Unbanked and underbanked people are able to go to Mango Financial, or Mango Money, for help with financial services. Mango Financial provides its Mango Money with prepaid debit cards online, plus a full menu of bank-like services not typically available for unbanked and underbanked consumers. You are able to only reach Mango Financial physically by going to Austin, Texas although they plan to expand.
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. 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. As a member of the Austin location for Mango, a customer can manage accounts as a self service kiosk, use prepaid debit cards with mobile abilities to send money through a text or check balances, withdraw cash at the ATM, get paydays put on cards, send money internationally, or pay bills.
Mango money for an untapped market
Hardly 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 loan lenders to help with their financial services. Each year, Americans spend at least $ 13 billion on more than 340 million alternative financial services transactions.
Mango experience essential for business
Mango Financial means underbanked and unbanked individuals could be treated better. The Mango Store in Austin is where the company will do best, reports Triplepundit. 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. Mango is more interested in how things are done instead of what is done, says Tescher. She said numerous young individuals are growing disenchanted with traditional banking, whether because of high fees or Wall Street greed. These individuals 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/
