Mango Financial- Better Service For The Unbanked And Underbanked
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 available for unbanked and underbanked consumers. Mango Financial wants new locations but is only located in Austin, Texas right now.
Something extra for the unbanked and underbanked
Although Mango financial can give anybody a prepaid debit card, if you can get to the Austin store, you will find other things available. A company’s prepaid debit card is how Mango founder Bertrand Sosa thinks unbanked and underbanked people will learn how to handle their money better, reports My Bank Tracker. A 5.1 percent interest with a linked savings account is also accessible for Mango customers. 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 salaries put on cards, send money internationally, or pay bills.
Beginning a market with Mango money
By serving the unbanked and underbanked population, Mango Financial is going after a largely untapped market for financial services. 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, another 22 million people tend to use services such as personal loan companies and check cashiers. Each year, Americans spend at least $ 13 billion on more than 340 million option financial services transactions.
Mango makes customers significant
Unbanked and underbanked services have to be better in competition with Mango Financial. But Triplepundit said the company’s most ambitious innovation could 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. Because of either Wall Street greed or high fees, the younger generation is getting sick of banking. The look and feel of the Mango Store could resonate among these consumers.
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/
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