Leading Brands in Canada's Consumer Finance Sector: Q2 2024 Insights

In the ever-evolving landscape of consumer finance in Canada, three brands have emerged as leaders in Q2 2024: CIBC Consumer Banking, Scotiabank Consumer Banking, and Capital One. These brands have distinguished themselves with a significant digital presence across websites and apps. Utilizing Sensor Tower's comprehensive data, we delve into their performance trends from Q1 to Q2 2024.

CIBC Consumer Banking

CIBC's digital ecosystem includes cibc.com and the CIBC Mobile Banking app.

• Audience Trends: The monthly true audience for CIBC remained stable, hovering above 5M throughout Q2 2024. The website, cibc.com, saw a slight increase in visits, reaching nearly 31.9M in June. Monthly unique visits remained consistent, indicating a loyal user base.

• App Engagement: The CIBC Mobile Banking app experienced steady growth in monthly active users, surpassing 4.1M by June. This suggests a strong preference for mobile banking among CIBC's customers.

• Ad Spend & Channels: CIBC's monthly advertising spend peaked in April at over $870K, with impressions exceeding 177M. Facebook and YouTube were the primary channels, delivering substantial impressions.

Scotiabank Consumer Banking

Scotiabank's online presence is marked by scotiabank.com and the Scotiabank app.

• Audience Trends: Scotiabank maintained a monthly true audience above 4.6M throughout Q2 2024. Website visits remained strong, with a slight dip in June to just over 31.5M.

• App Engagement: The Scotiabank app showed consistent user engagement, with monthly active users fluctuating around 3.6M. This stability indicates a well-integrated digital experience.

• Ad Spend & Channels: Scotiabank's monthly ad spend was robust in February and March, peaking at over $670K. Facebook and Instagram were key platforms, generating high engagement.

Capital One

Capital One's digital footprint includes capitalone.com and the Capital One Mobile app.

• Audience Trends: The monthly true audience for Capital One saw fluctuations, with a noticeable dip in June to around 820K. Website visits were highest in February, exceeding 5.9M.

• App Engagement: The Capital One Mobile app experienced a peak in monthly active users in May, reaching over 610K, reflecting a growing mobile user base.

• Ad Spend & Channels: Capital One's monthly ad spend was modest, with the highest expenditure in February at approximately $31K. YouTube and Facebook were the primary channels for advertising efforts.

Conclusion

These insights highlight the dynamic digital strategies of CIBC, Scotiabank, and Capital One in Canada's consumer finance sector. Sensor Tower's unparalleled data capabilities provide a comprehensive view of cross-platform user behavior, essential for understanding market trends and consumer preferences. For more detailed insights, explore Sensor Tower's offerings in Web Insights, Pathmatics, and App Performance Insights.