Scottish fans have voiced their anger following the draws against Serbia and Macedonia at Hampden Park but Maloney believes that they can still book their place in Rio.
The Wigan Athletic midfielder said: "The bottom line is whether or not we improve. We will need to if we are going to have any chance of qualifying.
"I don't think our hopes are at an end just yet. It was obviously not the result we wanted, we've just made it very hard for ourselves now to qualify. It's certainly not impossible but it's going to be an uphill task.
"There were a few positives. There were some individual performances that were reasonably good but I think collectively, as a team, we are going to have to improve. If we are going to qualify, then we will need to improve as a team."
Scotland's next matches in Group A come next month, against Belgium and Wales.