[BizLeader] Inzisofut "A Leader in Image Recognition Business... Will Continue Growth"

Interview with Jeong Jeong-gi, CEO of Ingisosoft
"Image Recognition Platform and Cloud Electronic Document Solution as New Growth Engines"

"For other companies to enter the image recognition business, they must come to InziSoft. We have been working in this field for over 20 years, building most of the projects for financial institutions, thus securing a market advantage in this area."

Jeong Jeong-gi, CEO of Inzisofut. Photo by Inzisofut

Jung Jeong-gi, CEO of InziSoft, stated this in a recent interview with Asia Economy at the company's office in Yeoksam-dong, Gangnam-gu, Seoul.

InziSoft is a specialized software company in artificial intelligence (AI), cloud, and image services. Its main revenue comes from AI OCR (image recognition solution), AI OSP (image recognition platform), cloud-based subscription electronic document solution QSVC (Q Service), and BPR (image processing system).

AI OCR can be simply explained as optical character recognition technology that scans documents and converts them into data (DB). It refers to programs that recognize IDs or various documents when opening accounts and convert the text into a database. AI OSP is a digital environment work automation platform based on AI OCR.

In particular, InziSoft's AI OCR solution boasts a high penetration rate, being used by most domestic financial institutions. The service that has evolved one step further is AI OSP. CEO Jung explained, "AI OSP allows reviewing text in documents, which can reduce unnecessary time waste during audits by the Financial Supervisory Service," adding, "Besides that, from the financial institutions' perspective, it offers advantages in work efficiency and shortening the credit screening period."

He noted that while AI OCR is saturated, AI OSP is still in its early stages and is expected to show significant growth. InziSoft currently provides AI OSP services to Woori Bank. He emphasized, "Our clients are very satisfied with our services. We have proposed to other banks, and it will definitely be possible."

Regarding criticism about the small number of clients, CEO Jung explained that even one client requires a large amount of manpower and resources, making it unavoidable. However, he expected it to significantly contribute to performance. He said, "Even with just one client, we expect about 20% annual sales growth. We anticipate adding about two more clients this year, which will all contribute to our performance," adding, "Considering the secondary financial sector, the market is very large, so continuous growth is possible."

CEO Jung also expects public institutions to become clients. He explained, "Although document database conversion is underway in public institutions, it is still behind. Since we can expand beyond the financial sector to public institutions, there should be no problem with growth potential."

Along with this, he was confident that Q Service would become a new growth engine. Q Service is a cloud-based electronic document service. Especially by using this service, users do not have to carry heavy documents and can sell products anytime and anywhere with just a tablet. He emphasized, "Our Q Service is a subscription-based service, so financial institutions can reduce setup time and costs. Additionally, it has many advantages such as preventing incomplete sales of financial products and improving work processes."

He also mentioned that high interest was confirmed at a recent Q Service seminar targeting securities companies. CEO Jung said, "Many, including the five major securities firms, showed great interest at the seminar," adding, "This year, we will strive to secure 3 to 4 financial sector clients, including securities companies."

InziSoft recorded consolidated sales of 24.2 billion KRW and operating profit of 3.8 billion KRW last year. Net profit was 5.3 billion KRW. Compared to the previous year, sales and net profit increased by 2.74% and 24.21%, respectively, but operating profit decreased by 21.64% due to investments in internal research and development (R&D).

However, this year, growth is expected not only in sales but also in operating profit. CEO Jung said, "Orders in the first quarter alone reached 8.2 billion KRW, more than a 200% increase compared to last year, so the outlook for this year is good," adding, "With maintenance revenue coming annually after service provision and growing sales from subscription services, growth will continue." He also predicted, "Net profit will increase due to financial assets we have invested in."

Finally, he expressed expectations for steady growth going forward, given InziSoft's high technological capability and years of know-how in the AI image recognition field. CEO Jung said, "It is hard to find a company in the B2B sector that consistently generates stable profits while steadily growing," adding, "We will continue to maintain a stable profit structure and become a company that achieves both growth and profit."