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. Innovation
Join
BAI Retail Delivery
Join
Bank 2.0
Join
Bank Innovation
Join
Bank Technology News
Join
See 47 more
Following
News
Banking
210,944 followers
Follow
American Banker
Follow
Companies
Meta Payment Systems
Financial Services
Follow
FirstView Financial, LLC
Financial Services
Follow
Banno
Financial Services
Follow
PLS Financial Services
Financial Services
Follow
Monitise
Financial Services
Follow
Merchants Bank of California
Banking
Follow
Visa
Information Technology and Services
Follow
Harvard Business Review
Publishing
Follow
University of Miami
Higher Education
Follow
US Airways
Airlines/Aviation
Follow
mFoundry
Financial Services
Follow
Citi
Financial Services
Follow
Cardgigs
Human Resources
Follow
Praxell
Financial Services
Follow
Dollar Financial Group
Financial Services
Follow
Gulf Connexions
Human Resources
Follow
Square
Financial Services
Follow
Discover Financial Services
Financial Services
Follow
Bill & Melinda Gates Foundation
Philanthropy
Follow
Discover Network
Financial Services
Follow
Wallaby Financial, Inc.
Financial Services
Follow
GoPago
Retail
Follow
PGA TOUR
Sports
Follow
National Federation of Community Development Credit Unions
Financial Services
Follow
Careington International Corporation
Health, Wellness and Fitness
Follow
The Pew Charitable Trusts
Philanthropy
Follow
Coinstar Money Transfer
Financial Services
Follow
Republic Bank
Banking
Follow
Federal Reserve Bank of Chicago
Banking
Follow
AccountNow
Financial Services
Follow
Checksmart
Financial Services
Follow
Federal Reserve System
Banking
Follow
Accion East and Online
Financial Services
Follow
Catalyst Miami
Nonprofit Organization Management
Follow
BankUnited
Banking
Follow
UniRush,LLC
Financial Services
Follow
The Aspen Institute
Nonprofit Organization Management
Follow
Park National Bank
Banking
Follow
Kahuna ATM Solutions
Financial Services
Follow
TPG Rewards Inc
Marketing and Advertising
Follow
Electronic Check Clearing House Organization (ECCHO)
Financial Services
Follow
Rezzcard
Financial Services
Follow
Elan Financial Services
Banking
Follow
Tranglo
Information Technology and Services
Follow
South Florida Business Journal
Newspapers
Follow
Core Innovation Capital
Venture Capital & Private Equity
Follow
Sainsburys
Retail
Follow
Prepaid Community
Financial Services
Follow
MobiPay (K) LTD
Financial Services
Follow
SafetyPay
Financial Services
Follow
Wells Fargo Bank
Financial Services
Follow
Yankee Group
Market Research
Follow
Check Into Cash
Financial Services
Follow
Wells Fargo
Financial Services
Follow
CASHNet
Financial Services
Follow
borro
Financial Services
Follow
Fundamo, a Visa Company
Information Technology and Services
Follow
HSBC
Financial Services
Follow
Alliance for Financial Inclusion
Civic & Social Organization
Follow
First Covenant Bank
Banking
Follow
FINCA International
Financial Services
Follow
Green Dot Corporation
Financial Services
Follow
Euronet Worldwide
Financial Services
Follow
The Financial Services Roundtable
Government Relations
Follow
Cheque Centre Limited
Retail
Follow
White Eagle Global Payments Ltd
Information Technology and Services
Follow
Ways to Work, Inc.
Nonprofit Organization Management
Follow
CNG Financial
Financial Services
Follow
Studley
Real Estate
Follow
H&R Block
Retail
Follow
USAA
Financial Services
Follow
iSend LLC
Financial Services
Follow
epay, a Euronet Worldwide Company
Information Technology and Services
Follow
Consumer Financial Protection Bureau
Government Administration
Follow
Sapphire Mobile Systems
Computer Software
Follow
PSCU
Financial Services
Follow
SIX Payment Services
Financial Services
Follow
FDIC
Banking
Follow
American Express
Financial Services
Follow
Advance America
Financial Services
Follow
Plastyc
Financial Services
Follow
Cash Store
Financial Services
Follow
Aite Group
Research
Follow
The Bancorp Bank
Banking
Follow
Office of the Comptroller of the Currency
Banking
Follow
CFED
Nonprofit Organization Management
Follow
ACE Cash Express
Financial Services
Follow
Imagine Software
Computer Software
Follow
eCredable
Financial Services
Follow
IMPACT Payments Recruiting
Staffing and Recruiting
Follow
Public Savings Bank
Banking
Follow
Pay Mobile Technologies Inc
Telecommunications
Follow
Pawn America and PayDay America
Consumer Services
Follow
MoneyGram International
Financial Services
Follow
Walmart
Retail
Follow
Diners Club South Africa
Financial Services
Follow
Safaricom
Telecommunications
Follow
Robert Wood Johnson Foundation
Philanthropy
Follow
AllTrust Networks
Financial Services
Follow
TIO Networks Corp
Financial Services
Follow
CGAP/ World Bank Group
International Affairs
Follow
BAI
Financial Services
Follow
Kinecta Federal Credit Union
Banking
Follow
nFinanSe
Financial Services
Follow
Cash America
Financial Services
Follow
FSV Payment Systems
Financial Services
Follow
First National Bank of Omaha
Banking
Follow
Roshan
Telecommunications
Follow
MetroPCS
Telecommunications
Follow
Visa Europe
Financial Services
Follow
David's Financial Corp.
Financial Services
Follow
Coconut Grove Bank
Banking
Follow
All American Check Cashing
Financial Services
Follow
MB Financial Bank
Financial Services
Follow
Planet Payment
Financial Services
Follow
Think Finance
Financial Services
Follow
Filene Research Institute
Financial Services
Follow
SourceMedia
Publishing
Follow
Revolution Money
Financial Services
Follow
Wave Crest Group
Financial Services
Follow
Phoenix Marketing International
Market Research
Follow
Bloomberg LP
Financial Services
Follow
SNL Financial
Information Services
Follow
Insight Card Services
Financial Services
Follow
National Housing Conference
Nonprofit Organization Management
Follow
Vantiv
Financial Services
Follow
Inter-American Development Bank
Banking
Follow
PreCash
Financial Services
Follow
Electronic Payment Providers Association of Nigeria
Financial Services
Follow
National Money Mart
Financial Services
Follow
Jefferson Wells
Management Consulting
Follow
Speedy Cash
Financial Services
Follow
POM Financial LLC
Financial Services
Follow
TxVia
Financial Services
Follow
NexisCard
Marketing and Advertising
Follow
PULSE
Financial Services
Follow
Moneytree
Financial Services
Follow
BillFloat
Financial Services
Follow
Bank Performance Strategies
Banking
Follow
Galileo Processing
Financial Services
Follow
Boom Financial, Inc.
Financial Services
Follow
Grameen Foundation
Civic & Social Organization
Follow
PNC
Financial Services
Follow
Akimbo Financial, Inc.
Financial Services
Follow
U.S. Bank
Banking
Follow
D2D Fund
Financial Services
Follow
Experian
Information Services
Follow
MasterCard
Information Technology and Services
Follow
RewardsNow
Financial Services
Follow
Urban Trust Bank
Banking
Follow
Fifth Third Bank
Financial Services
Follow
Brightwell Payments, Inc
Financial Services
Follow
iPrepaid
Financial Services
Follow
Paybyphone - MPS
Financial Services
Follow
Republic Bank
Banking
Follow
Payment efficiency expert in charge of MSBA
Banking
Follow
The Members Group
Financial Services
Follow
Check City
Financial Services
Follow
The World Bank
International Trade and Development
Follow
Kaiku Finance, LLC
Financial Services
Follow
Western Union
Financial Services
Follow
First Data Corporation
Financial Services
Follow
Great Florida Bank
Banking
Follow
Cachet Financial Solutions, Inc.
Information Technology and Services
Follow
Ukash
Financial Services
Follow
Rental Kharma
Financial Services
Follow
PayPal
Internet
Follow
Lenddo
Internet
Follow
Pay By Touch
Financial Services
Follow
IFC - International Finance Corporation
Financial Services
Follow
PerkStreet Financial
Financial Services
Follow
NeighborWorks America
Nonprofit Organization Management
Follow
Mercator Advisory Group
Market Research
Follow
IDEON Financial Solutions
Banking
Follow
RiteCheck
Financial Services
Follow
NetSpend Corporation
Financial Services
Follow
DICK'S Sporting Goods
Retail
Follow
GE Capital Retail Finance
Financial Services
Follow
SolarTec USA
Renewables & Environment
Follow
GE Capital
Financial Services
Follow
NCUA
Financial Services
Follow
Moneris Solutions
Financial Services
Follow
CashPass Network
Financial Services
Follow
Denarii Systems, LLC
Financial Services
Follow
Nexxo Financial Corporation
Financial Services
Follow
Meredith Whitney Advisory Group
Financial Services
Follow
Interac Association
Banking
Follow
TSYS
Financial Services
Follow
TSYS Prepaid
Financial Services
Follow
Bling Nation
Marketing and Advertising
Follow
Initiative for a Competitive Inner City
Nonprofit Organization Management
Follow
Sears Holdings Corporation
Retail
Follow
Monitise Americas, Inc.
Financial Services
Follow
Amscot Financial
Financial Services
Follow
MyBankTracker.com
Financial Services
Follow
FranklinCovey
Professional Training & Coaching
Follow
Citicorp Diners Club
Financial Services
Follow
i2c Inc.
Financial Services
|