Peter Burgess Connections ... LinkedIn
Jim Wells

2 ... Jim Wells ... Prepaid Card Pioneer Struggling to Stop the use of the Term Unbanked When Referring to Transaction-Based Consumers ... Miami/Fort Lauderdale Area ... Financial Services

Burgess COMMENTARY
My invitation ... April 2013

I'd like to add you to my professional network on LinkedIn. I love the change you have made over the years. The future has huge potential if we do it in ways that do not minimize the opportunities for the poor to progress. Thank you - Peter Burgess

Jim Wells Prepaid Card Pioneer Struggling to Stop the use of the Term Unbanked When Referring to Transaction-Based Consumers Miami/Fort Lauderdale AreaFinancial Services Current Wellspring Consulting International, Inc. Previous CityKi, Inc., Electronic Funds & Data Corp., Furash & Company Education University of Miami 500+ connectionsConnectSend InMailMore options www.linkedin.com/in/jimwells5/ Contact Info Background Summary Wellspring Consulting International specializes in using technology to expand access to safe, secure and reliable financial services for consumers uncomfortable with banks and credit unions -- often referred to as unbanked or under-banked. Foreign engagements include implementing banking programs for a Middle Eastern bank that allowed them to serve all consumers, even ex-pat laborers who signed for paychecks with thumbprints, and working with South African banks before the Mandela election to develop banking systems for a majority population which had not been allowed to set foot in banking halls for generations. US engagements have included working with the Treasury Department's Financial Management Service to design electronic payment methodologies for social benefit programs and define 'Authorized Payment Agents' as part of EFT '99, and pioneering the use of stored value card-based Virtual Bank Accounts for consumers who prefer to use non-bank financial intermediaries rather than banks. Currently, Wellspring is working to mobile-enable and expand the Virtual Bank Accounts to enhance their functionality and value to consumers who prefer to satisfy their financial needs on a transaction basis, rather than through a deposit relationship with a financial institution. Specialties: Electronic Payments; Credit Cards; Debit Cards; Prepaid Cards; Unbanked; Under-banked; Immigrants; Remittances; Bill Payment; Mobile Financial Services Experience President Wellspring Consulting International, Inc. 1999 – Present (14 years)Ft. Lauderdale, Florida Wellspring Consulting International specializes in expanding and enhancing the delivery of safe, reliable, convenient financial services to transaction-based consumers, often referred to as un-banked or under-banked. Among its accomplishments was the development of the stored value card-based Virtual Bank Account widely offered by multi-line, non-bank financial providers. Strategic Consultant CityKi, Inc. December 2000 – May 2003 (2 years 6 months) Provided strategic assistance to pioneering for-profit social enterprise focused on assisting organizations (banks, service companies, retailers, community organizations, non-profits, and government agencies) in their efforts to more effectively reach the domestic inner-city market. Founded in August 2000, CityKi deployed internet kiosks in trusted venues to empower low-income consumers to connect with information and services in the digital economy. Backers included Fleet Bank, Boston Medical Center and Urban League. Senior VP, Strategic Alliances Electronic Funds & Data Corp. 1998 – 1999 (1 year) Pioneered concept of internet-based, bank-centric, electronic bill presentment and payment. Developed alliances with companies providing complementary technologies, products and services. Designed payment programs for internet merchants. Managing Director, Electronic Commerce & Payment Systems Furash & Company 1994 – 1997 (3 years)Washington, D.C. Formed and managed the Electronic Commerce & Payment Systems practice for boutique Washington, DC-based consulting firm. Helped financial institutions and related companies utilize emerging technologies to transition to online environment. Conducted major study of the need for real-time payments network for The Bankers Roundtable that led the organization to ask us to create the Banking Industry Technology Secretariat or BITS. Worked with the Department of the Treasury's Financial Management Service to design electronic payment methodologies and define criteria for 'authorized payment agents' for EFT '99. Director, Debit Services, Middle East & Africa MasterCard International 1993 – 1994 (1 year)Paris, France Spearheaded introduction, distribution and use of on-line, real-time payment products and services throughout the Middle East and Africa. Provided expert consulting to banks on use of debit products in electronic banking. Senior Manager, Marketing Bank of Bahrain & Kuwait 1991 – 1992 (1 year)Manama, Bahrain Used modern, customer-driven marketing principles and technologically-advanced products to help the country's second-largest bank achieve market dominance while decreasing operating costs and credit risks. Launched 8th Visa electron card program in the world which allowed BBK to serve a great proportion of the population without increasing credit risk or operating expenses. Sr Vice President Marketing & Product Development HongkongBank USA 1988 – 1991 (3 years)New York City Established first US marketing organization for global bank to increase awareness of bank and raise wholesale and retail business volumes of bank and subsidiaries Earlier, built domestic retail mortgage business from scratch. Raised bank's CRA rating from low 2 to high 4 in less than one year. VP Real Estate Sales Citibank 1984 – 1987 (3 years)New York City Revamped and energized residential mortgage unit in Lower Manhattan Region. Expanded lending operations into NJ and CT through innovative partnerships mortgage brokers and non-bank Citicorp subsidiary. VP Marketing, Corporate Card Citicorp Diners Club 1982 – 1984 (2 years)New York City Designed and implemented advertising and marketing programs for US corporate card franchise. Managed relationships with major providers of commercial travel services as 3d party distribution network. Used commercial travel relationships to revitalize Canadian franchise. Initiated discussions leading to acquisition of US Government card program. AVP Planning & Marketing Warburg, Paribas, Becker, Inc. 1977 – 1982 (5 years)New York City Coordinated creation of planning group to revamp institutional fixed-income sales division and develop new revenue initiatives. Managed first institutional money fund for the Thrift Industry. Managed bank analytical service for institutional investors worldwide. Major (Retired) United States Marine Corps 1967 – 1974 (7 years) Infantry Officer, Public Affairs Officer, Officer Parachutist Retired in 2007 with 20+ years commissioned service Volunteer Experience & Causes Founding Board member Doorways to Dreams Fund (D2D Fund.org) 1991 – Present (22 years)Economic Empowerment D2D Fund strengthens the financial opportunity and security of low- and moderate-income consumers by working with the financial services industry, national not-for-profit groups, grassroots community agencies, and public policy organizations to generate promising ideas, pilot test systems and programs, build awareness of the needs and potential of low-income communities, and advocate progressive...more Causes Jim cares about: Civil Rights and Social Action Economic Empowerment Poverty Alleviation Organizations Jim supports: Doorways to Dreams Fund (D2D Fund), Neighborhood Housing Services of South Florida, Skills & Expertise Most endorsed for... 44Electronic Payments 23Business Development 17Product Management 16Mobile Payments 15Banking 14Executive Management 9Business Planning 7Entrepreneurship 7Product Development 7Strategic Planning Jim also knows about... 5Marketing Strategy 5Financial Modeling 4Payment Cards 1Strategic Partnerships Publications Remember Passbooks? Where's Today's Honest, Basic Account?(Link) American Banker March 23, 2012 Before complaining about so-called unbanked consumers and their supposed lack of financial literacy, bankers, federal financial regulators, lawmakers and others might consider that there once was a product that targeted this situation. A simple, straightforward, basic account that was easy to obtain and to maintain. Continued Deceptive Marketing Shows Need for Cop on the Beat(Link) American Banker April 19, 2012 Perhaps with the states' top cops back on the beat, backed-up by the Consumer Financial Protection Bureau in Washington, consumers will have a fighting chance at getting a fair deal from the banks with which they deal. Nonbank Use Isn't Sign of Financial Illiteracy(Link) American Banker May 4, 2007 Let’s stop referring to consumers who use non-traditional financial services as financially illiterate when they are simply seeking solutions for their non-traditional needs ‘Free’ Checking That Isn’t Has Cost Banks Their Reputations(Link) American Banker January 5, 2012 Check cashers and other money service businesses offer their services on a fee basis. When customers use their services they expect to be charged fees – and they are. Bankers portray their services as “free.” When customers use their services they do not expect to be charged fees – but they are. Too Big to Behave, Not Too Big for Punishment(Link) American Banker July 20, 2012 With the increasing revelations of improprieties in the banking industry, all but the most rabid banking industry sycophants might wonder why a government-insured financial institution is allowed to perpetrate these 'nefarious' activities against countries, states, municipalities, companies and consumers on a global basis, without consequence. Let's Remember the Real Victims Behind the ATM Sign Rule(Link) American Banker July 12, 2012 Lost in the hype surrounding Monday's House vote to repeal of the long-standing requirement that automated teller machines bear physical notices of their usage fees is a reflection on the reason why banks were forced to post the notices in the first place. Serving the Financial Needs of Low-Income Consumers(Link) Coalition for Financial Choice March 16, 2007 Perhaps the biggest hurdle to serving the financial needs of low-income consumers is the use of the term 'unbanked.' This white paper explores more effective ways to improve the financial capabilities of non-traditional consumers than forcing them into bank accounts. Chase Admission Underscores the Need for a CFPB(Link) American Banker February 18, 2011 Chase's admission that its shoddy treatment of military families was systematic is an understatement — and a diversion. A couple of dozen instances might be an accident. A couple of hundred might indicate a problem. Over 4,000 incidents demonstrate a consistent business practice. Buzzwords Do Not Benefit the Unbanked(Link) American Banker November 12, 2012 Perhaps the single greatest impediment to improving the financial well-being of low- to moderate-income Americans who do not use banks is the use of the word “unbanked.” It perpetuates the erroneous notion that everyone needs a bank account and derails discussions seeking new and better ways to serve the financial needs of these non-traditional consumers. Only Surprise in Chase CRA Downgrade – What Took So Long?(Link) American Banker January 11, 2013 By downgrading the CRA rating of JPMorgan Chase, the OCC demonstrated it is capable of holding a major bank accountable for a deplorable record of serving the credit needs of low- and moderate-income communities. But the action stands alone amongst the megabanks. Dimon's Pay Should Reflect Missteps Beyond the London Whale(Link) American Banker January 15, 2013 After the numerous missteps made in just the last 2 years, if the JPMorgan Chase Board docks Dimon’s compensation only for the London Whale’s trading loss, he should consider himself fortunate that they are so myopic. Can Regulators that Spawned TBTF Banks End TBTF?(Link) American Banker April 5, 2013 Lax regulation allowed US banks to become Too Big To Fail. The Dodd-Frank Act supposedly gave these regulators the authority and power to put an end to “too big to fail.” But these institutions grow larger each day. Now is the time to act. The prospect of several more years without resolution is terrifying. Education University of Miami B.A., Biology 1966 – 1970 Buckley Country Day School Additional Info Advice for Contacting Jim My consulting practice focuses exclusively on conceiving, designing and implementing innovative products and services which improve the ability of low- and moderate-income consumers -- referred to unfairly as unbanked or underbanked -- to handle their financial responsibilities and build wealth for better futures. Please contact me if you know of an opportunity for me to help with such a project. jrwells@WellspringConsultingIntl.com Organizations Founding Board Member, Doorways to Dreams Fund (D2D), non-profit company dedicated to exploring and employing information technology to improve the delivery of financial services, financial education and wealth building opportunities to low-income households. Recommendations Given (4) Elizabeth Rowe Group Director, Banking Advisory Services Elizabeth is a consummate research professional with a keen interest in the financial service needs of low- and moderate-income consumers. Her work is objective, insightful and unbiased by popular myths, misunderstandings and stereotypes February 9, 2012, Jim was with another company when working with Elizabeth at Mercator Advisory Group William McCracken CEO Working with Bill McCracken for at least 6 years, I have found him to be one of the most inquisitive, effective and engaging research professionals -- particularly in the area of financial services in emerging markets. His observations are always spot-on, objective and unbiased by 'popular' notions. November 9, 2011, Jim was with another company when working with William at Synergistics Research Corp David B. Schue Real Estate Consultant Dave Schue is as honest and ethical a businessman as you could ever find. He has been involved in real estate for most of his adult life -- fixing up properties, investing in properties and even building his own home. It would be hard for me to conceive of a better adviser/agent and I would recommend him to anyone. September 6, 2010, Jim was with another company when working with David B. at Illustrated Properties Real Estate PGA Roy Sosa Founder, Various Executive Positions (CEO / President / Vice Chairman) Roy is an energetic, visionary executive without whom I could not have implemented a prepaid card-based Virtual Bank Account strategy for the US check cashing industry back in 2001. He continues to demonstrate vision and commitment to improving the financial well-being of unbanked and under-banked consumers with Mango Financial. August 9, 2010, Jim was with another company when working with Roy at NetSpend Corporation See More ConnectionsShared (5) Dean Karlan1st professor at Yale University; co-Founder, StickK; President, Innovations for Poverty Action George Kinyanjui1st Program Management Dilip Ratha1st Expertise in Innovative Financing, Migration, Remittances Graham Wright1st Director at MicroSave - a leading technical service provider to financial institutions in Asia and Africa Tamara Cook1st Program Officer, Financial Services for the Poor, Bill & Melinda Gates Foundation PREVIOUSNEXT Groups (Unofficial) Citi Vice Presidents Network Join American Banker Join BAI - Information. Intelligence. 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