To compete with the growing number of Internet-based, marketplace or platform lenders, credit unions may need to shift in a number of directions.

For the most part, they do not offer transaction accounts, savings accounts, or, with a few exceptions, mortgage loans. However, they have become efficient at offering auto, personal, and small business loans, experts said.

These lenders generally rely on an online presence, automation and advertising as their outreach to consumers. Their use of investors' money rather than depositors' funds helps keep their lending flexible and inexpensive compared to some bank and credit union offerings.

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