Australia's financial brands increased their advertising spend by 16% to $696 million in the year to June, according to Nielsen's Ad Intel data.
The growth was driven by brand advertising, superannuation and credit card campaigns.
The big four banks -- Commonwealth Bank, Westpac, ANZ, NAB -- were the top spenders among the 10 largest financial advertisers.
"The increase in advertising spend reflects the strong competition within the financial services sector and underscores the industry's focus on digital transformation," said Nielsen Ad Intel Australia commercial lead Rose Lopreiato.
"Financial brands are also increasingly engaging consumers through digital channels - a trend we expect to continue as they target tech-savvy, digitally connected Australians.
"The financial sector's increased investment, particularly in brand-building and superannuation, demonstrates confidence in the Australian market and a commitment to long-term customer relationships".
Digital platforms captured the largest share of spending, with social media and general display advertising each accounting for 23% of total investment.
Traditional channels remained significant, with metro television taking 21% and out-of-home advertising 18%.
The top 10 financial advertisers: Commonwealth Bank, Westpac, ANZ, NAB, Aware Super, American Express, Bankwest, Square, REST Super, Afterpay.
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