Chase Bank: Difference between revisions
m Removed redundant citation, archived all sources. |
m Add some re-references in places they should be |
||
| Line 16: | Line 16: | ||
The program operates through several key mechanisms: | The program operates through several key mechanisms: | ||
*Chase uses its "owned transaction data" to allow brands to target customers based on their spending patterns. | *Chase uses its "owned transaction data" to allow brands to target customers based on their spending patterns.<ref name=":0" /> | ||
*Advertisers can specifically target new, lapsed, or loyal customers. | *Advertisers can specifically target new, lapsed, or loyal customers. | ||
*Targeted offers appear directly in customers' Chase mobile app and website. | *Targeted offers appear directly in customers' Chase mobile app and website. | ||
| Line 35: | Line 35: | ||
*The bank maintains that customer data remains within their secure environment. | *The bank maintains that customer data remains within their secure environment. | ||
*They state they do not share personally identifiable information with brands. | *They state they do not share personally identifiable information with brands. | ||
*The company frames the program as a benefit to customers through cashback offers and personalized deals. | *The company frames the program as a benefit to customers through cashback offers and personalized deals.<ref name=":0" /> | ||
*Chase emphasizes their status as a "highly regulated company" as a defense for their data practices. | *Chase emphasizes their status as a "highly regulated company" as a defense for their data practices. | ||
===Reception=== | ===Reception=== | ||
This decision has come with significant consumer backlash, with multiple concerns raised: | This decision has come with significant consumer backlash, with multiple concerns raised: | ||
*Customers complain there is no way to opt out of their data being used for these purposes. | *Customers complain there is no way to opt out of their data being used for these purposes.<ref name=":1" /> | ||
*Privacy advocates express concern about the bank monetizing personal financial data. | *Privacy advocates express concern about the bank monetizing personal financial data. | ||
*Critics argue this represents a violation of consumer privacy and shows the bank's lack of transparency. | *Critics argue this represents a violation of consumer privacy and shows the bank's lack of transparency. | ||
*Social media responses indicate customer discomfort with the program. | *Social media responses indicate customer discomfort with the program. | ||
*Users question whether their banking data should be used for advertising purposes.<ref>[https://web.archive.org/web/20250129165927/https://www.the-sun.com/money/10998718/chase-bank-media-solutions-brand-advertising-purchase-data/ "'''CHASED AWAY''' ‘Can we opt out?’ beg Chase customers as bank makes major change targeting 80 million Americans with new ads"] - archive.org - archived 2025-01-29</ref> | *Users question whether their banking data should be used for advertising purposes.<ref name=":1">[https://web.archive.org/web/20250129165927/https://www.the-sun.com/money/10998718/chase-bank-media-solutions-brand-advertising-purchase-data/ "'''CHASED AWAY''' ‘Can we opt out?’ beg Chase customers as bank makes major change targeting 80 million Americans with new ads"] - archive.org - archived 2025-01-29</ref> | ||
==Broader implications== | ==Broader implications== | ||