RIC's digital transformation revolutionises Australian farm loans

The Regional Investment Corporation (RIC), an Australian government concessional finance provider for farmers, and Infosys Finacle, part of EdgeVerve Systems, have announced the successful implementation of the Finacle Digital Lending Solution Suite. The software-as-a-service (SaaS) offering operates on Amazon Web Services (AWS) and has been adopted by RIC for its lending operations.

With the completion of the digital transformation project in a swift nine months, RIC has now seamlessly integrated with various service providers across banking, CRM, data lake, and document management providers. This integration, provided by Finacle Online Banking and Finacle Alerts Solution, will enable RIC to offer digital financial lending services to its customers in the Australian agricultural sector at significantly lower operating costs and with improved self-service capabilities.

The switch to a SaaS model on AWS means RIC can now internally manage key services that were previously provided by a third party. Incoming efficiencies have led to a significant reduction in operating costs. RIC can execute Federal government mandates much faster due to the new platform's comprehensive API capabilities. Furthermore, the customers will be able to benefit from the self-service features facilitated by the Finacle Online Banking Platform's smart dashboard.

Executive Director of Transformation at RIC, Chris Rawlins, stated: "At RIC, our mission is to nurture the growth of Australian farm businesses through affordable loans, while also ensuring their resilience and profitability. With the Infosys Finacle Lending solution, we have a proven technology platform to support the evolving demands of our business and customers, with the agility to roll out new products and regulations as mandated by the Federal Government."

Rawlins added, praising the smooth transition: "The nine-month implementation by the Infosys Finacle team was delivered on schedule and we are impressed by the team's commitment to facilitate RIC in achieving a smooth transition without any disruptions to our customers."

In response, Sajit Vijayakumar, Chief Business Officer, Infosys Finacle, said, "We are delighted to support RIC in their mission to financially empower the farm businesses in Australia through the Infosys Finacle SaaS platform. This collaboration is yet another testament to Finacle's commitment to the Australian market, to support financial institutions of all kinds and sizes - banks, credit unions, mutuals and non-banking lenders - on their digital transformation journeys."

The RIC was established under the Regional Investment Corporation Act 2018 and has been in operation since January 2019, with its head office in Orange, NSW. Infosys Finacle is an industry leader in digital banking solutions and a unit of EdgeVerve Systems.