The Red Devils are enduring a difficult start to the domestic season, having only won two out of their first six league games.
Ole Gunnar Solskjaer’s men are yet to win at Old Trafford this season despite playing four league games.
They have recorded three defeats against Crystal Palace, Tottenham Hotspur and Arsenal with a goalless draw against Chelsea.
Despite their poor form in the Premier League, Manchester United are thriving on the European scene, having recorded two wins in their Champions League group.
Schmeichel believes his former side are inconsistent and has called their club’s hierarchy to put in more money to make United great again.
The legendary former goalkeeper told beIN Sports: “They are inconsistent. Make no mistake, this is still a team in transition and a developing team.
“They still need to bring new players in. It’s still a team that needs to find its identity and to find the main characters of the team. That was evident [against Arsenal].
“It was very hard to see what we were trying to do. I have to say, it was made fairly easy for Arsenal.
“It’s something that needs to be worked at. I still think we’re trying to recover from the 27 years of one manager [Sir Alex Ferguson] and finding a new identity.”
“I think some of the big players need to improve,” Danish icon Schmeichel added.
“There are a few players in there that are recovering from a lot of unwanted media attention that has nothing to do with football.
“A few big players are under pressure from external things, like Maguire and Greenwood.
“You have to be happy, the camp has to be happy, to challenge for titles.”