Using technology to increase revenue is vital to many credit unions' business strategies – through either added fees or new income streams. However, for good reason, lending still commands the most attention.

"Some of our most successful credit union clients in terms of lending have really nailed a niche. It could be indirect lending, small business merchant lending, correspondent mortgage lending, etc., but they have become very profitable and efficient in their area of focus with excellent performance metrics." Daryl Jones, director at the Scottsdale, Ariz.-based Cornerstone Advisors, noted.

"The primary lifeblood of every credit union is lending," Barry Kirby II, vice president for the Islandia, N.Y.-based loan origination provider Teledata Communications Inc., said. Nevertheless, Kirby pointed out, these are challenging times for credit unions. Borrowers view all financial institutions as commodities. "The market is changing very rapidly; you have tons of competition."