Union. Shams is also president/CEO for the credit union's CUSO, Global Enterprise Resource Group.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).