Chase to allow advertisers to target bank customers based on their purchasing history
FILE-A Chase Bank branch is pictured in Seattle, Washington. (Getty Images)
Chase is implementing a new service that lets advertisers market to consumers with targeted ads and discounts based on their spending habits.
The New York-based financial institution tells FOX Business that Chase Media Solutions is the first bank-led platform of its kind. The company explains that the benefits include the ability for businesses to target customers based on their purchase history, a better return on investment for advertising, and a verified audience.
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According to the Wall Street Journal, this advertising initiative doesn’t involve selling ad spots on its app or in its branches and only charges merchants a fee when a customer uses a deal to make a purchase.
This business strategy is also akin to efforts from Best Buy and Uber, which have begun selling advertising space on their apps and websites.
The Wall Street Journal noted that other advertisers are creating ways to lower waste by purchasing ads only seen by consumers who are most likely to turn into customers.
FOX Business reported that some of Chase’s initial pilot partners, who have already tried the service with successful 30-day campaigns, include Air Canada, Solo Stove, Blue Bottle, and Whataburger.
FOX Business contributed to this report. This story was reported from Washington, D.C.