First retailers, armed with details of customer shopping habits, started selling advertising. Now banks, with a deep cache of financial data, are getting in on the act.
The financial institutions have traditionally used their customer data to sell their own products.
But JPMorgan Chase in the US has just launched its own retail media business, offering fine targeting using financial transaction history.
Chase Media Solutions connects 80 Million consumers with the brands they love, says the bank.
The bank is offering advertising campaigns, a marked difference from deals type advertising where a brand offers a discount via a bank's credit card special offers.
The media network will offer deals and discounts to customers, based on their spending history.
“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 unrivalled 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 behaviour; this strengthens the degree of personalisation, helping brands deliver offers that stoke consumer interests.”
Among the first brands advertising is Air Canada with a 30-day campaign.
Scott O’Leary, Vice President of Loyalty and Product for Air Canada said, the Chase created a thoughtful, targeted offer that exceeded expectations.
“Two distinct offer constructs drove incremental revenue and awareness for Air Canada amongst Chase’s cardmember base," said O’Leary.
“These tests clearly demonstrated the potential of the Chase Media Solutions channel, and we look forward to working together more in the future.”
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