Infosys and RIC’s collaboration delivers breakthrough in Australian agricultural finance

Infosys Finacle, part of EdgeVerve Systems, a fully-owned subsidiary of Infosys Ltd. (NSE, BSE, NYSE: INFY), has recently marked a significant milestone in the financial technology sector. In collaboration with the Regional Investment Corporation (RIC), an Australian government-backed finance provider for farmers, Infosys Finacle announced the successful deployment of the Finacle Digital Lending Solution Suite. This state-of-the-art suite operates in a Software-as-a-Service (SaaS) mode on Amazon Web Services (AWS), underscoring a remarkable digital transformation in the agricultural finance landscape.

The project, spanning just nine months, included the implementation of the Finacle Online Banking and Finacle Alerts Solution. This rapid deployment underscores Infosys Finacle’s efficiency and expertise in delivering complex financial technology solutions promptly and effectively.

A crucial aspect of this collaboration is RIC’s adoption of the SaaS model on AWS. This strategic move has enabled RIC to internalize the management of critical services, which were previously outsourced. As a result, RIC has witnessed a substantial reduction in operating costs and achieved greater efficiencies in their operations. The new platform’s comprehensive API capabilities have further empowered RIC to seamlessly integrate with a range of service providers across banking, CRM, data lakes, and document management systems. This integration capability is a significant step forward, enabling RIC to swiftly implement Federal government mandates.

The deployment of the Finacle Online Banking Platform is a game-changer for RIC’s customer service. The platform’s smart dashboard offers a range of self-service features, reducing reliance on customer support and leading to increased customer satisfaction. The digital functionalities of this new interface have significantly improved customer experience and staff engagement.

Chris Rawlins, Executive Director of Transformation at RIC, expressed his satisfaction with the project’s outcome, highlighting the platform’s role in supporting the evolving demands of their business and customers. The Infosys Finacle team’s commitment to delivering the project on schedule and facilitating a smooth transition was particularly noteworthy.

Sajit Vijayakumar, Chief Business Officer at Infosys Finacle, also shared his enthusiasm about supporting RIC’s mission to empower Australian farm businesses. He emphasized Infosys Finacle’s dedication to the Australian market and its commitment to aiding financial institutions in their digital transformation journeys.

This collaboration between Infosys Finacle and RIC is a significant step in digitalizing the agricultural finance sector in Australia. The rapid implementation and successful deployment of the Finacle Digital Lending Solution Suite demonstrate Infosys Finacle’s capability in delivering high-end, scalable financial technology solutions. Furthermore, this project is an exemplary model of how digital transformation can lead to operational efficiencies and enhanced customer experiences in the financial sector.