Australia’s Regional Investment Corporation (RIC) has revolutionized agricultural financing through the implementation of Infosys Finacle’s digital solutions. The collaboration between RIC, a government-backed finance provider for farmers, and Infosys Finacle, an Infosys subsidiary, culminated in the successful completion of the transformation project within a remarkable nine-month timeframe.
By adopting Finacle’s Digital Lending Solution Suite, which includes Finacle Online Banking and Finacle Alerts Solution, RIC can now offer fully digital financial lending services to Australian farmers. This digital transformation not only reduces costs but also enhances self-service options for farmers.
The key highlights of RIC’s digital transformation with Infosys Finacle are as follows:
1. Cost Savings: RIC transitioned to a Software-as-a-Service (SaaS) model on AWS, enabling significant cost reductions by bringing key services in-house.
2. Integration Capabilities: The new platform comes with comprehensive API capabilities, facilitating seamless integration with various service providers. This integration agility empowers RIC to swiftly implement government mandates.
3. Improved Customer Service: The Finacle Online Banking Platform, featuring a user-friendly dashboard, empowers farmers with self-service functions, thereby minimizing the need for customer support and ensuring heightened customer satisfaction.
Chris Rawlins, Executive Director of Transformation at RIC, expressed his satisfaction with the implementation process, highlighting the project’s smooth delivery without any disruptions.
Sajit Vijayakumar, Chief Business Officer at Infosys Finacle, emphasized their commitment to supporting the RIC’s mission to empower Australian farm businesses.
It is worth noting that Infosys recently announced significant advancements in artificial intelligence technology at the 2024 Australian Open.
Established in 2019, RIC stands as the Australian government-backed finance provider based in Orange, New South Wales. Its primary focus is to support the financial well-being of Australian farm businesses.
On January 11, Infosys reported a 7.3% year-on-year decrease in net profit, amounting to ₹6,106 crore, for the third quarter of FY24. While the consolidated revenue for the quarter increased by 1.3% YoY to ₹38,821 crore, the company’s bottom-line experienced a 1.7% decline.
This transformative collaboration between RIC and Infosys Finacle signifies a significant leap forward in the digitization of financial services in the agricultural sector. By seamlessly integrating technology into agricultural financing, RIC has unlocked a new era of convenience, efficiency, and cost-effectiveness for Australian farmers. Through this strategic undertaking, RIC has positioned itself as a leader in empowering farm businesses, thereby ensuring the long-term sustainability and growth of the agricultural industry in Australia.
