Chase Bank to let advertisers target customers based on spending data

livemint.com:

Chase is the latest company to bring its data to bear on behalf of advertisers. The JPMorgan Chase bank on Wednesday said a new unit called Chase Media Solutions will let marketers tempt Chase customers with targeted deals and discounts related to their spending history. Chase joins a variety of businesses from Best Buy to Uber that have begun selling ad space on their apps, websites and other properties, often targeting messages by using their shopper and user data to generate revenue outside of their core businesses.

The company already offered customers less-targeted deals through a program called Chase Offers, which will continue to house the more-relevant offers brokered by the new media unit. Chase hopes the souped-up carousel of discounts on its app and website will add a little more shine to its credit card division as it looks to hold its position as America’s biggest credit card issuer. The new unit is born out of the company’s 2022 acquisition of card-linked marketing platform Figg.

Advertisers for years have sought ways to reduce waste by purchasing ads that will only be seen by consumers who are most likely to turn into customers. Digital marketing giants such as Facebook in the late 2000s and 2010s for a time provided that specific kind of targeting, but changes made in response to online privacy concerns have hampered the precision with which they could connect ads to relevant consumers. Customer acquisition costs on tried-and-true digital platforms have also increased.