The US’ largest bank, JPMorgan, has become the first major financial institution to launch an advertising business, with a new unit, Chase Media Solutions, being set up to help brands target the bank’s customers based on their shopping history.
The move follows a global study by Criteo, which predicted that the exponential growth of retail media will create opportunities for other commerce-led vertical sectors to open up their digital assets to advertisers, including the likes of airline, hotel, and financial services brands.
JPMorgan, which has 80 million customers and more than $2.4trillion in deposits, will help brands target specific subsets of shoppers with discounts and deals through its Chase Offers programme.
For example, customers looking to move home could be targeted by a raft of advertisers, from kitchen companies to utilities. Chase cardholders will see offers when they log on to their app and can choose to activate the ones they like. Advertisers will not have direct access to Chase customer data.
Many are viewing the ad business as the ultimate side-hustle – after all, the bank made nearly $50bn in net income on $158bn of revenue last year.
As America’s biggest credit card issuer and consumer bank, JPMorgan’s main selling point to advertisers is the sheer scale of its customer data.
Chase Media Solutions president Rich Muhlstock said: “Like retailers, we have first-party data and a dedicated audience. 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.”
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