Why going digital is the smartest move a credit information service provider can make today

Nowadays, the traditional ways of doing business are not enough to stay ahead. Discover how credit information service providers can unlock new expansion opportunities and improve operations by embracing digital solutions. The future is here: will you take hold of it?

A time for strategic change

In this uncertain economic climate, consumer behavior is evolving at an unprecedented pace. Consumers now demand instant access, mobile-first, and frictionless digital experiences—even when they're handling something as important as their credit report. These evolving expectations are rewriting the rulebook for how financial services must operate.

For credit information service providers, this time is not about a digital upgrade—it's a strategic inflection point. In order to stay relevant and competitive, providers will need to redefine their delivery models, embrace new technologies, and connect more intelligently with users. The providers that act now won't just keep up. They'll set the pace.

Traditional vs digital credit information service provider

Traditionally, credit information service providers have offered credit reports through static websites or offline request forms. While feasible, these channels are slow, not convenient, and often fail to meet the expectations of today's digitally oriented consumers. A customer who needs immediate access to their credit history can be kept waiting, face cumbersome login processes, or receive inadequate customer support—frustrations that will take their business elsewhere.

Data reveal that the traditional offline way is being increasingly replaced by popular means. Onfido survey reports that 80% of customers would prefer to have an entirely digital financial experience, citing speed, convenience, and security as the top reasons.

Digital technology opens up limitless possibilities. Chatbots in messengers or apps provide consumers with instant, 24/7 access to their credit report with just a few clicks. Secure ID verification solutions like Bank ID enable consumers to view personal data in a safe and easy way. New channels not only support the optimized customer experience but also enable credit information service providers to expand cost-effectively, test new products, and follow current market trends. Other companies go one step further, creating completely new platforms or services that, by the nature of what they are, create and induce demand for their core product, integrating it strongly into everyday financial decisions.

Online solutions that sell credit information service providers’ products

One such beacon of digital transformation is KHMARKA's work with a leading service provider for credit information. Whereas previously, its customers could only apply for their credit history via the provider's website, phone, or email—a usable but cumbersome and old-fashioned process—we created a chatbot integrated within popular messaging applications, allowing users to retrieve their credit history via a few intuitive clicks. It was a frictionless, mobile-optimized, and securely connected process via Bank ID. The result? A novel sales channel that paid for itself in a few months and dramatically expanded the reach of the provider. It basically obtained a brand-new sales channel for their core product.

Next, KHMARKA assisted the provider in launching a platform where users can record and manage private loan agreements and private property rental agreements. The main function of this platform is to offer users the ability to check the credit history of their counterparties. There are different types of credit histories available—some free, others you can pay for. But the key point is that they created a new product to promote their main product. This platform and its use are free, but it serves to promote their core service

Users can now document private loan contracts or arrange property rentals right on the platform—services which are free to access. But here's the strategic twist: users are invited to review the credit record of the other participant. By incorporating credit reference tools in everyday decisions, the provider established a value-added service as an immediate promotional channel for their headline product.

The following business metrics improved following the implementation of our solutions:

Business metric	Improvement rate	Comment
Lead volume	33%	The chatbot increased accessibility and convenience, attracting more users
Average sales cycle length	21%	The automated, instant access to credit history via chatbots reduced the time needed to close deals
Operating costs	15%	Digital solutions minimized overhead costs related to customer support and infrastructure expansion
Net promoter score (NPS)	18%	NPS improved from 7.7 to 9.1, meaning an average client is now a promoter of the credit information service provider

This two-pronged approach—creating frictionless access through chatbots and integrating credit checks into new digital workflows—demonstrates how going online can provide entirely new models of business. Leading service providers for credit information are already launching services that indirectly market their fundamental products, embedding them into users' daily lives. 

KHMARKA not only makes this shift possible but also accelerates it, allowing companies to experiment with business hypotheses quickly and experiment with new digital channels at low risk. Their work helped change the provider from a passive information distributor to an active actor in digital financial services. It's an open picture of how digital capability can reduce the cost of acquisition, raise product awareness, and lay the groundwork for long-term growth.

Going digital isn’t just about convenience. It’s about survival and growth

Digital transformation is not a nicety for credit information service providers—it's a survival necessity for long-term success. The old ways are no longer applicable, and more agile, technology-focused competitors threaten the providers. Installing chatbots, secure ID integrations, and state-of-the-art platforms is not a step forward—it's a solution to solve fundamental business issues, such as sluggish user adoption, high operating costs, and inability to scale. They provide real-time access, eliminate processes, and enable providers to grow with less additional capital.

Those who innovate beyond their core product—credit history services—can open up new markets, expand reach, and deepen interaction with the user. By leaning into digital channels, they improve user experience and build new sources of revenue, and give themselves space to grow long term. The time to transform, reinvent, and lead in a digital-first world is now.

If you'd like to quickly introduce new services or sales channels, grow bigger, and more — contact us today or follow us on Linkedin, and we'll take your business to new frontiers.