Apple seems to dominate most tech sectors these days, but one sector in which it hasn’t made much headway is financial management.
However, according to a new report from Bloomberg‘s Mark Gurman, Apple does have the wherewithal to turn the iPhone and its ecosystem into an “ultimate financial management tool.”
The report suggests that Apple should start by launching its credit card outside the United States. Secondly, it suggests that Apple release a higher-tier Apple Card+ with better rewards to take on American Express Platinum and JPMorgan Chase Sapphire Reserve.
For the Apple Card, Gurman recommends that the Cupertino company work on its backend with Goldman Sachs to ensure its consumers get proper credit limits and aren’t rejected for arbitrary reasons. He also calls upon Apple to increase its reward program to a more valuable offer from the current 1-3 percent cashback.
Gurman also recommends that Apple replicate PayPal’s success and work toward turning its Wallet app into an “all-encompassing financial experience.” As such, Apple should provide a place for managing and paying upcoming bills, sending and receiving money, managing buy now, pay later transactions, and offering store coupons or discounts for physical and online retailers.
Apple should also pivot its Apple Cash Card into a true debit card alternative and allow its use outside of Apple Pay, the report suggests. Gurman said Apple should consider helping people invest their digitally-stored money. The company can partner with E*Trade or Fidelity to help users manage and track investments inside the app.
Finally, Apple could consider automatically investing the cash back from Apple purchases and launching an investing feature to take on Acorns and Robinhood.
Check out the entire report over at Bloomberg.