Although many legacy financial services brands have apps that are well established on the App Store, the rise of mobile-first fintech upstarts puts their success at risk. If legacy brands want to stay relevant, they will need to focus on the App Store as the prime battleground for discoverability.
According to L2’s Financial Services report, 65% of all app downloads result from App Store searches, making the store a hub of opportunity for brands. Keyword bidding offers one way for brands to boost their visibility.
Since its introduction to the App Store, Stash Invest has built up superior search visibility, securing the top organic listing for keywords like “invest”, “investing”, “investment”, and “investment app”. Currently, the 442-word App Store description for Stash Invest includes 20 instances of the word “invest” and its variants. In contrast, legacy brand Fidelity Investments’ description is nearly 20% shorter and has only three instances of the word “invest”.
However, the graph above makes clear that Fidelity is shifting its focus from acquiring uninitiated customers to protecting brand equity, a strategy that other legacy brands should consider in response to disruptors like Stash Invest and mobile-first brokerage app Robinhood. The latter goes even further than Stash, bidding not only on unbranded terms like “invest,” but also on the names of competing brands — including “Fidelity Investments.” In order to sustain its success, Fidelity will need to reckon with such aggressive moves.