JP Morgan Chase, the largest bank in the United States by assets, quietly announced earlier this month that they are selling their client’s transaction history to third-party companies, so they can curate targeted ads for their customers.
This move coincides with the launch of the bank’s subsidiary firm Chase Media Solutions, which will monetize their 80 million customer’s data in a touted bid to connect “Consumers with the Brands They Love,” Chase says.
In a press release published on April 3rd, JP Morgan Chase explained their move:
Today, Chase launched Chase Media Solutions, its new digital media business, providing brands with the ability to connect directly with the financial institution’s 80 million customers. Chase Media Solutions serves as a key conduit for brands, connecting them with consumers’ personal passions and interests. 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.
As the only bank-led media platform of its kind, Chase Media Solutions combines the scale and audience of a retail media network with the exclusive advantages of Chase’s first-party financial data, institutional credibility and precise targeting capabilities. Today, the bank’s large consumer base and 6 million small business customers benefit from Chase’s wide range of travel, dining and shopping offerings — generating unparalleled insights across consumer categories.
The launch of Chase Media Solutions follows the integration of Figg, a leading card-linked marketing platform. JPMorgan Chase & Co. acquired Figg in 2022 as a natural step in Chase’s effort to build out its owned, two-sided commerce platform, and as part of the firm’s vision to bring win-win value to both business clients and banking customers.
“Our deep understanding of consumer spending across categories has driven us to reimagine what retail media networks can offer,” said Rich Muhlstock, President of Chase Media Solutions. “Like retailers, we have first-party data and a dedicated audience. But what sets us apart is the unrivaled scale and insights from our customers – having long-served as a trusted guide for their financial decisions. Chase reaches across brands, merchants and shopping verticals, providing a comprehensive view of purchase behavior; this strengthens the degree of personalization, helping brands deliver offers that stoke consumer interests.”
Chase Media Solutions platform advantages
- First-party data: With Chase’s owned transaction data, brands and agencies can precisely target customers at scale based on purchase history (such as targeting new, lapsed or loyal customers)
- Better ROI and attribution: Brands capture incremental spend on everyday purchases both in-store and online with clear attribution for every media dollar spent
- Trust and brand safety: The platform is built on the foundational trust and institutional credibility of Chase, including a verified audience and brand-safe owned channels
Among initial pilot partners, Chase Media Solutions designed 30-day campaigns for Air Canada, Solo Stove, Blue Bottle and Whataburger, seeing significant traction for those brands in driving incremental sales and new customers growth.
Regarding the success of their initial campaign, Scott O’Leary, Vice President of Loyalty and Product for Air Canada said, “The Chase team succeeded in creating a thoughtful, targeted offer that exceeded our expectations. Two distinct offer constructs drove incremental revenue and awareness for Air Canada amongst Chase’s cardmember base. These tests clearly demonstrated the potential of the Chase Media Solutions channel, and we look forward to working together more in the future.”
AUTHOR COMMENTARY
We cover this all the time here on The WinePress, but once again, “You’ll own nothing and be happy.” Now, your transaction history is not even sacred and secure: now that is being sold for price so advertisers can incessantly pound you with ads. And this is already on top of the fact that a lot of popular apps, such as Facebook and TikTok, as two glaring examples, are retroactively listening and tracking what users say and do, so the algorithms will curate ads and content based on your search history and what you say out loud in ear shot of the phone or computer.
The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 22:7
Did you ask for this? Did they query for your consent? Did you have the choice to opt of this if you want to? Well, by golly, of course not! They’re the overlords, they’re the slave masters who get to rewrite the rules on a whim. SEE: JP Morgan-Chase’s CEO Decries ‘You Need Us’, At World Economic Forum Discussing International Banking
If JP Morgan Chase is now doing this, then you know more banks will begin to follow suit as well. So, what happens when the inevitable data leak happens and everyone’s banking history gets leaked? ‘Oh, we’re sorry, eat grass.’
Needless to say, stop using Chase. But at this rate either these banks have a God complex because they’re so huge, or they’re about ready to declare insolvency because they are broke, and have over-exposure to commercial real estate. SEE: Jerome Powell Caught Lying: FDIC Data Reveals Mega Banks Have Large Exposure To Commercial Real Estate, Not Just Regionals
But all this fits right in line with the other actions JP Morgan has been trailblazing and working towards, as noted in other WP reports, especially this coming new tokenized system on a massive scale for all transactions and assets, including people themselves and their interactions to be sold on a blockchain.
JP Morgan To Launch Their Contactless And Facial Recognition Payment System In 2025
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Does not compute. ‘They’ want you to own nothing, their ‘policies’ have many in pinch causing them to juggle financially, tell you can’t have this, that, or the other thing, and want to bombard you with ads for things you won’t be able to afford! That leaves only one option – torture you with what you’d like but can’t have! Aren’t they sweet?!?!?
PLEASE alert your readers that “transactions” are each item you buy at a visit to a store! People see on their credit and debit card statements the date and store and amount BUT the credit card companies have been selling your itemized transactions for years! So insurance companies, for example, see that you buy 5 6-packs of beer every week and decide to raise your health insurance premium. The beers might be consumed for weekend parties by 10 people but they don;t know that. You will have NO rights and you will NOT be happy!
Anyone remember the science fiction series, The Sliders? Targeting consumers with ads for things they typically like was part of the plot for awhile. (Just a bit of trivia.)
I am a chase customer. I sent this and similar articles to my account rep who activated all the available privacy options. if you bank there, get this done
He is also sending this article and several other up the chain to management. Let’s see how long it takes Chase to dump me
PAYPAL UPDATE. They tried holding my my account closing claiming I had a credit balance. They wanted my bank info to transfer the credit. Guess what, the credit was for TWO CENTS, TWO PENNIES was their excuse to ask for more unneeded information. I finally reached a supervisor, told her to write off the two pennies and close the account which she did.
YOU CAN FIGHT BACK VERY EASILY IN SITUATIONS LIKE THIS….PENDING WHETHER OR NOT CHASE DUMPS ME. STAY TUNED