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. Source for this article – Mango Financial- better service for the unbanked and underbanked by Personal Money Store.
Something extra for the unbanked and underbanked
Although Mango financial can give anybody a prepaid debit card, if you are able to get to the Austin store, there are other things accessible. Mango founder Bertrand Sosa told My Bank Tracker that his company’s prepaid debit card is a gateway to a growing range of financial services unbanked and underbanked consumers can use to manage their money. A linked savings account is available 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 paydays put on cards, send money internationally, or pay bills.
New territory with Mango Money
Hardly any person has tried serving the unbanked and underbanked as Mango Financial is trying to do. There are 22.2 million families, or rather 20 percent of the U.S. population, considered unbanked because they do not have a financial institution set up and used regularly, reports the Center for Financial Services Innovation (CFSI). An additional 22 million underbanked families use a mixture of mainstream and option providers such as check cashers and payday loan lenders to meet their financial service needs. Each year, Americans spend at least $ 13 billion on more than 340 million choice financial services transactions.
Mango makes customers essential
Mango Financial means underbanked and unbanked individuals will be treated better. But Triplepundit said the company’s most ambitious innovation could possibly be its first Mango Store in Austin. Mango hopes its Austin store is the first of a national chain. 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. Tescher explains that Mango cares about how things are done to customers more than what is done for the consumers. She said numerous young individuals are growing disenchanted with traditional banking, whether because of high fees or Wall Street greed. These people are the ones that are going 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/
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