JPMorgan Chase launched its Chase Media Solutions ad unit earlier this month. The venture looks a lot like a retail media network (RMN), with one important distinction—Chase is not a retailer. But because it’s monetizing purchase data, Chase Media Solutions operates a lot like an RMN.

Something else that sets Chase Media Solutions apart from most RMNs is that it’s selling ads mainly to retailers, not to brands and consumer packaged goods companies. “If I were a retailer, I would be considering the opportunities this potentially opens up, because it gives retailers another avenue for their own advertising dollar investment,” said our analyst Sarah Marzano.

Chase and other financial institutions looking to become ad networks will have their share of challenges.

• Consumers are not receptive to seeing ads on financial websites, according to Integral Ad Sciences.
• Chase Media Solutions doesn’t have the on-site purchasing activity of a retailer. People don’t necessarily spend a lot of time in credit card apps, and when they do, they’re probably not shopping.
• Focusing rewards on cash-back deals, as Chase is doing, may not appeal to consumers. “You don't get that instant gratification. You have to be willing to wait for the reward,” said Marzano.

But Chase’s current innovation is just the beginning of its potential commerce media endeavors.

• Chase may leverage its new network to drive data-sharing partnerships, the way established RMNs have.
• It could also drive attention to ads by leveraging owned media like restaurant recommendation website The Infatuation.
• Ads on Chase’s platforms may even be purchased by retailers on behalf of brands that advertise with their own RMNs in the future, Marzano said.

Expect others to follow Chase’s lead trying to get a piece of the $54.85 billion US retail media market. American Express could launch a network that leverages its restaurant app, Resy. Apple could sell advertisers on its purchase data from Apple Pay. “Anyone who has access to first-party purchase data has to be thinking through how they can monetize and productize that data,” said Marzano. Financial service companies must consider what services they have to offer, what’s unique about their data, and how they can show value to advertisers.

This was originally featured in the Retail Media Weekly newsletter. For more marketing insights, statistics, and trends, subscribe here.