Big Brother is watching your spending! Chase to allow advertisers to target bank and credit card customers based on their purchase history

JPMorgan Chase is allowing advertisers to target its 80 million customers based on their recent purchase history.

It means Chase customers could soon find themselves bombarded with adverts for products similar to those they have recently bought. 

For example, the bank may identify if somebody is a pet owner by whether they have bought pet food recently - and then advertise similar products to them.

The move has chilling echoes of the level of surveillance in George Orwell's classic novel 1984. The dystopian story gave the world phrases like 'Big Brother is watching you' after citizens were monitored around the clock. 

The bank, which netted a record $49.55 billion profit last year, has already trialled the new service with Air Canada, Solo Stove, Blue Bottle and Whataburger. 

JPMorgan Chase will soon allow advertisers to target its 80 million customers based on their recent purchase history

The bank, which netted a record $49.55 billion in profit last year, announced it is launching a new venture called Chase Media Solutions. Pictured: JPMorgan Chase CEO Jamie Dimon

The move by chase has echoes of the level of surveillance in George Orwell's 1984 

In the Air Canada example, new customers were targeted if they had no purchase history with the airline in the last year.

According to its website, the campaign, which ran over 30 days, inspired transactions from 9,450 new customers.

Customers see the offers inside JPMorgan's app or website. 

Rich Muhlstock, president of Chase Media Solutions - the name of the new service for companies -  said the bank's data provides a 'comprehensive view of purchase behavior.'

'This strengthens the degree of personalization, helping brands deliver offers that stoke consumer interests,' he added.

It comes two years after JPMorgan acquired card-linking marketing platform Figg. 

The new unit will not share customers' personally identifiable information, the bank said.

Targeted advertising has exploded in popularity in recent years as advertisers seek to reduce waste by ensuring their campaigns are seen by customers most likely to spend.

Social media giants like Facebook and Instagram were hubs of targeted advertising until 2021 when Apple introduced privacy changes to restrict how users were tracked on their mobile devices. 

JPMorgan Chase posted the highest annual profit ever recorded for a US bank in 2023. The firm netted $49.55 billion in 2023 - eclipsing the bank's record of $48.3 billion in 2021.

George Orwell's 1984 - the book that coined the 'Big Brother is watching you' phrase - has regularly been adapted for stage and screen, including an acclaimed film starring John Hurt 

JPMorgan's Net Interest Income (NII) - the money it generates from interest charged to borrowers on loans - shot up to $89.27 billion in 2023

JPMorgan surprisingly benefited from the banking crisis in March - triggered by the downfall of Silicon Valley Bank (SVB) - which left consumers racing to so-called 'too big to fail' firms.

Across the board, profits were bolstered by higher interest rates which allow them to charge borrowers more for loans.

Experts have long regarded JPMorgan as the biggest player on Wall Street. 

Last month, Wells Fargo analyst Mike Mayo called the firm the 'Goliath of Goliaths' while oil executive Lee Raymond told Bloomberg there is 'nobody in the banking business that compares.'

The launch of Chase Media Solutions comes two years after JPMorgan acquired card-linking marketing platform Figg. 

The new unit will not share customers' personally identifiable information, the bank said.