How the Big 5 in the Financial Services Industry Spent $6.2M on Chequing Account Ads from May to July 2022 in Canada

Key Takeaways

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Brands in the competitive set invested $6.2M in Chequing Account ads from May to July 2022. Here’s how:

Share of Market

• In the overall FS industry, PC Financial ($1.9M) saw the highest Chequing spend during this period followed by RBC.
• The FS Industry increased its Chequing Account spend by +60% YoY, while the competitive set increased spends by +114%.
• RBC (27%) invested the most spend into Chequing Account ads in the competitive set followed closely by CIBC (26%).
• CIBC contributed the highest share of spend towards Chequing Account campaigns at 12% of their total ad budget.

Advertising Trends

• Facebook ($2.95M) and YouTube ($2.93M) saw the highest spending on Chequing Account ads.
• YouTube and Facebook are the only platforms that saw a spend increase YoY, growing by +696% and +40% respectively. 

Ad Creatives

• RBC focused on offering AirPods in exchange for opening a bank account & incentivizing students with a $100 bonus. 
• CIBC leveraged offering up to $400 in cash for opening a Smart Everyday Banking account. 
• TD offered $300 in Amazon gift cards for starting a TD Unlimited Chequing account. 
• Scotiabank highlighted a $300 welcome bonus to introduce viewers to their Preferred Banking package. 
• BMO used Display to offer up to $350 to open a Performance Chequing account in French and English ad copy.

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The following companies were included in the main competitive set for this analysis:

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From May 2022 to July 2022 in the Financial Services Industry, PC Financial invested the highest spend in Chequing Account campaigns at $1.9M, followed by RBC ($1.65M) and CIBC ($1.63M)*.

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The FS Industry increased its Chequing Account ad spend by +60% YoY, while the competitive set increased their spend by +114%. From May 2022 to July 2022, the competitive set invested +153% more than the FS industry to advertise Chequing Accounts*.

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From May 2022 to July 2022, the competitive set invested $6.2M into Chequing Account campaigns.  RBC invested the most spend into Chequing Account ads ($1.68M) followed closely by CIBC ($1.63M). BMO spent the least on Chequing Account ads at $549K.

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CIBC contributed the highest share of total ad spend towards Chequing Account campaigns at 12% of their ad budget from May 2022 to July 2022 followed by RBC (9%) and TD (8%).

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From May 2022 to July 2022, the competitive set invested $6.2M into digital advertising specifically for Chequing Account campaigns. Facebook ($2.95M) and YouTube ($2.93M) saw the highest spending across the four platforms.

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YouTube and Facebook are the only two platforms that saw an ad spend increase YoY — growing by +696% and +40% respectively. YouTube’s increase in spend was driven by CIBC increasing spend from $8.5K to $1.47M YoY.

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From May 2022 to July 2022, ad spends for Chequing Account campaigns from the competitive set increased by +80%, with the highest ad spend of $2.67M in July 2022.

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RBC primarily invested in Facebook for their Chequing Account campaigns at 61% of their total budget ($1M). 

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CIBC experimented with YouTube ads from May 2022 to July 2022, focusing 91% of its budget on the platform ($1.47M).

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TD increased Facebook and YouTube spending while decreasing Display and Paid Search spending. 63% of its Chequing Account ad budget went to Facebook. 

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Scotiabank allocated 55% of its budget to Facebook and 44% to YouTube. Scotiabank experimented with ad spending in July 2022, with YouTube surpassing Facebook by +110%.

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BMO allocated 85% of their budget toward Facebook ads. BMO has experimented the most with Display ads for Chequing Account campaigns at 14% of the budget.

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Top YouTube Ads

Ads with the top spend on YouTube in the competitive set focused on offering incentives as a way to sign up for a chequing account. 

1. ‍Amazon Gift Card: TD focuses on encouraging viewers to sign up for an Unlimited Chequing Account in return for $300 worth of Amazon gift cards. The ad is 15 seconds long and uses uplifting music and clear voice-overs to communicate the offer. ‍
2. $400 Cash: CIBC’s approach to incentivizing sign ups includes offering up to $400 to open a Smart Everyday account. CIBC focuses on terminology like “switch” as opposed to “apply” or “sign-up”. This call to action implies a deeper effort to encourage viewers to bank solely with CIBC. 

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Top Facebook Ads

Ads with the top spend on Facebook in the competitive set also focused on offering incentives to introduce account options to viewers.

1. ‍RBC AirPods: RBC has focused on the option to get free AirPod Pros when opening a bank account. The ads are fun and high-energy, the voice-over says “Bank with Siri on the go” to help create the aspiration of how useful AirPods can be for banking and life in general. 
2. ‍$300 Welcome Bonus: Scotiabank has a $300 welcome bonus incentive for viewers who choose their “Preferred Package”. The ad creative has focused on simplicity, using font sizing to draw the eye to the large $300 in the middle of the ad along with the bright branded and eye-catching Scotiabank red.  

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Top Display Ads

Ads with the top spend on Display in the competitive set focused on both incentivizing students to open bank accounts and others to open performance chequing accounts. 

1. ‍Student Banking: RBC spent the most on a Display Video that highlights students getting $100 to open an Advantage Banking account. The ad is fun and lighthearted, playing on the substitutes broke students have to make in life and how the extra $100 can improve their situation.
2. ‍$350 Incentive: BMO focused on two display ads that offer up to $350 to open a performance chequing account. BMO spent $3K more on a French version of the ad while the English version saw a lower CPM at $11.27. 

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