Blog   Tagged ‘online banking’

Balancing Act: The changing landscape of commercial banking

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Technology has changed the way people do business. It’s also changed the way they do business banking. You can transfer money between two business accounts in minutes with online banking or complete and submit your entire expense report on the computer. Technology gives you the convenience of having greater control over your company’s finances. But that shouldn’t change the business partnership you have with your company’s bank.

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Like any relationship, creating and maintaining an effective partnership requires regular communication between you and your bank partner.  A strong relationship with your company’s financial institution not only enhances your customer experience, but also helps the bank balance quality service with a high level of information security.

Customer Experience

Your banker should know your company beyond what can be learned from a monthly commercial credit card statement. Your bank should act as an extension of your business and not just a place for you to keep your corporate accounts. Understanding the business cycles and unique financial needs of your engineering firm or your agriculture business gives your bank the insight to be a partner working with you on developing ideas to help your business succeed. This experience begins with a simple but powerful idea: know your customer.

For example, a bank that uses “know your customer” requirements for you to access your account can take this information and use it as a chance to get to know you and your employees better. At UMB, we require you to provide information that will uniquely identify you as the customer you say you are when you call us. These precautions are also good security measures to reduce potential fraud on your accounts.

Information Security

Having a strong relationship with your bank is important to your information security. Most banks will monitor spending habits to check for fraudulent activity on your commercial cards. For example, if a commercial card for a construction company starts posting a series of expensive charges at a department store within several hours, UMB might flag that account for suspicious activity or even put a hold on the card to stop any further transactions. Some might see this as too constrictive and even intrusive, but if you have a good working relationship with your financial institution you’re more likely to view this type of monitoring as a partner looking out for your company’s financial well-being.

So what can you do as a customer to keep the two-way communication open? Keeping your profile with your bank up-to-date makes it easier to verify who you are when you need to contact them. This also helps your bank ensure an accurate and safe customer experience.

Balancing self-service, customer service and information security is a challenge. A good bank should maintain the fine line between giving you the freedom to run your business and manage your finances, while remaining a loyal business partner who will always looks out for your best interests and the financial safety of your company.


Mr. Wegner is vice president and commercial card product manager at UMB. In this role, he is responsible for product development and program design for new and existing programs. He joined UMB in 2011. He earned an MBA in Management from Rockhurst University in Kansas City MO. He is a member of the NAPCP Public Sector Advisory Board.

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Why can’t I save my online banking password?

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You might be wondering why you saw this notice below the UMB online banking account sign in.

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We promise we’re not trying to make your life harder by doing this. We know it’s not easy to remember all the passwords you use online these days, so you might see this as a hassle. But we try to do everything we can to make sure your information is secure … and remains secure. Privacy and information security are extremely important to us at UMB and we take it very seriously.

Identity thieves are usually looking for stored information that they can turn into a profit by selling it on the black market. Online banking information like your password and the site you use to access your accounts are valuable to people who make money from stealing and selling personal information. We’ve disabled the ability to save your online banking password on umb.com because otherwise identity thieves have a greater opportunity to steal your data and money.

For example, if your laptop is stolen and you don’t have it password-protected, the thief can easily login to your bank account if it automatically pulls your login information. Then this person has access to everything they need to steal your money. If you log in to your online bank account from a shared or public system, the next person that uses the computer could access your account. All it takes is a few clicks and they’ve used your money to buy a new flat screen TV or book a trip to Italy. It’s kind of like when you accidentally leave your laptop sitting out and you’re still logged in to Facebook, and then your roommate comes along and posts an embarrassing status update as you. Only it’s not your Facebook page, it’s your hard-earned money at stake.

Ultimately, we want what’s best for our customers even if it isn’t always the most convenient option. The privacy and the security of your information is our priority.


Mr. Jackson serves as senior vice president, chief technology officer in Financial Services and Support. He is responsible for the application development, infrastructure and information security functions within the UMB Management Information Systems (MIS) group. He joined UMB in 2009 with more than 20 years of experience working in the technology industry, including technology leadership roles. He earned a Bachelor of Science in education and a Master of Arts in history from Pittsburg State University and served in the U.S. Air Force for four years.

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