Cognisoft, an AI-based image data specialist company, announced on the 23rd that it will actively expand its orders for AI-based business advancement projects in the financial sector in the second half of the year.
The second half of the year is a period when project orders increase mainly in the public and private sectors within the software (SW) and system integration (SI) industries. According to the company, market demand for AI optical character recognition (OCR)-based solutions in the financial sector, including banks, securities, and insurance, is expected to expand.
Cognisoft is the absolute leader dominating the domestic financial sector image recognition solution market based on its independently developed AI OCR technology. The company plans to particularly focus on strengthening sales of the ‘ID Copy Verification Solution’ using AI OCR in the second half of the year.
A company representative explained, "Introducing the ID Copy Verification Solution can help prevent illegal account openings during non-face-to-face financial transactions," adding, "Financial institutions adopting the solution can also reduce monitoring and management costs for illegal accounts."
Cognisoft has been actively striving to secure new orders since the first half of the year. In March, it secured the largest single contract ever with the IBK Industrial Bank document management system reconstruction project.
Additionally, Cognisoft expects the easing of network separation regulations, currently being discussed mainly in the financial sector, to become a new growth driver. The company anticipates that if the strict separation of internal and external networks is relaxed, investments in related solutions for introducing innovative services such as generative AI and cloud will expand.
A company representative said, "The expansion of AI, automation, and cloud adoption centered on the financial sector is a field expected to grow continuously in line with the times," and added, "We will strengthen our growth foundation by successfully progressing projects already secured in the second half and actively participating in new financial sector bids."
Meanwhile, Cognisoft is expected to benefit if its invested company, K-Bank, goes public within the year. Cognisoft holds 1.6 million shares (0.43%) of K-Bank. Upon listing, it will be possible to secure large-scale investment funds through high investment returns and financial asset securitization.
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