JPMorgan Chase & Co. is launching a new business that will allow marketers and advertisers to target customers based on spending data.
To do so, the banking giant will provide companies with data collected from its 80 million customers.
The new venture, called Chase Media Solutions, aims to be “an important conduit that connects brands to consumers' personal passions and interests.”
Rich Muehlstock, president of the new company, said:
“Like retailers, we have first-party data and a passionate audience. But what sets us apart is our unparalleled scale and customer insight, which helps drive financial decisions. For years, Chase has been the trusted guide for customers. Chase provides a comprehensive view of buying behavior across brands, merchants, and shopping verticals. This increases personalization and helps brands will be able to offer offers that pique consumer interest.”
The new company will use the transaction data that Chase says it owns to help brands and agencies “accurately target customers at scale based on their purchase history,” including new, lapsed, and loyal customers. ” can be made possible.
Chase has conducted pilot programs with several large companies, including Air Canada, Solo Stove, Blue Bottle and Whataburger, all of which have seen “significant traction” and new customer growth, according to a press release. .
This new business stems from JPMorgan Chase's acquisition of card-linked marketing platform Figg in 2022.
Chase says the new company is a natural step toward its vision of delivering “win-win value” to business and banking customers.
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