JPMorgan Chase is About To Let Advertisers Target Customers Based on Their Spending (qz.com) 60
smooth wombat writes: Chase bank announced a new program that will allow brands to target Chase customers based on the customer's purchases. According to the press release, the new program is called Chase Media Solutions and "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."
The bank is hoping to combine insights from its large customer base and 6 million small business customers as part of its efforts to build out its own two-sided commerce platform and bring in benefits to both business clients and banking customers. Chase Media Solutions follows from the integration of card-linked marketing platform Figg, which JPMorgan Chase & Co. acquired in 2022, the bank said.
The bank is hoping to combine insights from its large customer base and 6 million small business customers as part of its efforts to build out its own two-sided commerce platform and bring in benefits to both business clients and banking customers. Chase Media Solutions follows from the integration of card-linked marketing platform Figg, which JPMorgan Chase & Co. acquired in 2022, the bank said.
Wow (Score:1)
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don't waste your money at jays adult shop. Go online and save at adult word online store and our new offer gives you an 10% bonus when you use your cash back to by an gift card.
"Dildo World" has a better ring to it.
Re: Wow (Score:2)
Sounds like it's maybe opt-in and gives you a kickback, so that's probably why. They're going to need people to sign up.
Re: Wow (Score:4)
Sounds like it's maybe opt-in and gives you a kickback, so that's probably why. They're going to need people to sign up.
hahaha opt-in, youre hilarious.
Re: Wow (Score:2)
Almost every rewards program requires some sort of opt-in.
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Almost every rewards program requires some sort of opt-in.
The rewards are opt-in. The "hahaha" from the GP was presumably implying disbelief that the tracking and data brokering are opt-in.
Re: Wow (Score:2)
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efforts to build out its own two-sided commerce platform
The first thing they will do is require their in-house binding arbitration for sellers and buyers on that platform, if they decide you pay then you pay. Since they are also your bank you effectively have no additional leverage. A bank is supposed to be a trusted friend and not a marketplace. Can you say conflict of interest?
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> I would have thought they would want to keep this under wraps. Not sure Chase customers will be too keen on this behavior...
Customers? Those don't matter, they will keep doing the same thing no matter what.
What matters is the stock price, which this will increase.
if, then (Score:5, Insightful)
They'll all do it soon (Score:2)
Remember Bud Lite? Most of the people "boycotting" it just ended up buying another Anheuser-Busch product w/o knowing it and even if they did manage to buy something not directly owned by AB the folks who own most of the AB stock own the other beer companies too.
The days when you could vote with your wallet are long, long gone. The onl
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It wasn't a boycott....it was abandonment.
Good for them....
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news.slashdot.org/story/24/04/03/1454232/business-schools-are-going-all-in-on-ai
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If I banked with Chase then by this afternoon I'd be a former customer.
I get those Chase mailers almost every week in "snail mail" asking me to open an account at the local branch in exchange for some "special deal".
I disregard all of them since the water-resistant nature of the ad mailer makes great birdcage & cat box liners.
About time to change banks...? (Score:2)
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obviously they are going to offer a very easy way to opt out of this...... right?
Certainly. Simply send a notarized letter from you podiatrist post marked no later than midnight 3/31/2024.
Late press release? (Score:2)
It's all a shell game (Score:2)
...personalized offers and the ability to earn cash back
This strikes me as a higher-stakes variation on the 'loyalty card' scam. You know, where you have a card with 'X' business and use it to collect points towards "discounts" and "free" stuff.
I call it a scam simply because such businesses NEVER actually forego any profit or revenue. They make up the cost of discounting and giving things away by artificially inflating prices, and by shifting some of the burden onto folks like me who don't use such programs because we don't like to be tracked in that way.
If I
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I find it's actually a scam for everyone else who doesn't participate in the loyalty program.
Generally the company introduces a loyalty program, prices go up by 10%, but those loyalty program users end up getting an equivalent discount (if they know how to game the system). Everyone else just gets stuck paying the increased prices, funding those savvy enough to earn the most points.
So, everybody wins, I guess.
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You can use that real world randomization process for all sorts of things.
You put all your keys in this bowl, see.
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It simpler than that....no one says you have to give truthful information on those loyalty forms, nor that you only have one of them yourself.
My favorite ones to use are from a 98yr old Hispanic lady named Ingrid from Switzerland.....
I'm sure they are constantly amazed at the amount of alcohol and cigarettes she buy
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This is why that shit is now a cellphone app.
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First off unless you also only pay with cash or paper checks, they can probably still profile your behavior and likely do. PCI does not let them store PANs but the can certain hash them and store that. I used to work IT in big retail, yes they can do this, don't let a bunch dim wits here tell you they can't or don't.
Send the grocery stores don't exactly ID you when you apply for a loyalty card you can probably stop by the customer service counter every few visits and get a new one entering completely bogus
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because such businesses NEVER actually forego any profit or revenue. They make up the cost of discounting and giving things away by artificially inflating prices
Congratulations!!! You just figured out how business works. Now expand this concept to wages, benefits, all company provided or Governmental mandated taxes and expenses and you'll understand how inflation works as well! A business will NEVER purposely cut it's own profits, that's just not how any of this works.
JPMorgan Chase just made the customer the product. (Score:5, Insightful)
And yes, my bank is probably doing things like this without me knowing... But this is blatant company profiteering and abuse of customer's trust.
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Data collection and amalgamation really needs to be illegal. Nope an opt-in or op-out option should still not be legal. We are sheep.
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If you are a customer I suggest finding a new bank. Banking should be a private connection between two parties - adding an untrusted third party such as this is asking for abuse and disaster.
And the entire planet goes, "Meh." It's just more of the same.
And yes, my bank is probably doing things like this without me knowing... But this is blatant company profiteering and abuse of customer's trust.
But it will have the oligarchs clapping and cheering, and really that's all things like this are about. And nobody in power gives a flying fuck if it's abusive to the end-consumer. We're expendable now. The money machine is feeding itself. And JPMorgan Chase is attempting to show the real big money that they aren't above diving into the muck to do what must be done to keep moving forward. God damn, what it must be like to live in a country with r
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The only thing that can protect the people are the people. History shows when they have had enough abuse entire empires crumble. We are ignoring history...
I hold out a small hope we're still capable of that if things keep heading this direction. But it seems the majority are perfectly happy with the status quo, so long as they receive the proper dopamine rush from their pocket computers.
Those poor congressman (Score:2)
Will start getting ads for adult baby diapers and places that sell nothing but fans.
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places that sell nothing but fans.
Considering how many congressmen appear to behave in a "do what I say, not what I do" fashion, it wouldn't surprise me in the least if they started getting advertisements to purchase only fans while simultaneously telling their constituents to diversify their local economies and just stop purchasing only fans.
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Actually, it will probably be their aides that will get stuck holding that bag...
If it doesn't say "Member NCUA" and you're not a b (Score:3)
Re: If it doesn't say "Member NCUA" and you're not (Score:2)
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"In turn, Chase customers benefit" (Score:2)
Bespoke Spam (Score:2)
Your privacy is our marketing program.
How much does that cost? (Score:3, Insightful)
Depends. How much money do you have?
There's a damned god reason I don't want my bank or broker talking to retailers. It's one thing to walk into a store and see the price tag. Web/App marketing makes it trivially easy to make my price different from your price.
Chase (Score:2)
Another good reason to not bank with Chase if you can help it.
I don't want my bank selling my spending patters to advertisers in order to line their billion-dollar pants pockets with even more money.
Fuck you, local credit unions are a better deal, with far less shady profit-at-all-cost bullshit you get from the "too big to fail" crowd.
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Targeted advertising is date rape. (Score:2)
Cool! (Score:2)
That's great, Chase! Where's the opt-out? And if there's not one, I'll opt out of your card altogether!
Fantastic (Score:2)
Because, apparently, I just don't have enough targeted advertising in my life.
In the midst of this ongoing discussion, one thing (Score:1)
American Express has been doing this for years alr (Score:2)
American Express customers have gotten targeted offers in their app for years now.
I for one, love them. They have paid for my card annual fee in many situations.
Regardless, I don't recall that being a Slashdot headline. Not sure why this is news for needs.
American Express has been doing this for years alr (Score:2)
American Express customers have gotten targeted offers in their app for years now.
I for one, love them. They have paid for my card annual fee in many situations.
Regardless, I don't recall that being a Slashdot headline.