Chase launches first bank-led media network

JPMorgan Chase launched Chase Media Options, a brand new digital media enterprise. It’s the primary bank-led media platform, permitting advertisers to ship related promotions to some 80 million monetary prospects.

Chase acquired transaction-based digital promoting platform Figg in 2022 — a key part in Chase’s two-sided commerce platform. Chase Media Options was introduced April 3.

Why we care. During the last a number of years, many retailers have grown new income streams by establishing retail media networks (RMNs) for advertisers. RMNs are enticing to advertisers as a result of they’ll ship focused advertisements primarily based on the retailers’ deep data of their prospects, particularly loyalty prospects.

Information. Chase’s benefit is transactional first-party knowledge, which permits manufacturers and businesses to focus on primarily based on buy historical past. RMNs have that knowledge too, however solely inside their particular shops and owned channels. Chase prospects have buy histories throughout retailers and different companies they purchase from.

Non-retail media platform. “Our deep understanding of shopper spending throughout classes has pushed us to reimagine what retail media networks can supply,” mentioned Wealthy Muhlstock, President of Chase Media Options, in a launch.

• “Like retailers, we’ve got first-party knowledge and a devoted viewers. However what units us aside is the unequalled scale and insights from our prospects – having long-served as a trusted information for his or her monetary selections. Chase reaches throughout manufacturers, retailers and purchasing verticals, offering a complete view of buy habits; this strengthens the diploma of personalization, serving to manufacturers ship gives that stoke shopper pursuits,” Muhlstock mentioned.

Dig deeper: 2024 Predictions: Retail media networks

Early adopters. Pilot companions embody Air Canada, Solo Range, Blue Bottle and Whataburger, all of which ran 30-day campaigns by means of Chase Media Options.

• “The Chase group succeeded in making a considerate, focused supply that exceeded our expectations,” mentioned Scott O’Leary, vp of loyalty and product for Air Canada, in a launch. “Two distinct supply constructs drove incremental income and consciousness for Air Canada amongst Chase’s cardmember base. These assessments clearly demonstrated the potential of the Chase Media Options channel, and we look ahead to working collectively extra sooner or later.”