Australia’s RIC transforms agricultural financing with Infosys Finacle's digital solutions

Australia's Regional Investment Corporation (RIC) has successfully implemented Infosys Finacle's technology for agricultural financing. In collaboration with Infosys Finacle, a subsidiary of Infosys, RIC, a government-backed finance provider for farmers, completed the transformation project in just nine months.

The adoption of Finacle's Digital Lending Solution Suite, including Finacle Online Banking and Finacle Alerts Solution, enables RIC to offer fully digital financial lending services to Australian farmers, reducing costs and improving self-service options. RIC's digital transformation includes:

Cost Savings: RIC moved to a Software-as-a-Service (SaaS) model on AWS, bringing key services in-house, leading to significant cost reductions.

Integration Capabilities: The new platform with comprehensive API capabilities allows RIC to easily integrate with various service providers, making it faster to implement government mandates.

Improved Customer Service: The Finacle Online Banking Platform, featuring a user-friendly dashboard, enables self-service features, reducing the need for customer support and enhancing customer satisfaction.

Chris Rawlins, Executive Director of Transformation at RIC, expressed satisfaction with the implementation, highlighting its smooth delivery without disruptions.

Sajit Vijayakumar, Chief Business Officer at Infosys Finacle, emphasized their commitment to supporting RIC's mission in empowering Australian farm businesses.

In addition, Infosys recently announced advancements in AI technology at the 2024 Australian Open.

RIC, established in 2019, is a government-backed finance provider headquartered in Orange, NSW, supporting the financial well-being of Australian farm businesses.

Finacle, a digital banking solutions leader, operates as a unit of Infosys, collaborating with financial institutions globally.

On January 11, Infosys reported a 7.3% year-on-year decrease in net profit, amounting to ₹6,106 crore, in the third quarter of FY24. The company's bottom-line declined by 1.7%, while consolidated revenue for the quarter increased by 1.3% YoY to ₹38,821 crore.