Chase announced on Wednesday, Apr. 3, a new media venture that would enable advertisers to target the bank's 80 million American clients based on their spending.
President Rich Muhlstock said, "Our deep understanding of consumer spending across categories has driven us to reimagine what retail media networks can offer."
What Chase Media Solutions Has to Offer?
According to a news release from the bank, Chase Media Solutions is a platform that helps marketers engage with consumers' interests. Meanwhile, customers get tailored offers and may earn cash back with brands they love or are just discovering.
The Wall Street Journal was the first to reveal the news, stating that if a customer purchases an offer on the site, Chase would only charge the merchant for the service.
"Like retailers, we have first-party data and a dedicated audience," Muhlstock stated. "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 Media Solutions is the first bank-led platform of its sort, according to Chase, which is owned by JPMorgan Chase. The platform's benefits include a verified audience, improved advertising return on investment, and the opportunity for companies to target consumers based on their purchase history, as reported by Fox Business.
Among the first pilot partners that have tested the service with 30-day campaigns that were successful include Air Canada, Whataburger, Blue Bottle, and Solo Stove.
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