Mango Makes a Fresh Brand for the Unbanked
Posted By Editor On October 5, 2010 @ 12:02 am In Branches | 2 Comments
Mango Financial’s innovative retail banking alternative
Mango Financial, [1] a financial services firm dedicated to serving the unbanked, officially opened its first Mango Store earlier this year. The store, located in Austin, Texas, had been in pilot testing since December 2009.
Mango aims to introduce a greater level of transparency — along with a higher level of service and product integration — to individuals who either don’t qualify for conventional bank services or prefer not to use them, estimated in include around 40 million US households.
Bercy Chen Studio, [2] a design/construction firm, says the keys to the store’s design include the large storefront, covered entry and ATM, self-service kiosks, a clean interior and bright lighting. The firm used the building façade as signage, added sidewalk seating, and used dramatic night lighting to create a retail street presence. The lobby also provides seating, video and refreshments.
Transactions are handled at scattered workstations, eschewing a queue, traditional teller counter, and isolated booths. Mango employees multilingual associates, primarily to aid its Spanish-speaking customers.
Mango plans to open more Austin locations and then expand to every major U.S. city within three years through corporate stores, franchises [3] and retail partnerships.
Chuck Palmer, a customer service experience expert who worked on Mango’s pilot store, said he worked on early concepts under contract with FITCH, [4] an internationally recognized retail design firm.
Palmer says the unbanked have been treated poorly. Mango creates an experience optimized for these people while still allowing the company to earn a healthy profit over time.
“We came to understand the distrust the unbanked have for the financial system, mostly because their experiences have been riddled with inflated fees and prison-like architecture,” Palmer wrote on his blog. [5]
“We found when these consumers felt a company was loyal to them, they stayed loyal to the company,” Palmer said. “We looked at world-class retailers to benchmark the elements that signaled to the consumer that Mango respects them as much as Apple or Starbucks does their customers. We shopped and spent time in the places they did in order to develop the right sense of place.”
“The main idea of the engagement strategy was to encourage Mango customers to ‘Learn, Do, Be,’” Palmer explained.
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[6]Mango products and services
At the heart of the Mango’s offerings is the Mango MasterCard Prepaid Card. [7] The Mango Card gives Mango Members an easy and affordable way to spend, receive, send and manage funds without a bank account. Loading a paycheck or other funds onto a Mango prepaid debit card not only provides a safe, affordable home for Mango customers’ funds but also access to a range of affordable and advanced products and services, including bill pay and international money transfer, as well as the ability to send money and manage accounts via simple text message.
The reloadable card is free to members and comes loaded with free features, including free activation, free monthly service provided the customer loads $500 per month, free purchase transactions, free online account-to-account and bank transfers, free direct deposit and free customer service. Mango’s combination of flexible reload options, lowest pricing in the market, mobile transfer capability and always-on online account controls make it one of the most accessible and advanced products available for the underserved market today.
Mango Members can choose from a flexible range of options for adding funds to their Mango Accounts. In addition to loading cash at thousands of retailers nationwide, or receiving funds via YAP on their mobile phones from other accountholders, Mango Members can instantly add money to their Accounts each pay period at no charge by enrolling for Direct Deposit. Mango Members can also send money between Accounts online at www.mangomoney.com [8] or transfer money from a bank account to a Mango account at no cost.
Many of the Mango Store’s products and services — prepaid debit cards, check loads, bill pay and domestic and international money transfers — often come from traditional providers with high fees and hidden charges. According to one study, the typical unbanked household in Austin pays between $230 and $918 to cash paychecks over the course of one year. Mango customers may pay as little as $10 for a one-time membership. For instance, Mango Members can “deposit” their checks into debit cards, and they can make international money transfers for $5.
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[9]
[11]
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MANGO MONEY WEBSITE
Netbanker.com has a great review [15] of Mango’s online account-opening process.
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Article printed from The Financial Brand: Marketing Insights for Banks & Credit Unions: http://thefinancialbrand.com
URL to article: http://thefinancialbrand.com/13734/mango-money-stores-for-the-underbanked/
URLs in this post:
[1] Mango Financial,: http://www.mangomoney.com/
[2] Bercy Chen Studio,: http://thefinancialbrand.com/frame.html?http://bcarc.com/Project/mango-financial/
[3] franchises: http://thefinancialbrand.com/frame.html?http://www.brookings.edu/articles/2002/01metropolitanpolicy_caskey.aspx
[4] FITCH,: http://thefinancialbrand.com/frame.html?http://www.fitch.com/
[5] wrote on his blog.: http://thefinancialbrand.com/frame.html?http://amadonweb.blogspot.com/2010/07/double-bottom-line-consumer-experience.html
[6] Image: http://thefinancialbrand.com/wp-content/uploads/2010/10/mango_money_prepaid_card.jpg
[7] Mango MasterCard Prepaid Card.: http://thefinancialbrand.comhttp://thefinancialbrand.com/frame.html?https://www.mangomoney.com/prepaid-debit-card-services.do
[8] www.mangomoney.com: https://www.mangomoney.com/
[9] Image: http://thefinancialbrand.com/wp-content/uploads/2010/10/mango_money_store_hero.jpg
[10] Image: http://thefinancialbrand.com/wp-content/uploads/2010/10/mango_money_store_interior.jpg
[11] Image: http://thefinancialbrand.com/wp-content/uploads/2010/10/mango_money_store_self_service_kiosks.jpg
[12] Image: http://thefinancialbrand.com/wp-content/uploads/2010/10/mango_money_store_retail_wall_display.jpg
[13] Image: http://thefinancialbrand.com/wp-content/uploads/2010/10/mango_money_store_concept.jpg
[14] Image: http://thefinancialbrand.com/wp-content/uploads/2010/10/mango_money_store_exterior.jpg
[15] a great review: http://thefinancialbrand.com/frame.html?http://www.netbanker.com/2010/06/online_account_opening_mango_financial_sweetens_the_final_step.html
[16] MANGO FINANCIAL – OVERVIEW VIDEO: http://www.youtube.com/watch?v=wJvz8VoqnHw
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2 Comments To "Mango Makes a Fresh Brand for the Unbanked"
#1 Pingback By USA: Neue Services für die geschröpften Banklosen gefragt « Social Banking 2.0 – Der Kunde übernimmt die Regie On October 11, 2010 @ 4:33 am
[...] naht laut financialbrand aber bereits die Rettung für die recht- und banklosen [...]
#2 Comment By Brett Conway On October 12, 2010 @ 6:09 am
Mango: The underline concept in developing and delivering a financial solution for the underserved I applaud and fully support.
My thoughts and questions relate to the physical and emotional experience in how to deliver this service proposition. The story provides some great images of the store. It is a compelling visual. We see three kiosk/podiums in one of the photo’s. Is cash taken in and dispensed at these kiosks or are customers directed to the ATM? The conceptual sketch might suggest some staff being present or these may be waiting chairs. Not sure which. I would really like to hear more about service delivery and a staffing model. Is this staffed with one – three people? Are they standing all day? I see no evidence of different levels of privacy. All the surfaces appear to be hard and the acoustical environment could be loud (conjecture). How are families addressed? How are older customers, who may wish to sit, addressed? Where does a private financial conversation occur? How is a queue of +10 addressed? It’s great not to see bullet resistant glass!
I would also like to hear more about “Mango” and it’s linguistic/brand connection to financial services.
#3 Comment By Editor On October 13, 2010 @ 6:01 am
Brett,
The store is run just like T-Mobile or Apple, where staff circulate freely. There is no cash counter. I believe there are 2-4 employees in this location. They all speak Spanish. The podiums are for staff-customer interactions. I don’t think the podiums are cash-capable. I don’t know how cash is handled here. Transactions may be processed at the in-wall ATM/kiosks, but I’m not sure.
Mango has a menu-driven model — you come in, you pick what you want, you pay for it, you leave. That’s why there is no waiting area nor private sit-down space. The people coming in to Mango’s store aren’t coming to chat about their financial future or discuss investment options. Furthermore, Mango’s customers are accustomed to the low-level of privacy at check-cashing stores. The facelift alone gives the unbanked a greater sense of dignity.
Is Mango targeting “older people who may want to sit down?” I’m assuming Mango knows their audience very well: Spanish-speaking people of working age looking to ship money.
The conceptual sketch doesn’t match the final design. It seems to suggest a more traditional banking model where people sit to conduct their transactions. As an architect, you’re probably familiar with how concepts evolve over time as they progress from “idea” to “execution.” They likely decided consultative spaces weren’t necessary.
I don’t think the name “Mango” needs to be justified or explained, certainly no more so than Amazon, GAP, Kodak, Apple, etc. need to explain their names. Mango is a challenger brand. The two Hispanic-American brothers who founded Mango wanted the brand to be seen through a fresh lens. In that respect, I think the name works.
#4 Pingback By Verändern, erneuern, verbessern, verhindern | Finance 2.0 On October 23, 2010 @ 4:17 am
[...] Erfolg ist auch bei „Social Banking“ erlaubt. Wer gründet also die deutsche Mango Bank oder versucht diese Zielgruppe stärker in den Fokus zu [...]