JPMorgan Chase is set to launch a groundbreaking venture that will enable marketers and advertisers to target customers based on their spending data. The banking giant plans to provide companies with the data it collects from its vast customer base of 80 million clients. This new business, called Chase Media Solutions, aims to serve as a crucial channel for brands, connecting them with consumers’ personal interests and passions.

According to Rich Muhlstock, president of the newly formed firm, “We possess first-party data and a dedicated audience, much like retailers. However, what sets us apart is the unparalleled scale and insights derived from our customers. We have long been a trusted advisor for their financial decisions. Chase has an extensive reach across various brands, merchants, and shopping sectors, offering a comprehensive perspective on purchasing behavior. This empowers us to enhance personalization and enables brands to deliver offers that truly captivate consumer interests.”

Chase Media Solutions can leverage transaction data, which the bank claims to own, to allow brands and agencies to precisely target customers on a large scale, based on their purchase history. This includes reaching out to new, lapsed, or loyal customers. A press release from Chase reveals that the company conducted a pilot program with major corporations such as Air Canada, Solo Stove, Blue Bottle, and Whataburger. All of these companies experienced significant traction and witnessed new customer growth.

The genesis of this new venture can be traced back to JPMorgan Chase & Co.’s acquisition of Figg, a card-linked marketing platform, in 2022. Chase believes that this move is a natural progression towards its vision of delivering “win-win value” to both its business clients and banking customers.

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