Chase Bank: Difference between revisions
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As a leading financial services firm, Chase bank needs to be held to the highest standards. However, in this incident Chase Bank has failed to meet those standards, by letting advertisers tap into customers private spending data for targeted advertisements.<ref>https://www.youtube.com/watch?v=VCiXu6S6vEw</ref> | As a leading financial services firm, Chase bank needs to be held to the highest standards. However, in this incident Chase Bank has failed to meet those standards, by letting advertisers tap into customers private spending data for targeted advertisements.<ref>https://www.youtube.com/watch?v=VCiXu6S6vEw</ref> | ||
== Incident == | == Chase Media Solutions Incident == | ||
Following the acquisition of ''Figg'' on April 3rd, 2024, Chase launched "Chase Media Solutions". This was sold to investors as an a new frontier of advertising based on the claims companies who partner with Chase will have the ability use Chase first-party transaction data to target deals and advertisements on customers based on purchase history.<ref>https://media.chase.com/news/chase-launches-chase-media-solutions</ref> To test the service Chase worked with Air Canada, Solo Stove, Blue Bottle, and Whataburger. Air Canada saw an over $2.3m increase in sales during the first test as a result of this program.<ref>https://www.pcmag.com/news/chase-bank-to-let-advertisers-target-customers-based-on-spending-habits</ref> | Following the acquisition of ''Figg'' on April 3rd, 2024, Chase launched "Chase Media Solutions". This was sold to investors as an a new frontier of advertising based on the claims companies who partner with Chase will have the ability use Chase first-party transaction data to target deals and advertisements on customers based on purchase history.<ref>https://media.chase.com/news/chase-launches-chase-media-solutions</ref> To test the service Chase worked with Air Canada, Solo Stove, Blue Bottle, and Whataburger. Air Canada saw an over $2.3m increase in sales during the first test as a result of this program.<ref>https://www.pcmag.com/news/chase-bank-to-let-advertisers-target-customers-based-on-spending-habits</ref> | ||
== Reception == | === Reception === | ||
This decision has came at the cost of consumer backlash, who complain there is no way to opt out of their data being used for these purposes. Many critics also complain that sharing personal purchases is a privacy violation and shows their banks lack of transparency.<ref>https://www.the-sun.com/money/10998718/chase-bank-media-solutions-brand-advertising-purchase-data/</ref> | This decision has came at the cost of consumer backlash, who complain there is no way to opt out of their data being used for these purposes. Many critics also complain that sharing personal purchases is a privacy violation and shows their banks lack of transparency.<ref>https://www.the-sun.com/money/10998718/chase-bank-media-solutions-brand-advertising-purchase-data/</ref> | ||
== Broader Implications == | === Broader Implications === | ||
This incident is one of many in the sector in which: | This incident is one of many in the sector in which: | ||