![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/630fbe04d02f9cace6a43575_How%20the%20Big%205%20in%20the%20Financial%20Services%20Industry%20Spent%20%246.2M%20on%20Chequing...png)
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
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/60c7bc0338e68af93665a498_Key%20Takeaways%20%E2%80%93%C2%A0Divider%20%E2%80%93%C2%A0Gradient.png)
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.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
The following companies were included in the main competitive set for this analysis:
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307d95a3eb1e6df2fc753bc_Screenshot_148.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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)*.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307d98448152f7f9acf8de8_Screenshot_149.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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*.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307d9b9d4c64aa835556a3b_Screenshot_150.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307da0aee8ecfc49de1d218_Screenshot_151.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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%).
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307da2b044545caee704c73_Screenshot_152.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307da625f826271611e3a9d_Screenshot_153.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307da963eb1e60510c87d75_Screenshot_154.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dab984ad65b75bd7f1f7_Screenshot_155.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
RBC primarily invested in Facebook for their Chequing Account campaigns at 61% of their total budget ($1M).
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dadb48152fe569cfa40e_Screenshot_156.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
CIBC experimented with YouTube ads from May 2022 to July 2022, focusing 91% of its budget on the platform ($1.47M).
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dafc37e3ac41ea0521a5_Screenshot_157.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
TD increased Facebook and YouTube spending while decreasing Display and Paid Search spending. 63% of its Chequing Account ad budget went to Facebook.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307db1dce82288706d1e0b1_Screenshot_158.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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%.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307db4674871423bdabb59c_Screenshot_159.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307db66ee8ecffaa1e27da5_Screenshot_160.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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.
- 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.
- $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.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dbcac52610984acf6f38_Screenshot_162.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dbef4afe193793048f18_Screenshot_161.png)
Spend is a directional approximation and does not include retargeting, or behavioural targeting. (USD Dollars)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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.
- 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.
- $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.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dc42ee8ecfb62be330af_4CkCdsO-NZ3S6ryq-WnJwGBsn_uqzFHE6cvrasUi9bzn60PWe8BLw88PzFS2FHdF6AzAI4tSZ0T8Yi39ptD4_UKwClT4b8vkhqN9XwXh3R4djYdZXvz9ilv-psPHfOA-XNW2GwF2dYXSVsFrsVkJtRzRwQ.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dc510a3d2f02e1f5c0a4_LMg_4HJX5mf7zfGJUt8b4A5HF9ISdH-rdWf6EJfNL92UX-9cWAdfOCuxSrHWUMpPWPmhl4PmV8wXZPmaPx0JY64losXrzxKaxoBuTnisE-wiPvJD3Vxk1T2OwX6nWlDVOAYA3DX8PL-OXPcprn1w5MLtbg.png)
Spend is a directional approximation and does not include retargeting, or behavioural targeting. (USD Dollars)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6095caa2cfa57d5d39bf75a6_Slide%20Divider.png)
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.
- 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.
- $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.
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dc8f1a51442294864401_AK969FfzMWjFdpEGLPFvFeFsXH0I5xqYbiCH179gMIyOFeP92yeC6vvns7DaqJ27OGp1zKngh8yvg5x8UbtO99uCwn6ieD9H4OkiRPK2JCT2JCNUq-5HN7xg-6zHLk6GEh5iAEzpxPni8h7XKU_Pzy9QCw.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dcb4c526103ce4d0615f_HF76IpWI4mT1RMVGtfisO9aVPqDKK76xATJd3s2-QOpHEh4c1JzePGUyYaEzCHj45xE49-VmTnj0B42RnUvBenbvNRMFicnTXFEh4_KFip1gxNBuhOD4Y2KmOEKOlFKf-gYj9AAjI7ud8oRClZ4g5hFiYQ.png)
![](https://cdn.prod.website-files.com/5e459e61116466aa9af84140/6307dcd615387fe9ec25f045_S9yr6KvgnlnMrTwMrL-MJ9a9tNdow31Ho2Jv8QCLgQY0Hc2_PHxG0e0-xab-35n-XDw0Ib5LQXLAxGgzH9bKs2Dq6Ylnff0erkVJJGYfxtGRGjoNyS_tLSxPsdhWI_xXdEKjUV38pBnARHUh-ryzLWZvKA.png)
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