By Steve Gelsi
Megabank rolls out ‘the only bank-led media platform of its kind’ to help target brand promotions
JPMorgan Chase & Co is adding one more line of business to its diversified portfolio.
The bank (JPM) said Wednesday its launching Chase Media Solutions to connect marketers with its 80 million customer to offer discounts and other offers based on their historic spending patterns. The moves comes after a pilot program with Whataburger, Solo Stove, Blue Bottle and Air Canada.
Scott O’Leary, who is vice president of loyalty and product for Air Canada, said in a prepared statement that Chase, “succeeded in creating a thoughtful, targeted offer that exceeded our expectations” with a program that generated incremental revenue for Air Canada among Chase’s cardmembers.
The bank already offered customers deals through its Chase Offers program, which will now include offers from Chase Media. The bank did not provide any revenue or net income projections for Chase Media Solutions.
“Chase Media Solutions serves as a key conduit for brands, connecting them with consumers’ personal passions and interests,” the bank said in a statement. “In turn, Chase customers benefit from personalized offers and the ability to earn cash back with brands they love or are discovering for the first time.”
The business will be run by Rich Muhlstock, president of Chase Media Solutions, who is also managing director and head of offers and e-commerce for the bank.
The move comes about two years after JPMorgan Chase paid an undisclosed sum to acquire Figg, a card-linked marketing program.
Chase Media Solutions will offer first-party data to help brands and their marketing agencies reach specific audiences based on purchase history.
Chase Media Solutions will also help brands track spending on everyday purchases “with clear attribution for every media dollar spent” to a verified pool of consumers and businesses.
The move comes as other companies, including UberTechnologies Inc. (UBER), are adding ad space on their apps as a way to generate extra revenue. The ride-sharing service launched that program in 2022.
JPMorgan Chase’s stock was up by 0.2% in premarket trading and has gained 52% in the last 12 months, while the S&P 500 SPX has gained 26%..