Leading Financial Services Brands in Canada: Q3 2024 Analysis

Introduction

In the rapidly evolving financial services landscape, understanding user engagement across digital platforms is crucial. Sensor Tower provides unparalleled insights into cross-platform user behavior, offering a comprehensive view of audience trends, app engagement, and advertising strategies. In this article, we explore the performance of leading Canadian financial services brands in Q3 2024: TD Bank Group, Royal Bank of Canada (RBC), and CIBC.

TD Bank Group

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

• Audience Trends: From Q2 to Q3 2024, td.com experienced monthly visits fluctuating around 50M, with a slight decline observed in September. Tdcanadatrust.com and tdrewards.com maintained stable monthly visit numbers, though with fewer unique visits compared to td.com.

• App Engagement: The TD Bank app's monthly active user base grew from 2.5M in April to nearly 2.6M by September, reflecting increasing mobile engagement.

• Ad Spend & Channels: TD Bank's monthly advertising expenditure rose significantly, reaching over $5.6M in September, with substantial impressions across Facebook and Instagram.

Royal Bank of Canada (RBC)

RBC's digital ecosystem includes rbc.com, rbcgam.com, and rbcroyalbank.com, complemented by the RBC Mobile app.

• Audience Trends: Rbc.com displayed a stable increase in unique visits, peaking in September with over 500K unique monthly visitors. Rbcroyalbank.com consistently attracted more visits than other RBC websites.

• App Engagement: The RBC Mobile app's monthly active users hovered around 2.3M, with a noticeable uptick in September.

• Ad Spend & Channels: RBC's monthly ad spend surged to over $5.2M by September, with significant investments in YouTube and Instagram channels.

CIBC

CIBC's online presence is anchored by cibc.com and the CIBC Mobile Banking app.

• Audience Trends: Cibc.com visits remained steady, averaging around 30M monthly. Despite no advertising expenditure, the site maintained strong engagement metrics.

• App Engagement: The CIBC Mobile Banking app saw a consistent rise in monthly active users, reaching nearly 3.6M by September.

• Ad Spend & Channels: Notably, CIBC had no recorded monthly ad spend during this period, highlighting an organic growth strategy.

Conclusion

The Q3 2024 analysis reveals distinct strategies and engagement patterns among Canada's leading financial services brands. TD Bank's aggressive advertising, RBC's balanced web and app presence, and CIBC's organic growth approach illustrate diverse paths to digital success. Sensor Tower's comprehensive data offerings, including Web Insights, App Performance Insights, and Pathmatics, provide invaluable insights into these market dynamics, empowering decision-makers with the strategic edge they need.