Chase Bank announced on Wednesday the creation of a new media business that will allow marketers to target the bank’s 80 million clients in the United States based on their purchasing habits.
The Chase Media Solutions platform enables marketers to “connect with consumers’ personal passions and interests,” while “customers benefit from personalized offers and the ability to earn cash back with brands they love or are discovering for the first time,” according to a news release from the bank.
Chase Media Solutions is the first bank-led platform of its kind
According to The Wall Street Journal, which reported the story, Chase would only charge merchants for the service when a customer makes a purchase through a promotion on the site.
“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,” he said. “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, owned by JPMorgan Chase, claims Chase Media Solutions is the first bank-led platform of its kind. According to the company, the platform offers businesses the option to target clients based on their purchase history, a higher return on investment for advertising, and a verified audience.
According to the company, some of its original pilot partners have already tested the service with successful 30-day campaigns, including Air Canada, Solo Stove, Blue Bottle, and Whataburger.