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Bank at Mango financial if you're unbanked or underbanked
By Paulo J - Posted on 18 August 2010
Unbanked and underbanked people are able to go to Mango Financial, or Mango Money, for help with financial services. Mango Financial put together a whole bunch of services like prepaid debit cards and other things not typically offered to underbanked or unbanked individuals. You can only reach Mango Financial physically by going to Austin, Texas although they plan to expand.
Although Mango financial can give anyone a prepaid debit card, if you are able to get to the Austin store, there are other things accessible. 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. 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.
Money Mango new market
Hardly everyone 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. To get financial services, an additional 22 million individuals tend to use services like payday loan companies and check cashiers. There is another $ 13 billion spent on 340 of these financial services spent each year.
Mango makes customers significant
Mango Financial means underbanked and unbanked individuals can be treated better. But Triplepundit said the company's most ambitious innovation could be its first Mango Store in Austin. Mango wants the Austin store to be the first of many. 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. Because of either Wall Street greed or high fees, the younger generation is getting sick of banking. These individuals are the ones that are likely to be interested in the Mango Store.
