“With Chase’s owned transaction data, brands and agencies can precisely target customers at scale based on purchase history (such as targeting new, lapsed or loyal customers),” the megabank brags.
JP Morgan Chase, the largest bank in the United States by assets, quietly announced earlier this month that they are selling their client’s transaction history to third-party companies, so they can curate targeted ads for their customers.
This move coincides with the launch of the bank’s subsidiary firm Chase Media Solutions, which will monetize their 80 million customer’s data in a touted bid to connect “Consumers with the Brands They Love,” Chase says.
In a press release published on April 3rd, JP Morgan Chase explained their move:
Today, Chase launched Chase Media Solutions, its new digital media business, providing brands with the ability to connect directly with the financial institution’s 80 million customers. Chase Media Solutions serves as a key conduit for brands, connecting them with consumers’ personal passions and interests. In turn, Chase customers benefit from personalized offers and the ability to earn cash back with brands they love or are discovering for the first time.
As the only bank-led media platform of its kind, Chase Media Solutions combines the scale and audience of a retail media network with the exclusive advantages of Chase’s first-party financial data, institutional credibility and precise targeting capabilities. Today, the bank’s large consumer base and 6 million small business customers benefit from Chase’s wide range of travel, dining and shopping offerings — generating unparalleled insights across consumer categories.
The launch of Chase Media Solutions follows the integration of Figg, a leading card-linked marketing platform. JPMorgan Chase & Co. acquired Figg in 2022 as a natural step in Chase’s effort to build out its owned, two-sided commerce platform, and as part of the firm’s vision to bring win-win value to both business clients and banking customers.
“Our deep understanding of consumer spending across categories has driven us to reimagine what retail media networks can offer,” said Rich Muhlstock, President of Chase Media Solutions. “Like retailers, we have first-party data and a dedicated audience. But what sets us apart is the unrivaled scale and insights from our customers – having long-served as a trusted guide for their financial decisions. Chase reaches across brands, merchants and shopping verticals, providing a comprehensive view of purchase behavior; this strengthens the degree of personalization, helping brands deliver offers that stoke consumer interests.”
Chase Media Solutions platform advantages
- First-party data: With Chase’s owned transaction data, brands and agencies can precisely target customers at scale based on purchase history (such as targeting new, lapsed or loyal customers)
- Better ROI and attribution: Brands capture incremental spend on everyday purchases both in-store and online with clear attribution for every media dollar spent
- Trust and brand safety: The platform is built on the foundational trust and institutional credibility of Chase, including a verified audience and brand-safe owned channels
Among initial pilot partners, Chase Media Solutions designed 30-day campaigns for Air Canada, Solo Stove, Blue Bottle and Whataburger, seeing significant traction for those brands in driving incremental sales and new customers growth…
READ FULL ARTICLE HERE… (winepressnews.com)
Home | Caravan to Midnight (zutalk.com)
Be First to Comment