Earlier this month JP Morgan Chase issued a press release stating they are now ‘Connecting 80 Million U.S. Consumers with the Brands They Love’, which is a polite way of saying the major bank is selling customer transaction histories to third parties, chiefly advertisers, for the purpose of targeted ads.
The financial giant created a subsidy, Chase Media Solutions, to generate profits for the bank via selling off customer data on their purchase habits.
“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,” the press release dated April 3 said.
Chase went on to list bullet points on the ‘advantages’ of this program within the press release.
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
While Chase mentions ‘trust’ within one of the bullet points, it is worth noting that the press release is referring to the trust that advertisers can have in the data, not the trust of bank customers have to their bank.
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