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. The Center for Financial Services Innovation (CFSI) explained that 22.2 million families, or 20 percent of U.S. households, are unbanked and don’t have a financial institution they use regularly. To get financial services, 22 million individuals tend to use services like payday lending and check cashiers. There is one more $ 13 billion spent on 340 of these financial services spent each year.
Customer Experience most essential
Mango Financial is raising the bar for unbanked and underbanked services. The Mango Store in Austin is where the company will do best, reports Triplepundit. Mango wants the Austin store to be the first of many. Jennifer Tescher, founder and director of the CFSI, said Mango should be applauded for paying attention to the customer experience for this under-served portion of the public. Mango is more interested in how things are done instead of what is done, says Tescher. Many individuals 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/
