Following this announcement, J.P. Morgan Chase bank has announced the launch of a new unit called Chase Media Solutions, which was developed in order to enable marketers to provide Chase customers and clients with targeted deals and discounts related to their spending history.
This initiative will allow Chase to join a variety of businesses from Best Buy to Uber, which have begun to sell ad space on their applications, websites, as well as other properties. These often target messages by leveraging their shopper and user data in order to generate revenue outside of their core businesses and companies.
Throughout this initiative, Chase will focus on delivering discounts on its app and website in order to add a little more security and efficiency to its credit card issuers. The company already offered clients and users less-targeted deals through the use of a program called Chase Offers, which is expected to continue to house the more relevant offers brokered by the new media unit.
Chase Media Solutions was developed in order to allow advertisers to take place in the Chase Offers section online and in its application, as well as to target different subsets of clients, including new, lapsed, or loyal shoppers. In addition, this will take place only for those that the bank’s spending data predicts will be interested. In an example provided by the press release, deals for pet care companies would not be shown to people whose Chase transaction history suggests that they are not pet owners.
At the same time, Chase is expected to only charge merchants a fee when a customer leverages a deal in order to make a purchase. This means that businesses will be enabled to attribute results to their spending with Chase, which is expected to optimise the interest marketers under pressure to accelerate their development.
In order to leverage the solution, customers will be required to activate deals on the Chase application or website. Rather than relying on methods like the use of discount codes, Chase is set to automatically apply cash bank to customers’ cards after a transaction is made.
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