This case study was made by me when I was working at ICX (Indonesia Crowdfunding Exchange) 
formerly known as LandX - 2022

About the company

ICX (Indonesia Crowdfunding Exchange) is a platform that bridges visionary private companies with potential investors, enabling meaningful connections between businesses and individuals. Formerly known as LandX, the company built its foundation on revolutionizing securities crowdfunding before evolving into the broader, more dynamic platform it is today.

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In a hurry? Maybe this summary can be helpful

Context

The initiative to improve the KYC process was sparked during a cross-functional review meeting with the product manager and marketing manager. The marketing manager presented a report revealing a critically low KYC conversion rate within the application. Following that discussion, the team conducted research to identify the root causes — and found that the primary driver was a poor user experience throughout the KYC flow.

The Problem

Research uncovered significant friction in the KYC process: 80% of survey respondents found it too time-consuming, and 70% reported feeling confused at some point during the flow. This was further confirmed by marketing data showing that only 7.8% of 500 registered users successfully completed KYC.

The Challenge

With these insights in hand, the core challenge became clear: how do we enable users to complete KYC quickly, confidently, and without confusion?

The Solution

By user research, the team redesigned the KYC flow around three key interventions: eliminating redundant and inefficient steps, implementing OCR technology to auto-populate form fields from the user's KTP photo, and introducing a Save Progress feature so partial submissions wouldn't be lost.

The Impact

Following usability testing and the rollout of the redesigned KYC flow, the results were significant. The KYC conversion rate increased by 53%, reflecting stronger user engagement and trust in the process. Meanwhile, average completion time dropped by 45%, demonstrating measurable gains in efficiency and overall experience quality.

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The Introduction

What is KYC?

Know Your Customer (KYC) is a regulatory and compliance process used by businesses — particularly in the financial sector — to verify the identity of their clients. Rooted in traditional banking, KYC has grown increasingly critical in the digital age. As mobile apps handle more financial transactions, sensitive user data, and high-stakes operations, KYC has become a foundational pillar of any trustworthy digital ecosystem.

Why KYC Matters for ICX

• Regulatory Compliance Many countries enforce strict regulations to combat money laundering, terrorism financing, and fraud. Mobile apps that fail to comply risk severe consequences — from hefty fines to operational shutdowns.

• Trust and Credibility In an era of frequent data breaches and cyber threats, users are increasingly selective about where they share personal information. A robust KYC process signals to users that ICX takes their security and privacy seriously — building trust and strengthening credibility in a competitive market.

• Risk Management KYC goes beyond identity verification. By understanding who their users are, businesses can make informed decisions, proactively identifying and managing high-risk or potentially malicious actors before they cause harm — protecting both users and the platform's reputation.

Define the Scope

To ensure a focused and effective redesign, the team established a clear understanding of the KYC requirements specific to the ICX mobile app. This involved two key areas:

• Regulatory landscape All processes designed and implemented must comply with POJK No. 57/POJK.04/2020, the governing regulation for securities crowdfunding in Indonesia.

• Target audience

  • Men and women aged 20–40

  • Based in Indonesia

  • New or existing investors (stocks, mutual funds, bonds, etc.)

Previous KYC Flow

Under OJK (Otoritas Jasa Keuangan / Financial Services Authority of Indonesia) regulations, investors on an equity crowdfunding platform are required to submit three categories of information: Personal Information, Investor Profile, and Bank Account & Risk Profile.

To align with these requirements, the KYC process was structured into three corresponding sections — each designed to capture a specific category of information in a clear and organized manner.

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