Leading Financial Services Brands in Canada: Q4 2023 Analysis

Introduction

As Q4 2023 concludes, we delve into the performance of leading financial services brands in Canada. With insights from Sensor Tower, we explore the digital footprints of TD Bank Group, CIBC Consumer Banking, and Royal Bank of Canada (RBC). This analysis covers trends from Q3 2023 to Q4 2023, highlighting web and app interactions, audience reach, and advertising efforts.

TD Bank Group (Toronto-Dominion Bank)

TD Bank Group showcases a robust digital presence through its websites, td.com, tdcanadatrust.com, and tdrewards.com, alongside the TD Bank app.

• Audience Trends:

  • td.com: Monthly visits decreased from around 66M in July to 54M in December, with unique monthly visits stable at about 3M.

  • tdcanadatrust.com: Monthly visits declined from 1.4M to under 900K, with unique monthly visits dropping from 213K to 130K.

  • tdrewards.com: Monthly visits fluctuated between 1.1M and 1.2M, with unique monthly visits peaking at 102K in August.

• App Engagement: The TD Bank app's monthly active users decreased from over 6M in July to approximately 5.6M in December, indicating a shift in user interaction.

• Ad Spend & Channels: Monthly ad spend peaked in October at around $7.3M, with impressions exceeding 1.6B. Facebook and Instagram were dominant channels, while desktop video saw minimal investment.

CIBC Consumer Banking

CIBC Consumer Banking maintains its digital footprint via cibc.com and the CIBC Mobile Banking app.

• Audience Trends:

  • cibc.com: Monthly visits decreased from 38M in July to 35M in December. Unique monthly visits showed a slight decline, stabilizing around 2.3M.

  • Monthly true audience numbers remained around 5M, with app-only visitors forming the majority.

• App Engagement: The CIBC Mobile Banking app saw a slight decline in monthly active users from 3.8M in August to 3.8M in December, reflecting stable engagement.

• Ad Spend & Channels: Monthly ad spend increased to over $590K in October, with impressions nearing 99M. Facebook and YouTube were key channels, while TikTok spend was minimal.

Royal Bank of Canada (RBC)

RBC's digital engagement is driven through rbc.com and rbcroyalbank.com, along with the RBC Mobile app.

• Audience Trends:

  • rbc.com: Monthly visits remained stable around 4M, with unique monthly visits hovering under 400K.

  • rbcroyalbank.com: Monthly visits saw a minor decline from 8M to around 6.4M, with unique monthly visits stabilizing at 1.2M.

• App Engagement: The RBC Mobile app maintained consistent monthly active user numbers, slightly above 4.6M throughout the quarter.

• Ad Spend & Channels: Monthly ad spend peaked at $4.3M in September, with impressions reaching over 900M. Facebook and Instagram were the leading channels, while Snapchat and TikTok had limited engagement.

Conclusion

The financial services sector in Canada demonstrates dynamic digital engagement across leading brands. TD Bank Group, CIBC Consumer Banking, and RBC exhibit varied trends in audience reach and advertising strategies. Sensor Tower's comprehensive cross-platform data provides unparalleled insights into these trends, essential for understanding user behavior across web and mobile platforms.

For detailed insights into web and app performance, explore our Web Insights and App Performance Insights. Additionally, advertising data is accessible through Pathmatics.