To some panelists, the best practice model could be achieved through shared platforms among different credit unions, and potentially nontraditional market entrants.

“We need to get connected if we want to [financially] include everyone, everywhere,” ter Haar said, noting credit unions' mission to provide nondiscriminatory financial access to all. “It's not us versus the banks. It's lateral and peer-to-peer. We are stronger together.”

Disruptors' impact on small credit unions also warranted discussion from the group, as did the need for gaining member trust to use mobile products. Credit unions are better positioned than banks to gain member trust because trust is inherent in the model, Sion said.

All panelists agreed that credit unions' strength lies in their localized community service and identities, but that they must make themselves relevant to a new generation of people with expanded communities made possible through technology. The physicality inherent in managing small communities is inappropriate and cost prohibitive in this era, Sion said.

“Credit unions will have to juice up their value proposition, combine to survive, or transform how they distribute products to customers,” Sion said. “It would be a sad world if credit unions don't win. We'll lose that community and authenticity.”