Leading Financial Services Brands in Canada: Q3 2023 Performance Overview

Introduction

In the dynamic landscape of Canadian financial services, several leading brands have emerged as frontrunners in digital engagement for Q3 2023. This article delves into the performance and trends of three major players: TD Bank Group, CIBC Consumer Banking, and Royal Bank of Canada (RBC). Utilizing Sensor Tower's unparalleled data insights, we explore how these brands have navigated web and app interactions, as well as advertising efforts, from Q2 to Q3 2023.

TD Bank Group (Toronto-Dominion Bank)

TD Bank Group's digital presence is robust, with a significant audience across its website and TD Bank app.

• Audience Trends: The website maintained a high level of visits, peaking in July with over 66M visits, before seeing a reduction in September. Monthly true audience figures remained stable, hovering above 7.3M throughout the quarter.

• App Engagement: The app consistently engaged over 6M monthly active users, with slight fluctuations between months.

• Ad Spend & Channels: TD Bank increased its monthly advertising spend significantly from July, reaching over $4.2M in September. Facebook and Instagram were primary channels, delivering substantial impressions, with Facebook alone generating over 500M monthly impressions in September.

CIBC Consumer Banking

CIBC's digital strategy features its cibc.com website and the CIBC Mobile Banking app.

• Audience Trends: The website saw a consistent pattern, with visits peaking in July at over 38M. The monthly true audience remained above 5.3M, reflecting stable engagement.

• App Engagement: The app maintained a steady monthly active user base, with active users around 3.9M throughout Q3.

• Ad Spend & Channels: CIBC's monthly ad spend was more conservative, with a peak spend of approximately $377K in September. YouTube and Instagram were key platforms, with YouTube alone achieving over 7.9M monthly impressions.

Royal Bank of Canada (RBC)

RBC's digital footprint is notable, with its rbc.com and rbcroyalbank.com websites, alongside the RBC Mobile app.

• Audience Trends: RBC's websites experienced variable traffic, with rbcroyalbank.com peaking in July at over 7.9M visits. Monthly true audience numbers exceeded 5M, showcasing considerable reach.

• App Engagement: RBC's app saw growth in monthly active users, reaching nearly 4.8M in September, highlighting increasing mobile engagement.

• Ad Spend & Channels: RBC significantly ramped up its monthly advertising efforts, particularly in September, with spend exceeding $4.3M. Instagram and Facebook were pivotal, with Instagram generating over 370M monthly impressions in the same month.

Conclusion

The financial services sector in Canada continues to evolve, with TD Bank, CIBC, and RBC leading the charge in digital engagement and advertising. Sensor Tower's comprehensive data provides critical insights into these trends, enabling brands to strategically optimize their digital presence across platforms. For detailed insights into web, app, and advertising data, explore Sensor Tower's offerings, including Web Insights, App Performance Insights, and Pathmatics.