Business Case
Executive Summary
Objective: The objective of the project is to install Temenos' Transact core banking product and transition from the legacy mainframe banking system without disrupting client account access.
Expected Outcome: Seamless migration of all account information from the legacy system to Temenos' Transact by New Year's Eve, 2024, ensuring no impact on client access, automated testing, and compliance with specific color scheme requirements.
Problem Statement
Current Challenges:
- The legacy mainframe banking system is over 30 years old and Cobol-based.
- Holds account information for 100,000 retail checking and savings accounts, along with CDs, Money Market accounts, mortgages, credit cards, car loans, and other personal loans.
- Need to transition to a cloud-based SaaS solution to enhance scalability, security, and maintainability.
Need for Migration to Temenos' Transact:
- Modernization of banking operations.
- Ensuring uninterrupted client access during the transition.
- Integration with third-party systems (Paymentus and LendingPad).
- Automated testing via Selenium.
- Specific UX design requirements (shades of blue).
Solution Overview
What is Temenos' Transact Implementation 2:
Temenos' Transact Implementation 2 is the project aimed at migrating Test Republic Bank's legacy account management system to Temenos' Transact, a cloud-based core banking solution. The project includes data migration, system integration, automated testing, and user experience design.
Types of Migration Projects:
- Big Bang Migration: All data and operations transitioned at once.
- Phased Migration: Gradual transition in stages.
- Parallel Migration: Running both systems simultaneously until the new system is fully operational.
Benefits of Migration to Temenos' Transact
- Enhanced Scalability: Ability to handle increased account volumes and transactions.
- Improved Security: Cloud-based solution with advanced security features.
- Operational Efficiency: Streamlined processes and reduced manual intervention.
- Client Satisfaction: Uninterrupted account access and improved user experience.
- Compliance: Automated testing and compliance with UX design standards.
Implementation Plan
Phase 1:
- Project Planning and Kickoff.
- Detailed Requirements Gathering.
- Initial System Setup and Configuration.
Phase 2:
- Data Mapping and Migration Plan Development.
- Integration with Paymentus and LendingPad.
- Development of Selenium Test Scripts.
Phase 3:
- Data Migration Execution.
- Automated Testing and Validation.
- UX Design Implementation (shades of blue only).
Phase 4:
- User Training and Communication.
- Final Testing and Go-Live Preparation.
- Go-Live on New Year's Eve, 2024.
Cost Analysis
Initial Costs:
- Licensing Fees for Temenos' Transact.
- Data Migration Tools and Services.
- Integration and Testing Tools (Selenium).
Operational Costs:
- Ongoing SaaS Subscription Fees.
- Maintenance and Support Services.
- Staff Training and Development.
ROI Estimation:
- Improved operational efficiency and reduced maintenance costs.
- Enhanced customer satisfaction and potential increase in account holders.
- Long-term savings from modernized infrastructure.
Risk Assessment
Technical Risks:
- Data Migration Failures.
- Integration Challenges with Third-Party Systems.
- System Downtime and Client Access Disruption.
Mitigation Strategies:
- Comprehensive Data Migration Testing.
- Close Collaboration with Third-Party Vendors.
- Robust Backup and Contingency Plans.
Alternatives Considered
- Custom In-House Development: High cost and longer timeline.
- Other SaaS Solutions: Evaluated but found less compatible with requirements.
- Continuing with Legacy System: Increasing maintenance costs and security risks.
Conclusion and Recommendations
Recommendation: Proceed with the implementation of Temenos' Transact, ensuring detailed planning, robust testing, and comprehensive training to achieve a seamless transition.
Next Steps:
- Finalize Project Plan and Timeline.
- Initiate Vendor Contracts and Licensing Agreements.
- Begin Phase 1 Activities.
Appendices
- Appendix A: Detailed Requirements Document.
- Appendix B: Data Migration Plan.
- Appendix C: Integration Specifications.
- Appendix D: Automated Testing Scripts.
- Appendix E: User Training Materials.