Chase allowing advertisers to target customers based on purchases

The bank says the new platform is a 'win-win' for both business and customers

Chase announced Wednesday it has launched a new media business that allows advertisers to target the bank's 80 million U.S. customers based on their purchases.

The platform, Chase Media Solutions, allows brands to "connect with consumers’ personal passions and interests," while "customers benefit from personalized offers and the ability to earn cash back with brands they love or are discovering for the first time," the bank said in a press release.

Chase ATM location NYC

Chase has rolled out a new media platform it says is a "win-win" for its business and customers. (Spencer Platt/Getty Images / Getty Images)

According to The Wall Street Journal, which first reported the news, Chase will only charge merchants for the service whenever a customer makes a purchase through a deal on the platform.

JORDAN ZIMMERMAN ON AI'S IMPACT ON THE ADVERTISING INDUSTRY

"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. 

JPMorgan Chase Tower

The JPMorgan Chase Tower on Park Avenue in midtown Manhattan. (Tim Clayton/Corbis via Getty Images / Getty Images)

FACEBOOK LET NETFLIX PEEK INTO USER DMS, EXPLOSIVE COURT DOCS CLAIM

"Like retailers, we have first-party data and a dedicated audience," Muhlstock added. "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."

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 194.98 +1.20 +0.62%

JPMorgan Chase & Co.

Chase, owned by JPMorgan Chase, said Chase Media Solutions is the first bank-led platform of its kind. The company said the advantages to the platform include the ability for businesses to target customers based on their purchase history, a better return on investment for advertising and a verified audience.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The company said some of its initial pilot partners, who have already tried out the service with successful 30-day campaigns, include Air Canada, Solo Stove, Blue Bottle and Whataburger.