Project Vision Document

1. Project Overview

Project Name: Sample Project

Project Sponsor: [Project Sponsor]

Project Manager: [Project Manager]

Document Version: 1.0

Last Updated: 12/18/2024

2. Vision Statement

The vision of this project is to successfully implement the Temenos Transact R24 core banking technology and replace the existing legacy banking system to enhance operational efficiency, improve customer experience, and ensure regulatory compliance.

3. Business Objectives

• Achieve seamless integration of Transact R24 with existing systems.
• Enhance operational efficiency by automating core banking processes.
• Improve customer experience with modern banking functionalities.
• Ensure compliance with current and future regulatory requirements.

4. Project Scope

In Scope:

• Implementation of Temenos Transact R24 core banking technology.
• Migration of data from the legacy banking system to Transact R24.
• Training for staff on the new system.
• Integration with existing peripheral systems (e.g., CRM, Payment Gateways).

Out of Scope:

• Development of new custom features outside the standard Transact R24 offering.
• Upgrades or changes to unrelated legacy systems not integrated with core banking.
• Marketing and promotional activities for the new system.
• Integration with third-party systems not currently in use.

5. Stakeholders

• Project Sponsor: [Project Sponsor]
• Project Manager: [Project Manager]
• IT Department
• Banking Operations Team
• Customer Service Team
• Compliance and Legal Team
• External Consultants (if any)

6. Deliverables

• Project Plan and Timeline
• Fully Functional Temenos Transact R24 System
• Data Migration Report
• User Training Materials
• System Integration Report
• Compliance and Security Audit Report

7. Assumptions

• The existing legacy system will remain operational until the successful implementation of Transact R24.
• Adequate budget and resources will be allocated for the project.
• Stakeholders will be available to provide necessary inputs and approvals promptly.
• Third-party vendors will meet their delivery timelines.

8. Constraints

• Fixed budget allocation.
• Limited time frame to avoid operational disruptions.
• Dependence on third-party vendors for timely delivery.
• Regulatory compliance requirements that must be met throughout the project.

9. Risks

• Data migration issues leading to potential data loss or corruption.
• Resistance to change from staff affecting adoption and usage of the new system.
• Delays in project timelines due to unforeseen technical challenges.
• Integration challenges with existing systems leading to operational downtime.