JPMorgan Chase To Sell Financial Data of 80,000,000 Clients As Trillion-Dollar Bank Launches Media Platform
JPMorgan Chase is launching a new business that will allow marketers and advertisers to target customers based on their spending data.
To do that, the banking giant will be providing companies with the data it collects from its 80 million clients.
The new venture, called Chase Media Solutions, aims to be a “key conduit for brands, connecting them with consumers’ personal passions and interests.”
Says Rich Muhlstock, president of the new firm,
“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. Chase reaches across brands, merchants and shopping verticals, providing a comprehensive view of purchase behavior; this strengthens the degree of personalization, helping brands deliver offers that stoke consumer interests.”
The new company can use the transaction data – which Chase says it owns – to allow brands and agencies to “precisely target customers at scale based on purchase history” including new, lapsed or loyal customers.
According to the press release, Chase ran a pilot program with several large corporations, including Air Canada, Solo Stove, Blue Bottle and Whataburger, which have all seen “significant traction” and new growth in customers.
The new venture stems from JPMorgan Chase & Co.’s acquisition of Figg, a card-linked marketing platform, in 2022.
Chase says the new company is a natural step towards its vision to bring “win-win value” to its business clients and banking customers.
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