Mango Financial, also known as Mango Money, is a relatively new financial services business dedicated to serving the underbanked and unbanked population. Prepaid debit cards online and full menus of bank services that unbanked or underbanked customers don’t generally get are offered by Mango financial. Mango Financial at the moment only has one physical location in Austin, Texas, but plans to expand to new locations.
Something additional 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 extra. A company’s prepaid debit card is how Mango founder Bertrand Sosa thinks unbanked and underbanked individuals will learn how to manage their money better, reports My Bank Tracker. A linked savings account is accessible with 5.1 percent interest for all 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 paychecks put on cards, send money internationally, or pay bills.
Mango money for an untapped market
By serving the unbanked and underbanked population, Mango Financial is going after a largely untapped market for financial services. 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. An additional 22 million underbanked families use a mixture of mainstream and choice providers such as check cashers and money lenders to meet their financial service needs. There is one more $ 13 billion spent on 340 of these financial services spent each and every year.
Customer Experience most essential
Mango Financial means underbanked and unbanked people will be treated better. Triplepundit explains the Austin location is where Mango business is really working. Mango wants the Austin store to be the first of numerous. CFSA founder Jennifer Tescher explained that Mango does well because it is interested in customer experience for those who normally wouldn’t get the special treatment. Tescher explains that Mango cares about how things are done to customers more than what is done for the consumers. She said many young individuals are growing disenchanted with traditional banking, whether because of high fees or Wall Street greed. The look and feel of the Mango Store could resonate among these consumers.
Additional reading
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/
