Chase launches first bank-led media network

JPMorgan Chase launched Chase Media Solutions, a new digital media business. It’s the first bank-led media platform, allowing advertisers to send relevant promotions to some 80 million financial customers.

Chase acquired transaction-based digital advertising platform Figg in 2022 — a key component in Chase’s two-sided commerce platform. Chase Media Solutions was announced April 3.

Why we care. Over the last several years, many retailers have grown new revenue streams by setting up retail media networks (RMNs) for advertisers. RMNs are attractive to advertisers because they can send targeted ads based on the retailers’ deep knowledge of their customers, especially loyalty customers.

Data. Chase’s advantage is transactional first-party data, which allows brands and agencies to target based on purchase history. RMNs have that data too, but only within their specific stores and owned channels. Chase customers have purchase histories across retailers and other businesses they buy from.

Non-retail media platform. “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, in a release.

• “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,” Muhlstock said.

Dig deeper: 2024 Predictions: Retail media networks

Early adopters. Pilot partners include Air Canada, Solo Stove, Blue Bottle and Whataburger, all of which ran 30-day campaigns through Chase Media Solutions.

• “The Chase team succeeded in creating a thoughtful, targeted offer that exceeded our expectations,” said Scott O’Leary, vice president of loyalty and product for Air Canada, in a release. “Two distinct offer constructs drove incremental revenue and awareness for Air Canada amongst Chase’s cardmember base. These tests clearly demonstrated the potential of the Chase Media Solutions channel, and we look forward to working together more in the future.”

source https://searchengineland.com/chase-media-solutions-launch-439635