Posted on June 23rd, 2010 by ryan.
The Mango Store, which opened in Austin in April, reimagines the entire banking experience for this market. Rather than treat the unbanked as transient customers, Mango aims to forge transparent, long-term relationships. Clients pay a one-time $10 fee that lets them “cash” as many checks as they want by loading the money onto debit cards (backed by a local bank). More sophisticated services, such as international money transfers and bill payment, cost extra. Even so, Mango’s operating costs — and, by extension, its fees — are significantly lower than other alt-finance outlets because it uses its own technology (developed by Mpower) and offers a multitude of services (including Web and mobile-phone apps). “It’s a smart strategy,” says Jennifer Tescher, director of the Center for Financial Services Innovation. “If Mango helps its customers grow financially, it can stick with them as they climb the ladder.”
But first, it has to get them through the door. Tescher likens the store to “a cross between an Apple Store and a high-end yogurt shop,” which could confuse patrons. Yet once customers are inside, Sosa says, the warm, spacious interior is designed “to educate customers and encourage them to stay awhile.” Here’s a look at a few notable features.