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Two years ago, Chico’s, a clothing chain with 1,100 stores and $1.7 billion in annual revenue, faced the traditional retailer’s dilemma–vast numbers of depository accounts scattered across the U.S. More than 1,200 paper statements arrived in the mail each month, detailing fees totaling more than $1.2 million a year. Chico’s seven treasury staffers could give the statements no more than a cursory look.

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