Leading Financial Service Brands in Canada Q3 2024: An Overview

In the ever-evolving landscape of financial services, Canadian banks continue to make significant strides in digital engagement. This article delves into the performance of three leading Canadian financial institutions—TD Bank Group, Royal Bank of Canada (RBC), and CIBC Consumer Banking—over Q2 to Q3 2024. Sensor Tower provides the data insights, offering a comprehensive view of web and app usage trends, audience engagement, and advertising strategies.

TD Bank Group (Toronto-Dominion Bank)

TD Bank Group maintains a robust digital presence with its websites, td.com, tdcanadatrust.com, tdrewards.com, and the TD Bank app.

• Audience Trends: Across Q2 to Q3 2024, TD’s websites experienced a slight decline in visits, with td.com consistently seeing over 26M unique monthly visits. Tdcanadatrust.com and tdrewards.com showed fluctuations, with the latter peaking in August before a decrease in September.

• App Engagement: The TD Bank app saw stable monthly active users, hovering around 5.4M. The app audience remained robust, with app-only users consistently surpassing web-only users.

• Ad Spend & Channels: TD Bank’s monthly ad spend increased steadily from April to September, reaching over $5M. The primary channels included Facebook and Instagram, with notable impressions from OTT platforms like YouTube.

Royal Bank of Canada (RBC)

RBC’s digital footprint extends through its websites, rbc.com, rbcgam.com, rbcroyalbank.com, and the RBC Mobile app.

• Audience Trends: RBC’s websites maintained strong visitor numbers, with rbc.com seeing over 500K unique monthly visits. Rbcroyalbank.com consistently attracted more visits per unique visitor.

• App Engagement: The RBC Mobile app’s active users showed slight growth, ending September with approximately 5M monthly users. The app audience was consistently larger than web-only users.

• Ad Spend & Channels: RBC’s monthly ad expenditure climbed to over $5.2M by September. Facebook and Instagram were the dominant channels, with increased investments in YouTube advertising.

CIBC Consumer Banking

CIBC leverages its primary website, cibc.com, alongside the CIBC Mobile Banking app.

• Audience Trends: Cibc.com witnessed a steady visitor count, with visits per unique visitor peaking in July. The true monthly audience showed growth, particularly in app engagement.

• App Engagement: The CIBC Mobile Banking app’s active users increased steadily, reaching over 4.5M by September, reflecting a strong mobile market presence.

• Ad Spend & Channels: CIBC’s monthly ad spending rose to approximately $740K by September. The focus was on Facebook and YouTube, with a notable presence on TikTok.

Conclusion

The data from Sensor Tower highlights the dynamic digital strategies of Canada’s leading financial brands. Each bank demonstrates unique strengths in audience engagement and advertising, with mobile platforms playing a critical role. Sensor Tower’s comprehensive insights, including Web Insights, App Performance Insights, and Pathmatics, are pivotal in understanding these trends and developing informed strategies for market success. Embrace Sensor Tower’s analytics to gain a competitive edge in the financial services arena.