Casey's General Stores Recognized for Innovation in Treasury & Finance
ANKENY, Iowa — Casey's General Stores Inc. is being recognized for the company's ability to demonstrate innovative solutions that advance both its organization and the treasury and finance profession.
The convenience store chain was honored with the AFP 2023 Pinnacle Awards Grand Prize for excellence in treasury and finance by the Association for Finance Professionals (AFP). The Pinnacle Awards Grand Prize, sponsored by U.S. Bank, was presented during AFP 2023 in San Diego, Calif.
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The retailer's submission centered on improving its antiquated branch banking model, which was consuming valuable resources and having a profound impact on both store operations and the Store Support Center, according to AFP.
Casey's implemented a smart safe program in all of its 2,550 c-stores across 16 states. The fully scalable bank-agnostic solution uses just one platform partner and enables a standard, consistent process. As a result, the retailer has seen store labor reduction of six hours per store per week, annual labor savings of approximately $10.4 million, and $2 million in annual bank fees saved.
"AFP is proud to recognize Casey's General Stores with the 2023 Pinnacle Awards Grand Prize," said Jim Kaitz, president and CEO of AFP. "Their forward-looking solution demonstrates how a treasury transformation can deliver significant time, labor and cost savings."
U.S. Bank donated $10,000 to the charity of Casey's choice, the Nebraska and Iowa Chapter for the Juvenile Diabetes Research Foundation, a leading organization harnessing the power of research, advocacy and community engagement to advance life-changing breakthroughs for type 1 diabetes.
[Read more: U.S. Senator Talks Swipe Fees With Casey's Leadership Team]
"We congratulate Casey's General Stores, the third-largest convenience store chain in the United States, for winning the AFP 2023 Pinnacle Awards," said Martin Nonna, national head of Global Treasury Management Sales & Consulting for U.S. Bank. "As a sponsor of the Pinnacle Award, U.S. Bank is happy to help Casey's General Stores celebrate the innovation and efficiencies that the company brings to its customers through its 2,550 stores in 16 states."
Runners-up for the Grand Prize were Delta Air Lines Inc. and Ultradent Products Inc.
Headquartered outside of Washington, D.C., the Association for Financial Professionals (AFP) is the professional society committed to advancing the success of treasury and finance members and their organizations. Established and administered by AFP, the Certified Treasury Professional and Certified Corporate FP&A Professional credentials set standards of excellence in treasury and finance. Each year, AFP hosts the largest networking conference worldwide for about 6,000 corporate financial professionals.
Ankeny-based Casey's is the third-largest convenience store retailer and the fifth-largest pizza chain in the United States.
Casey's is No. 3 on the 2023 Convenience Store News Top 100 ranking.