Mango Financial, aka Mango Money, is a financial service that helps those who are underbanked and unbanked. 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 wants new locations but is only located in Austin, Texas right now.
Things just for the unbanked and underbanked
The Austin store for Mango Financial has special things available in it, although other customers can nevertheless get a prepaid debit card. My Bank Tracker talked to founder of Mango, Bertrand Sosa, who said the gateway to financial services to help those who are unbanked or underbanked manage money better is to use a company’s prepaid debit card. Mango customers can earn 5.1 percent interest with a linked savings account. 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 choices to send money or balances through text.
Mango money for an untapped market
Mango Financial has hit a market with the unbanked and underbanked that hasn’t been hit yet. The Center for Financial Services Innovation (CFSI) explained that 22.2 million families, or 20 percent of U.S. households, are unbanked and do not have a financial institution they use regularly. An additional 22 million underbanked families use a mixture of mainstream and alternative providers like check cashers and personal loan companies to meet their financial service needs. 340 million financial service transactions like this have $ 13 billion spent on them annually.
Keep business alive with Mango customer experience
Mango Financial means underbanked and unbanked people could be treated better. But Triplepundit said the company’s most ambitious innovation could be its first Mango Store in Austin. Hopefully, the Austin store will turn Mango into a larger franchise. Mango does well because it serves with great customer experience those who would normally be ignored by companies, says Jennifer Tescher, CFSA founder. Mango is more interested in how things are done instead of what is done, says Tescher. Numerous individuals are done with the banking that is going on because of either Wall Street greed or all the high fees. These people are the ones that are likely to be interested within the Mango Store.
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/
