Bank of America 2007 Annual Report Download - page 25

Bank of America 2007 2323
WWith nearly 1,300 restaurants
in 37 states and annual
sales of $2.3 billion,
Chick-fil-A Inc. handles
huge volumes of cash
across its franchise every day. While taking
in a lot of currency is any retailer’s goal,
handling it is costly and letting it sit in the
cash register is unproductive. That’s why
Chick-fil-A agreed to be the lead participant
in Bank of America’s launch of a pioneering
cash-handling solution that will simplify
how cash is managed, free store employees
from time-consuming tasks and put cash
to work more quickly.
The centerpiece of the technology is a highly
secure waist-high device in the store’s back office.
A manager inserts as many as 150 bills of mixed
denominations into the machine, which sorts,
counts and secures the cash — and even helps
identify counterfeit bills. In a key innovation, the
device connects directly to Bank of America’s
robust electronic network and credits the total
to the store’s deposit account before the cash
even leaves the premises.
Store operator Terry Shelton said, “Managers
have found this device very easy to work with.
And by reducing employees’ involvement in
handling, counting or carrying cash to the local
bank branch, we lower the likelihood of error
or theft, and we can spend more time providing
great customer service.”
Because the cash is credited directly to the
company account, the technology gives Chick-fil-A
faster access to funds and maximizes working
capital. Additionally, if store managers need to
replenish their cash registers, they can withdraw
cash from the device, deducting the total from
Chick-fil-A’s balance.
“This excellent technology promises to solve
some of our store operators’ cash-handling and
safety concerns,” noted Philip Barrett, vice
president and controller of Chick-fil-A. “And for
us at corporate headquarters, it would be great
to be able to have this enhanced visibility into
our cash position across the country.”
With more commercial and corporate clients than any other bank,
Bank of America has unparalleled insights into the operational and
strategic needs of its customers. To address those needs, the
integrated Global Corporate & Investment Banking business brings
together the entire spectrum of the bank’s innovative capabilities.
One example: a service designed for businesses that handle large
volumes of cash, especially multistore companies that must manage
cash at the retail, regional and corporate levels. The technology is
the cornerstone of a new suite of services Bank of America will
offer to streamline and simplify multiple aspects of cash handling,
including forecasting and transportation management.
“Managing cash is enormously important to retailers but histori-
cally is expensive, time-consuming and prone to error and fraud,”
said Cathy Bessant, president of Bank of America Global Product
Solutions. “This cash-handling solution is game-changing technology
that can revolutionize how retailers do business.”
Staying ahead of a changing marketplace
At the Carolina Place
Mall branch of Chick-fil-A
in Pineville, North Carolina,
Bank of America is helping
store manager Ana Dorado
take cash-handling beyond
the cash register.
▲
A CASH-HANDLING
REVOLUTION
AN INNOVATIVE TECHNOLOGY CAN CHANGE THE WAY
CLIENTS DO BUSINESS.
Our scale and
geographic reach
enable us to work
closely with major
retailers and
other clients on
strategies to make
cash management
more effi cient,
more convenient
and more secure.”
“
— Cathy Bessant,
president, Global
Product Solutions