Mango Financial, also known as Mango Money, is a relatively new financial services business dedicated to serving the underbanked and unbanked population. Mango Financial provides its Mango Money with prepaid debit cards online, plus a full menu of bank-like services not typically accessible for unbanked and underbanked consumers. Mango Financial currently only has one physical location in Austin, Texas, but plans to expand to new locations.
Things just for the unbanked and underbanked
Mango Financial was created on the basis of a prepaid debit card, but its Austin location is a preview of something additional. Mango founder Bertrand Sosa told My Bank Tracker that his company’s prepaid debit card is a gateway to a growing range of financial services unbanked and underbanked consumers can use to manage their money. A 5.1 percent interest with a linked savings account is also available for Mango customers. Any customer of Mango that lives in Austin can pay bills, send international money, get paychecks onto prepaid debit cards, withdraw cash from an ATM, use a self service kiosk to work on accounts or use debit cards with mobile opportunities to send money or balances through text.
Mango money for an untapped market
Hardly any person has tried serving the unbanked and underbanked as Mango Financial is trying to do. A fact sheet provided by the Center for Financial Services Innovation (CFSI) said that 20 percent of U.S. households, about 22.2 million families, are unbanked, meaning they have no transaction account at a mainstream financial institution. 22 million on top of that use things like check cashiers and payday loans direct lender to help with their financial services. There is an additional $ 13 billion spent on 340 of these financial services spent every year.
Customer Experience most important
Unbanked and underbanked services have to be better in competition with Mango Financial. But Triplepundit said the company’s most ambitious innovation could possibly be its first Mango Store in Austin. Mango hopes its Austin store is the first of a national chain. Mango does well because it serves with great customer experience those who would normally be ignored by companies, says Jennifer Tescher, CFSA founder. Tescher explains that Mango cares about how things are done to customers more than what is done for the consumers. Many people are done with the banking that is going on because of either Wall Street greed or all the high fees. The Mango Store will do really with with customers like this.
Discover more information on this subject
My Bank Tracker
mybanktracker.com/bank-news/2010/08/04/mango-financial-offers-banking-unbanked-interview-cofounder/
Center for Financial Services
cfsinnovation.com/
Triplepundit
triplepundit.com/2010/07/mango-moneys-mango-store-brings-retail-to-the-unbanked/
