Data-Driven Advertising
JPMorgan Chase is venturing into a new business: selling financial data to marketers and advertisers. The banking giant will provide companies with data from its 80 million customers through its new venture, Chase Media Solutions.
Personalized Targeting
The goal of Chase Media Solutions is to enable brands to connect with customers based on their spending habits. The company claims to have “first-party data and a dedicated audience,” which it believes sets it apart from competitors.
Chase says it can use transaction data to “precisely target customers at scale based on purchase history,” including new, lapsed, or loyal customers.
Pilot Program Success
Chase has reportedly run a pilot program with several large corporations, including Air Canada, Solo Stove, Blue Bottle, and Whataburger. These companies have reportedly seen “significant traction” and new customer growth as a result.
Acquisition and Expansion
The new venture stems from JPMorgan Chase’s acquisition of Figg, a card-linked marketing platform, in 2022. Chase sees this as a natural step towards its goal of providing “win-win value” to its business clients and banking customers.
