Blog   2017

Take advantage of digital banking this holiday season

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As you prepare for the hustle and bustle of the holiday season, it’s important to have a handle on your finances and the banking tools at your disposal.

Online and mobile banking technology can provide access to solutions and security measures as you work through your holiday to-do list. The American Bankers Association (ABA) reports that 40 percent of Americans access their bank accounts online, with 26 percent connecting from their mobile phones. Across generations, online bank account access is the most common, and these digital tools can help you monitor your finances during what can be a high-purchasing time of year.

Below are some tips and tricks for making the most of your online banking options.

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Track your finances

Being able to quickly access your bank account information can help you more closely monitor your spending as you shop for the holiday. Log in often to make sure your purchases are aligning with your shopping budgets. You can also set up automatic transfers to send money to your savings account, helping you get started on next year’s holiday fund while shopping this season.

Convenient access

Banks close on federal holidays, so you may not always have access to a branch. Additionally, ATM visits can become inconvenient as the weather gets colder and more unpredictable. Instead, log in to the always-open, online banking to check your balances or use your mobile banking app to deposit checks. Mobile banking can be especially helpful while shopping, because you can instantly transfer funds between accounts—even when standing in the store.

Reduce fraud

With the fast pace of the holidays, many people run the risk of being victims of identity or credit card theft. Enrolling in paperless account statements can reduce the amount of sensitive information that is mailed to your home. And, online and mobile banking allow you to set up account alerts for a variety of actions, like transaction alerts, low balance alerts and more. These alerts and more frequent viewing of your bank accounts can help ensure you quickly catch and stop any unauthorized activity.

With so much to do during the holidays, online banking tools are helpful solutions for managing a budget, banking whenever you need to, and reducing your risk of account fraud. For more information on budgeting tips, visit the UMB personal news section, and visit our website to learn more about UMB information security.


Alex is the senior consumer-banking leader for UMB Bank in Colorado. He leads the region's financial centers in the Denver and Colorado Springs market, small business banking and benefits solutions channel. Alex provides senior leadership and strategic planning/execution to UMB’s western territory. He also serves on UMB Financial Corporation's senior leadership team. Alex joined UMB in 2011 and has 14 years of experience in the financial services industry.



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Fall Insights: Business succession, active versus passive investing and estate planning

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As we head into the final months of 2017, the UMB Private Wealth Management team is reflecting on the past year and looking ahead into 2018. Each fall, I evaluate my plans to ensure they align with my goals and encourage my team to do the same. These next few months are the time to take those last steps to meet your objectives for the year– a final push. Being intentional about self-evaluation can ensure a successful year-end and help jump-start your journey into 2018.

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The fall edition of InSight focuses on the importance of planning your legacy with detailed business succession and exit roadmaps. Fifty-nine percent of business owners are looking to exit their business in the next decade; however, less than half have a formal succession plan. For these business owners, it is time to start thinking about how to ensure a successful business exit. To help facilitate a successful business transition, UMB Private Wealth Management is excited to launch a new service line designed specifically for those nearing retirement, and those ready to sell or pass on their business. Our business exit planning team help clients establish goals and intentions for preserving their legacy throughout their business transition.

This season’s InSight also takes a look at topics to help you reflect on and align your financial plans to your goals. Susan Teson, senior vice president and legal counsel, reviews eight important reasons to revisit your estate plan. KC Mathews, executive vice president and UMB Bank’s chief investment officer, explores the delicate balance of active and passive portfolio investment and how the two strategies can work together.

Use this autumn season to evaluate your goals and how they fit into your overall life plan. UMB Private Wealth Management will be here to assist you in every step you take.

For more details on these and other financial matters, read the full Insight issue, or learn more about our Private Wealth Management division and see what we mean when we say, “Your story. Our focus.


Dana Abraham is president of the Personal Banking Division and is responsible for the delivery of comprehensive financial services for consumers across UMB's footprint. She joined UMB in 2005 and has more than 20 years of experience in the financial services industry. Dana earned a bachelor’s degree in business administration with a concentration in both accounting and economics from the University of Louisiana. She is a graduate of Leadership Overland Park and Kansas City Tomorrow Leadership programs.



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Five Tips to Improve Business Cash Flow

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Running a business is hard work – juggling priorities while simultaneously reacting to shifting market conditions and demand. And, it’s likely the first priority is to make the business successful, which includes optimizing the company’s income/expense ratio.

To help adjust to the business’ liquidity needs, take a look at the following tips for improving cash flow.

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  1. Improve your forecast: One of the best strategies for improving cash flow is to develop a forecasting model and method that works for the business. In order to predict the amount of income it will have over the course of the year, it’s important to understand the ebbs and flows of the company’s purchase journey and the changes in the market that may impact customer choices. If the forecast consistently puts the company in a tight spot financially, dedicate some time to review process and numbers with a business banking partner.
  2. Consider your “float” timeline: Balancing supplier payments with receivables is tricky, and can make even the most seasoned business owner nervous. Many companies choose to pay suppliers with a check, which provides a 1-2 day “float” period before the money is debited from the business account. If that is all the time you need, that’s great, but some businesses prefer a longer buffer. To extend that timeline, you can pay suppliers with a credit card, which allows you 30 days to collect receivables before the cost hits your account. However, make sure you can adequately manage payments to minimize interest charges.
  3. Take a closer look at competitors: If it feels as though the company should be bringing in more sales income, that inclination may be correct. Conduct a competitor review: how do their product lines or services compare? Is pricing similar or way off target? If the company is selling for substantially less or more than competitors, it may be damaging chances to maximize income. Try to maintain fair market value for goods—pricing items too low can mean missed profit, but pricing items more than they are worth to the consumer likely means fewer sales.
  4. Clean house: If cash flow is top of mind, take a look around. Is there old, outdated or obsolete equipment that can be sold, refinanced or salvaged? Spend some time reviewing assets to determine how they can help the business work smarter and gain back some liquidity. If the business is inventory-based, assess supply regularly. Are there enough of the essential items? Is there too much inventory of something that sells inconsistently or seasonally? Holding on to supplies can constrain cash supply, so order carefully and clean out frequently.
  5. Review bank relationship: If this hasn’t been done lately, it may be time to evaluate all of the tools and tricks the bank can provide to help improve cash flow. For instance, if receivables are slow enough to cause concern, review payment solutions to make sure customers are able to quickly and easily pay. And, check for interest-earning accounts for business accounts that carry larger balances so the company can earn more over time. In addition to these options, there may be other cash management tools the bank offers that can help optimize monthly income and expenses.

Positive cash flow can help maintain operations, adapt to changing business needs and ensure the company continues to run smoothly. Use these tips to improve business cash flow and keep the company nimble for the next big thing that comes through the pipeline.

This article originally ran in Tulsa Business & Legal News and AZ Big Media.

Interested in learning more about UMB Business Banking Solutions? See what we mean when we say, “Grow with Confidence.


Dominic is a executive vice president for the Business Banking division at UMB. He joined UMB in 2013 and has more than 20 years of experience in the financial services industry.



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Be green. Be secure. Be Paperless.

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From improving environmental conditions and better safeguarding your personal information, to simplifying everyday tasks and decluttering the kitchen junk drawer, there are a number of benefits associated with going green.

Reducing your environmental impact, protecting your personal information and improving your quality of life are just a few of the perks that can come with creating a green-friendly household.

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Here are 10 tips to get started:

  1. Sign up for e-statements (save on trees and fees). When you sign up to receive e-statements from your bank, credit card, insurance, doctor office and more, you greatly reduce your paper trail, but still have access to your account at any time. Additionally, many institutions charge for paper statements to incent customers to move to e-statements, so in these cases, you can save money as well.
  2. Pay bills online. Paying bills online is quick and easy, and you will save money on stamps and envelopes by using the free service. Need a reminder to pay your bills? Download an app like “File this and you can have all your bills stored in one location and saved to the iCloud. You can also create bill pay reminders so you receive a notification when a bill is due.
  3. Mobile tickets/boarding passes. Instead of printing your airline boarding pass or event tickets, download them on your phone. The ticket agent can scan your bar code straight from your device.
  4. Scanning apps. There are a variety of free and low cost apps that can take pictures of documents with your camera’s phone. The apps use optical character recognition (OCR) that can detect characters, words and numbers making your documents easily searchable.
  5. Digital Signatures. Gone are the days where you need to print a document in order to sign your signature. Create a digital signature for PDFs in Adobe Acrobat, or use an app like “Sign Now that allows you to sign any document with your finger.
  6. Mobile “To Do” lists. There are a variety of apps that will help you capture your “To Do” lists. A popular grocery list app is Grocery IQ, which allows users to set up the list by aisles. It also recognizes many brands, includes a barcode scanner and offers coupons.
  7. Note taking. Use your tablet at school or at the office to take notes, sketch ideas, annotate records, provide audio feedback and more by using apps like Notability or Evernote.
  8. Read using your tablet. Instead of printing out documents to read, open them in iBooks, your Kindle app or other reader and view on your tablet. You can easily download the latest novel as well.
  9. Opt of out junk mail. Eliminate unwanted mail by signing up for the National Do Not Mail List.
  10. No more article clippings. Forget printing recipes and other articles of interest. Apps like Pocket let you save articles, web pages, videos and more so you can view later, even when you don’t have an internet connection.

At UMB, we are committed to protecting, supporting and enhancing human and natural resources that will be needed in the future. Going paperless is one small step we encourage our associates, clients and communities to take part in as it can lead to big changes in the environment.


Ms. Shahane is a Vice President Healthcare Marketing Manager for UMB. She is responsible for managing marketing initiatives for UMB’s healthcare payments, HSAs, and benefit card products. In addition, she promotes UMB’s internal sustainability initiatives. She joined UMB in 2001 and has 16 years of experience in the financial services industry. She earned a MA in Marketing from Webster University. She serves on the board for BikeWalkKC and Northeast Neighbor to Neighbor.



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UMB volunteers go ‘whole hog’ at American Royal school tours

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One of our most popular and rewarding volunteer time off (VTO) opportunities recently wrapped up and it was even bigger and better than before. The American Royal ‡ welcomed more than 5,000 kids to its farm for its annual School Tours,‡ which the organization started more than 40 years ago to teach children about the importance of agriculture in their daily lives.

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Designed for students in second through fourth grades, School Tours provides children with hands-on demonstrations and educational tours that exhibit the importance of successful integration of agriculture, animal science and technology to create local and global food systems. Every year, students from around the Kansas City area visit the American Royal for the tours, which include everything from spinning wool and how bees work together to milking stations and a petting zoo.

In September 2016, UMB debuted its “UMB Market” at the school tours. The market was designed to teach children the value of money and its relation to food and directly ties together two of UMB’s community involvement emphasis areas — agriculture and financial education. This interactive financial education station simulated shopping and checking out at a grocery store. The activity combined what students have learned about nutrition, limited resources and needing to purchase foods from the five main food groups to maintain a healthy diet while sticking to a budget.

The market was so well received by the volunteers, kids and teachers that UMB added a second market this year to ensure even more kids were able to enjoy the interactive financial education activity. Last year, UMB volunteers were honored with the organization’s 2016 Team Award at its annual volunteer appreciation event. This year, we had the opportunity to do even more to support the Royal’s education programs with 105 associates volunteering more than 560 hours over the four-day event.

UMB associates who work full-time or at least 20 hours per week get 16 hours of volunteer time off, annually, to support the qualifying nonprofit(s) of their choice.

See what careers we have available or become a UMB Insider to get an inside look at our culture.


Jen Houston joined UMB in 2015 as community relations manager. In her role, she works to create volunteer opportunities and to be a resource for associates looking to get involved in their communities. Jen holds a Bachelor of Journalism degree and a Bachelor of Arts degree in Spanish from the University of Missouri – Columbia. She also holds a Master of Business Administration degree, with an emphasis in leading and managing people, from the University of Missouri – Kansas City, in addition to completing the Multimedia Studies Certificate Program at the Kansas City Art Institute.



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Market Minutes with KC Mathews

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Chief Investment Officer KC Mathews recently completed a two-day media briefing in New York City, where he shared his thoughts on current market conditions with CNBC Power Lunch, PBS Nightly Business Report, Bloomberg TV and Bloomberg Radio.

Listen and view the brief broadcast segments below to learn more about what KC is expecting as we move into the last quarter of 2017 and into 2018.

Also, check out other recent economic insights for more information on where we’ve been and where we’re headed.

Follow UMB and KC Mathews on LinkedIn to stay informed of the latest economic trends.

Interested in learning more about our Private Wealth Management division? See what we mean when we say, “Your story. Our focus.

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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Finding a career to ‘invest in for the long haul’

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In honor of Hispanic Heritage Month, SVP/chief information security officer, Sara Flores, shares her experience with the Hispanic/Latino resource group for associates. Sara is a member of this group, referred to as “SOMOS.” Somos is translated to mean “we are,” conveying the unity UMB business resource groups aim to create.

In the following Q&A, Sara discusses her career with UMB, involvement in SOMOS and her favorite cultural tradition.

How long have you been with UMB?

I joined UMB in 2010. My dad worked for the same cement company for more than 40 years, and I always wanted to find a place I could invest in for the long haul like he did. UMB has a great reputation in the community. Once I saw how many associates had been here 20, 30 and even 40 years, I knew this would be a great next step in my career.

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How do you spend your time outside of work?UMB associate, Sara Flores, with her son

I’m a certified soccer mom. My son plays competitive soccer year-round, so I spend most of my free time organizing our soccer calendar, traveling to games, washing uniforms or helping track down the occasional missing shin guard.

What interested you in joining SOMOS BRG?

Business Resource Groups (BRGs) were just an idea at UMB when I started. I’d seen how successful these types of groups had been at other companies and I was excited to join the discussion about a Hispanic resource group at UMB. Almost eight years later, SOMOS is more than I think any of us in those initial discussions would ever have imagined! SOMOS, and all the BRGs, are so much more than the networking groups of years past and are now great resources for not only associates, but our customers and the community.

What is one cultural tradition that is important to you?

Making tortillas. I have the fondest memories of my mom making piles of homemade tortillas using an old iron disk my grandpa found in the rail yard. They were always perfect and never lasted long! My grandma passed away very young, and she made sure to teach my mom how to make tortillas, tamales, mole—all my dad’s favorite foods—before she died, so that my dad would still have all the tastes of home.

My mom passed these recipes on to me and my sister, and each time we make them, it brings back fond memories of the kitchen and being around the table. It also makes us feel close to all the members of our family who did the same in the past.


UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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American Banker’s 25 Women to Watch honoree: ‘People matter most.’

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We are proud to announce that Begonya Klumb, UMB Healthcare Services CEO, has been named one of the 25 Women to Watch in banking by American Banker for the third consecutive year. This award recognizes the banking industry’s most powerful women identified by not only her exceptional career, but through her inspiration to the industry, community and within her company.

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People matter most. This value was instilled in Begonya from an early age by her grandmother, who is one of her biggest inspirations. In the video below, Begonya shares the impact her grandmother made on her life. This video was recently shared at the American Banker Honoree Reception held in New York.

Under Begonya’s direction, UMB Healthcare Services has grown to be one of the nation’s foremost administrators of health savings accounts and related products. Last year, UMB Healthcare Services out-paced the industry with 37 percent growth compared to the industry standard of 22 percent.

View other recent posts to learn more about healthcare industry trends:

Learn more about UMB Healthcare Services, which ranks fifth in total accounts and seventh in total assets among all HSA providers.  


UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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Monthly Media Update – September

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Our CIO discusses how proposed tax legislation could affect the economy with CNBC, UMB’s Healthcare Services CEO is named one of American Banker’s “Women to Watch,” five tips to improve cash flow‡ from our executive vice president of small business sales, eight reasons to revisit your estate plan, and a Q&A with our Colorado Springs market president. Read these articles and more in our September media recap.

Stay informed on industry trends and noteworthy company news by visiting our UMB in the News section on umb.com, which is updated weekly for timely viewing.

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

 

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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Diversity & Inclusion: 5 tips for getting outside of your comfort zone

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There is no secret formula for creating an inclusive workplace. However, there are some ways everyone can help foster and grow this type of environment.

We have a history in society of certain groups of people being underrepresented in the workplace. While simultaneously addressing that underrepresentation in our organization, it’s our Diversity and Inclusion mission to ensure everyone is empowered to do his/her best every day– that all, regardless of race, religion, gender, orientation or other diversity dimension, feel fully encouraged and can do their best work every day.

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This sounds great on paper, but we know it’s not always easy. As human beings, we often have the best of intentions, but might feel uncomfortable asking certain questions or are unsure of how to build relationships with people who are different than us.

Getting outside of our comfort zone is challenging and perhaps a little scary. However, in my experience, the advantages far outweigh any uneasiness.

Here are a few suggestions I usually pass on when people ask me what they can do

     1. See others through their lens instead of through your own.

You never know what people are going through. It’s important to acknowledge that all of experiences are different and to try to see other people, and their lives, from their perspective.

     2. Realize your own potential by pushing your boundaries.

Recall what it felt like when you first learned how to ride a bike or when you went on your first date. It’s awkward and uncomfortable at first, but it can blossom into something beautiful. You can build wonderful relationships and accomplish many things by pushing yourself.

     3. Find an inclusion role model.

Reaching out to people who are different than us doesn’t come naturally to everyone, despite our best intentions. Identify someone who it does come naturally to and observe them, ask questions, or go to events together so you can meet new people. We all have hidden biases based on our individual experiences that we’re often unaware of. Meeting people outside of our regular circles helps us overcome those biases and assumptions.

     4. Celebrate others for what makes him/her unique.

Diversity and inclusion is all about celebrating what everyone brings to the table. At UMB, we want to recognize the whole associate, not just what you bring to work. We know people perform better at their jobs when they feel comfortable and at home. What makes each person different doesn’t need to divide us; it should bring us together.

     5. Participate in opportunities to meet new people.

At UMB, we have found that encouraging people to be their whole selves at work is a great starting point. To encourage this, many associates participate in Business Resource Groups (BRGs) which focus on unique internal audiences, such as race, ethnicity, gender, sexual orientation, veteran status, disabilities and more.

Our BRGs promote inclusion among all associates and provide a talent resource, volunteer and development opportunities and contribute to the company’s strategic business objectives. To us, it’s important that every associate feels that they’ve found a second home at UMB.

Learn more about UMB’s Diversity and Inclusion efforts here and check out the many career opportunities available.


Abby Wendel joined UMB Financial Corporation in 2008 and is executive vice president and chief strategy officer, with responsibility for leading the company’s corporate strategy and development functions. She earned a Bachelor of Arts degree in political science from the University of Colorado at Boulder and a master’s degree in business administration from the University of Colorado at Denver. She completed the ABA Stonier Graduate School of Banking curriculum at the University of Pennsylvania and the Greater Kansas City Chamber of Commerce’s Centurions Leadership Development Program.



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