Leading Financial Services Brands in Canada: Q2 2024 Insights

Introduction

As the financial landscape continues to evolve in Canada, three leading brands have emerged as frontrunners in user engagement and digital presence for Q2 2024: TD Bank Group, Royal Bank of Canada (RBC), and CIBC Consumer Banking. Leveraging Sensor Tower's comprehensive data, we delve into the performance and trends of these brands across their websites and apps.

TD Bank Group (Toronto-Dominion Bank)

TD Bank Group is renowned for its robust digital infrastructure, anchored by its websites, td.com and tdcanadatrust.com, along with the TD Bank app.

• Audience Trends: The monthly true audience across both websites remained stable, hovering above 6.9M throughout Q2 2024. Notably, td.com saw a decline in visits from 53M in April to 50M in June, while tdcanadatrust.com maintained a steady monthly audience.

• App Engagement: The TD Bank app experienced a slight decrease in monthly active users, from approximately 5.7M in January to 5.4M in June, indicating a consistent yet slightly declining mobile engagement.

• Ad Spend & Channels: TD's monthly advertising expenditure peaked in April at around $4.7M, with a notable focus on Facebook and Instagram, collectively garnering significant impressions exceeding 500M.

Royal Bank of Canada (RBC)

RBC's digital platforms, rbc.com and rbcroyalbank.com, along with the RBC Mobile app, form a robust digital ecosystem.

• Audience Trends: Both websites experienced a decrease in visits, with rbc.com dropping from 5.3M to 3.9M by June. The monthly true audience, however, remained stable around 5.2M.

• App Engagement: The RBC Mobile app's monthly active user base grew slightly, reaching approximately 4.9M by June, reflecting a strong mobile market presence.

• Ad Spend & Channels: RBC's monthly ad spend was highest in February, nearing $4.1M, with substantial investments in Instagram and Facebook, capturing impressions over 400M.

CIBC Consumer Banking

CIBC's online presence is centralized around cibc.com and the CIBC Mobile Banking app.

• Audience Trends: The website maintained a stable monthly audience with visits consistently above 31M through Q2 2024. The monthly true audience also showed an upward trend, reaching over 5.4M in June.

• App Engagement: The CIBC Mobile Banking app experienced a steady increase in monthly active users, from 3.9M in January to 4.2M in June, signifying growing mobile engagement.

• Ad Spend & Channels: CIBC's monthly advertising efforts peaked in April with a spend of around $876K, primarily utilizing YouTube and Facebook, which together delivered significant impressions.

Conclusion

The financial services sector in Canada is witnessing dynamic shifts in digital engagement, with TD Bank Group, RBC, and CIBC leading the charge. Sensor Tower's unparalleled data insights provide a comprehensive view of these trends, enabling a deeper understanding of cross-platform user behavior across web and app interfaces. For more detailed web insights, visit our Web Insights offering, and explore Ad Spend and App Performance insights for a holistic analysis.

Sensor Tower’s consolidated data offers unique advantages for decision-makers, equipping them with the insights needed to drive strategic growth and engagement in an increasingly competitive digital landscape. Explore our offerings to harness these insights for your business strategy.