Chase Bank: Difference between revisions
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| Official Website = https://chase.com/ | | Official Website = https://chase.com/ | ||
| Logo = CHASE.png | | Logo = CHASE.png | ||
}}Chase Bank is one of the leading financial services in the United States, as is stated by the following quote. <blockquote>"Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States with assets of $3.9 trillion and operations worldwide. Chase serves nearly 80 million consumers and nearly 6 million small businesses, with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 48 states and the District of Columbia, more than 15,000 ATMs, mobile, online and by phone."<ref name=":0">[https://web.archive.org/web/20250129165337/https://media.chase.com/news/chase-launches-chase-media-solutions "Chase Launches Chase Media Solutions, a New Digital Media Busines"] - archive.org - archived 2025-01-29 </ref></blockquote> | }}'''[[wikipedia:Chase_Bank|Chase Bank]]''' is one of the leading financial services in the United States, as is stated by the following quote. <blockquote>"Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading financial services firm based in the United States with assets of $3.9 trillion and operations worldwide. Chase serves nearly 80 million consumers and nearly 6 million small businesses, with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 48 states and the District of Columbia, more than 15,000 ATMs, mobile, online and by phone."<ref name=":0">[https://web.archive.org/web/20250129165337/https://media.chase.com/news/chase-launches-chase-media-solutions "Chase Launches Chase Media Solutions, a New Digital Media Busines"] - archive.org - archived 2025-01-29 </ref></blockquote> | ||
=Chase Media Solutions incident= | =Chase Media Solutions incident= | ||
Following the acquisition of ''Figg'', a card-linked marketing platform<ref>[https://web.archive.org/web/20241203061445/https://www.gofigg.com/ "figg is now Chase Media Solutions"] - archive.org - archived 2024-12-03</ref> in 2022, Chase launched "Chase Media Solutions" on April | Following the acquisition of ''Figg'', a card-linked marketing platform<ref>[https://web.archive.org/web/20241203061445/https://www.gofigg.com/ "figg is now Chase Media Solutions"] - archive.org - archived 2024-12-03</ref> in 2022, Chase launched "Chase Media Solutions" on April 3, 2024. This platform was marketed as a new digital media business that would provide brands with direct access to Chase's 80 million customers. The service was sold to investors as a new frontier of advertising, based on claims that partner companies would have the ability to use Chase's first-party transaction data to target deals and advertisements to customers based on their purchase history.<ref name=":0" /> | ||
===Implementation=== | ===Implementation=== | ||
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This incident represents several concerning trends in modern consumer exploitation: | This incident represents several concerning trends in modern consumer exploitation: | ||
===Data privacy issues=== | ===Data-privacy issues=== | ||
*Large corporations mask their data collection agreements in lengthy privacy policies. | *Large corporations mask their data collection agreements in lengthy privacy policies. | ||
*Financial institutions leverage their unique access to sensitive customer data. | *Financial institutions leverage their unique access to sensitive customer data. | ||
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*Personal financial information is being monetized without clear consumer consent. | *Personal financial information is being monetized without clear consumer consent. | ||
===Consumer rights concerns=== | ===Consumer-rights concerns=== | ||
*Customers lose control over how their transaction data is used. | *Customers lose control over how their transaction data is used. | ||
*The program was implemented without clear opt-out mechanisms. | *The program was implemented without clear opt-out mechanisms. | ||
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===Industry implications=== | ===Industry implications=== | ||
*Sets a precedent for other financial institutions to monetize customer data | *Sets a precedent for other financial institutions to monetize customer data: if one of the world's largest banks can do it, it incentivizes others. | ||
*Blurs the line between banking services & advertising platforms. | *Blurs the line between banking services & advertising platforms. | ||
*Raises questions about the proper use of financial transaction data. | *Raises questions about the proper use of financial transaction data. | ||