Leading Consumer Finance Brands in Canada: Q4 2024 Insights

In the rapidly evolving landscape of consumer finance in Canada, understanding the digital presence and performance of leading brands is crucial. This article provides an overview of three prominent players in the Canadian consumer finance sector for Q4 2024: CIBC Consumer Banking, Scotiabank Consumer Banking, and Remitly. Leveraging Sensor Tower's comprehensive data, we delve into audience trends, app engagement, and advertising strategies across these brands.

CIBC Consumer Banking

CIBC is a major player in the financial sector, known for its comprehensive banking services. Its digital presence is robust, with its website, cibc.com, and the CIBC Mobile Banking app playing pivotal roles.

• Audience Trends: Throughout Q4 2024, cibc.com maintained a steady monthly audience, with unique visits hovering around 2M. The true monthly audience metrics indicate a stable presence above 5M, with the app attracting a significant portion of this audience.

• App Engagement: The CIBC Mobile Banking app saw consistent engagement, with monthly active users exceeding 4.4M by December 2024. This suggests a strong preference for mobile banking among CIBC's customers.

• Ad Spend & Channels: CIBC's advertising efforts peaked in October with a monthly spend of over $890K, primarily across Facebook and Instagram, delivering significant impressions.

Scotiabank Consumer Banking

Scotiabank, renowned for its innovative banking solutions, centers its digital strategy around its website, scotiabank.com, and the Scotiabank app.

• Audience Trends: Scotiabank's web audience remained stable, with unique visits around 1.9M monthly. The true audience consistently exceeded 4.4M, highlighting a balanced use of both web and app platforms.

• App Engagement: The Scotiabank app maintained a steady monthly active user base around 3.6M, reflecting consistent mobile engagement.

• Ad Spend & Channels: Advertising spend fluctuated, peaking in December at over $570K monthly, with a focus on Facebook and YouTube channels, which provided substantial impressions.

Remitly

Remitly, a leader in international money transfers, marks its digital footprint with its website, remitly.com, and the Remitly: Send Money & Transfer app.

• Audience Trends: The website saw a notable increase in visits in December, reaching over 3.2M monthly, while the true audience remained above 800K.

• App Engagement: The Remitly app's active user base was stable, exceeding 780K monthly by year’s end, indicating consistent app usage.

• Ad Spend & Channels: Remitly's advertising efforts were varied, with significant investment in YouTube and Facebook, peaking in September with a monthly spend over $950K.

Conclusion

The Canadian consumer finance landscape in Q4 2024 was dominated by strong digital strategies across CIBC, Scotiabank, and Remitly. Sensor Tower's unique cross-platform insights reveal critical trends in audience engagement and advertising strategies, underscoring the importance of an integrated digital presence. Sensor Tower's unparalleled data offerings, including Web Insights, App Performance Insights, and Pathmatics, provide invaluable tools for understanding these dynamics.

For more detailed insights, explore Sensor Tower's comprehensive data solutions, which offer a window into the evolving behaviors of web and app users in the consumer finance sector.