Digital Spend — Financial Industry Saw a Growth in Digital Advertising Spend. During the first six months of 2021, Canadian Financial Industry players spent +34% more on digital advertising than during the same period last year. While the investment has increased by +34%, financial companies saw only a +13% increase in impressions. Big 5 Canadian banks account for 43% of all financial industry digital spending. In monetary terms, this translates to $66M, which is 78% more compared to Q1 – Q2 2020.
Budget Allocation — Facebook is the Preferred Advertising Channel for the Financial Industry in Canada. Facebook received 54% of the total Q1-Q2 2021 digital advertising spend, which translates to $85M ($60M in Q1-Q2 2020). YouTube was the second most preferred advertising channel for financial services players in Canada. During the first six months of 2021, financial companies spent $31M to run video ads, which is 244% more than during the same period last year. Desktop display ads received 70% less advertising dollars in 2021 than in 2020, pushing this channel down to third place.
During the first six months of 2021, Canadian Financial Industry players* spent 34% more on digital advertising than during the same period in 2020. In 2020 the combined average monthly spend was ~$16.6M, while in 2021 it jumped to $21.8M.
While digital spending increased by +34%, total impressions from these ads only increased by +13%.
The spending share of the Big 5 has grown from 23% in 2020 to 43% in 2021; the actual dollar amount spent increased by 79%.
Capital One was the top spender after Big 5 Banks with $6.5M invested in digital ads. 4 new companies entered the top 15 digital spend spenders in 2021.
In Q1-Q2 2021, BMO made the biggest increase in its digital spend (+300%) and invested $19M into paid advertising online. TD was the next top spender with $17M during the first six months of 2021.
Canadian Financial Industry players invested more than half (54%) of all advertising dollars were in Facebook, followed by YouTube (20%).
Big 5 banks spending was very much in line with overall industry budget distribution — 58% of all advertising dollars were invested in Facebook and 28% in YouTube.
The top Facebook ad (by spend) was run by Scotiabank, the bank invested $1.7M in the ad educating its target audience about RRSP.
BMO launched the top YouTube ($2M) as which promoted mobile card lock.
Wealthsimple aired the top desktop display ad. The banner ad backed up by a $385K investment invited Canadians to file their taxes with Wealthsimple Taxes.
In 2021 cbc.ca took first place in financial advertisers' preferred placement sites. However, it received less direct advertising dollars than the previous year ($3.3M in 2021 vs. $4.7M in 2021). Three news websites entered the top 10 placement websites list in 2021.