Vividata has released its SCC/Digital Database for Summer 2022, and among its findings is data showing how Canadians visit the websites and apps of major banks, as well as the kind of ads most likely to drive them there.
Vividata found that nearly 22 million, or 71%, of Canadian adults visit a major bank’s website or app in an average month. When looking just at the apps, however, roughly one in three make a monthly visit.
RBC netted the most online visits with over 7.5 million in an average month – which makes sense, as it is Canada’s largest bank – with TD, CIBC, Scotiabank and Tangerine rounding out the top five. Looking just at Quebec, Desjardins racked up nearly 3 million average monthly visits from the province’s adults, nearly double that of the next closest bank, RBC.
Canadians 25 to 34 were found to be the most likely age group to visit a major bank’s app in an average month, with 42% reach. RBC was once again the most popular in terms of total visits, but Tangerine and BMO were more likely – at 38% and 32%, respectively – to be used by this age group than the average Canadian adult.
Nearly 3.4 million visitors to a major bank’s app agreed with the statement “I feel overwhelmed by financial burdens.” This particular segment was 50% more likely than the average Canadian adult to come from someone under the age of 35, and 87% more likely to be a new Canadian in the country less than five years. This group was also more likely to identify as BIPOC, twice as likely to have children under the age of three and 47% more likely to make the minimum, or only partial, payment on their credit card every month.
Considering the pressures and responsibilities this financially overwhelmed group faces, they are looking for advice. For those interesting in reaching this segment, nearly 46% notice ads on streaming video in an average day and are 51% more likely than the average Canadian adult to regularly notice ads in digital magazines and 42% more likely to notice them at a movie theatre.
On the other hand, for brands looking to reach the 5.2 million digital banking users that feel confident in their money, nearly half notice ads on TV in an average day and are up to 24% more likely than the average Canadian adult to regularly notice ads in printed or digital magazines.
