Leading Consumer Finance Brands in Canada: Q2 2024 Overview

Introduction

In the ever-evolving landscape of consumer finance in Canada, several brands have distinguished themselves with substantial digital footprints. This article explores the performance of three leading brands—CIBC, Scotiabank, and Capital One—across their websites and apps from Q1 to Q2 2024. Using Sensor Tower’s comprehensive data, we delve into audience trends, app engagement, and advertising efforts.

CIBC Mobile App

CIBC's digital presence includes its website, cibc.com, and the CIBC Mobile Banking app.

• Audience Trends: From Q1 to Q2 2024, cibc.com maintained a stable monthly audience, with visits hovering around 30M. The monthly deduplicated audience remained above 5M throughout the quarter, with a noticeable increase in app-only visitors reaching over 3.2M by June.

• App Engagement: The CIBC Mobile Banking app saw a consistent rise in monthly active users, starting at 3.3M in January and climbing to over 3.5M by June, indicating strong mobile engagement.

• Ad Spend & Channels: CIBC's monthly advertising spend was concentrated in Q1, with a peak of under $0.3K in January on Facebook, before ceasing in Q2.

Scotiabank Mobile App

Scotiabank’s digital ecosystem comprises scotiabank.com and the Scotiabank app.

• Audience Trends: The website experienced a slight decline in monthly unique visits from 2.2M in January to just under 2M by June. However, the true monthly audience remained stable, with app-only visitors consistently exceeding 2.5M.

• App Engagement: The Scotiabank app maintained stable monthly active user numbers, fluctuating around 1.8M throughout the quarter.

• Ad Spend & Channels: Scotiabank’s monthly advertising efforts were concentrated in February with a spend of nearly $2.7K on Facebook, achieving substantial impressions.

Capital One Mobile App

Capital One’s presence includes capitalone.com and the Capital One Mobile app.

• Audience Trends: The website's monthly visits decreased from 5.5M in January to about 3.3M in June, with the true monthly audience consistently around 1M. App-only visitors hovered near 500K.

• App Engagement: The Capital One Mobile app showed stable monthly engagement, with active users consistently around 750K.

• Ad Spend & Channels: Capital One had a diverse monthly advertising strategy, with significant spending on YouTube and Reddit, peaking at over $30K in February and achieving high impressions.

Conclusion

The data from Sensor Tower highlights the dynamic nature of the consumer finance sector in Canada. Each brand has leveraged its digital platforms uniquely, with varying strategies in audience engagement and advertising. Sensor Tower’s unparalleled cross-platform insights provide a critical understanding of these trends, offering businesses a comprehensive view of digital behavior across the web and mobile applications.

For more detailed insights, explore our Web Insights, App Performance Insights, and Pathmatics offerings.