In 2025, Canadians are navigating an economy they describe with more caution than confidence. Leger’s 2025 Canadian Economic Confidence report reveals that only 31% rate the economy as “good” or “very good,” while 69% say it’s “poor” or “very poor.” Just 38% expect their household finances to improve over the next year. 

In this climate, the relationship Canadians have with their main financial institution (FI) could matter more than ever, and not just in terms of loyalty. 

Given this context, the Financial Services team at Leger has been exploring the emotional side of brand equity. Keeping it simple, we’re calling this Emotional Brand Equity (EBE). And, recognizing that brands and relationships are complex, the EBE is a composite measure (out of 100) designed to capture the strength of connection between a customer and their main FI. It draws from three dimensions: 

1. Pride in one’s main FI 

1. Willingness to recommend it 

1. Reason for staying (e.g., by choice, not inertia) 

Unlike a single loyalty or imagery score, EBE provides a more dimensional view of customer sentiment. Why does this matter? 

• For marketing and communications teams: EBE can pinpoint emotional levers for campaigns to reinforce. 

• For frontline staff: It can highlight where personal interactions can make the biggest difference, from deepening pride in the relationship to removing barriers that risk customers feeling “trapped.” 

As the Canadian Marketing Association noted in 2024, brand metrics that go beyond functional satisfaction provide a more reliable guide for emotional positioning and customer engagement strategies. 

The National EBE sits at 52.1, slightly above neutral. But the distribution shows the stakes: 

• 32% score a perfect 100 (e.g., deeply connected) 

• 21% score zero (e.g., no emotional connection) 

The rest? They’re more likely to stay for convenience rather than connection. 

Among the Big-5 Banks, the difference between the highest and lowest score is only six points, suggesting the sector competes on near-equal emotional footing. Understanding your customers on a more human, emotional level could be what helps you pull ahead faster and more sustainably as you navigate this sea of sameness. 

Meanwhile, 42% of Canadians are considering or open to switching their main FI. This is a reminder that connection, not just retention mechanics, can play a part in the depth and breadth of customer relationships. This can be a 2-birds-1-stone play: acquisition + retention. Or, more simply put, connecting your brand equity more directly with your CX. 

The EBE of a customer’s main FI is influenced by their view of the entire financial services sector: 

• Confident in the sector: EBE 60 

• Confused about the sector: EBE 34 

Currently, 58% of Canadians are confident in the sector. But 46% are concerned and 45% are curious. Why does curiosity matter? Because it can either lead to deeper brand engagement or exploration of alternatives. 

Recent Canadian brand equity research reinforces the idea that connection outperforms campaigns that focus solely on functional benefits: 

• Leger’s FIs and Canadian Unity Insights (2025) 

Canadians are giving FIs a “license” to help address societal divisiveness, particularly in partnership with governments. 

• Institute for Canadian Brand Equity Research (ICBER, 2024) 

Brands with high emotional equity are 2–3x more resilient in market share during downturns. Their advantage comes from stability and trust, not discounting or short-term promotions. 

• CMA Trust Dividend Report (2024) 

In categories where functional parity is high, emotional differentiation becomes the main driver of advocacy. Competence must be paired with clarity, fairness, and a sense of shared purpose. 

The through-line? Brands that actively engage with customers’ emotional needs, not just their transactional ones, can strengthen their connection and future-proof their equity. 

We see an opportunity for financial institutions to consider applying EBE in different ways: 

• In marketing and communications 

Amplify the pride and advocacy elements as well as addressing the trapped feeling some customers have through messaging about flexibility, transparency, and choice. 

• For frontline teams 

Equip staff to spot emotional cues, address sources of frustration early, and reinforce moments of pride (e.g., celebrating milestones, recognizing loyalty and personalizing service). 

• At the brand strategy level 

Use EBE to align sector-wide trust narratives with individual brand promises, closing the confusion gap that pulls scores down. 

Economic uncertainty and rapid technological change can heighten both vulnerability and openness among customers. EBE helps identify where a brand can actively strengthen the emotional bonds that make customers want to stay. 

In other words: the winners in 2025 will be the FIs that treat connection as a strategic asset; one that marketing, communications, and frontline service all work together to build.

Let our Financial Services Sector Team help you become one of them.