Fast Company's Dan Macsai reports on a new financial services outlets in Austin, Texas that is trying to tap into the large number of Americans (25%, according to Macsai) who do not have bank accounts:

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."

Read the full article here.