Chase demonstrates that a bank can also do e-commerce

US Bank Chase has just announced its diversification in a rather unusual market for a banking player. It will now propose a new online platform allowing its customers to make purchases. It thus creates a bridge between banking and e-commerce.

FACTS

• The Shops at Chase is a new platform that enriches Chase's online ecosystem. And rather than banking, it is a variety of products that will be offered within this space.

• The Shops at Chase is thus open to Chase customers holding one of these payment cards. They will be able to access exclusive offers that will be offered on its e-commerce platform by major bank partners including Ray-Ban, Tory Burch, Dyson, Sony, Baccarat, Breitling, Callaway, Samsonite, SMEG or TUMI.

• Various products will be offered, divided into several categories: travel, home, electronics, retail, fitness and others.

• Customers will also be able to use their Ultimate reward loyalty points to take advantage of additional discounts.

• The customer experience is also intended to be customized, as visitors to the site will see product recommendations based on the areas of interest that have been identified through the analysis of their expenses by map.

• Chase already states that its platform will host new brands in the future. It is now accessible from the Bank's website where its mobile app.

ISSUES

• Validating a new jurisdiction Chase promises that users of its new website will benefit from a smooth and enjoyable online shopping experience with many renowned brands. The site is also presented by the bank as a new purchasing feature to help customers save time and money.

• Trust : The opening of this new site represents the creation of a loyalty strategy capable of rewarding Chase bank cardholders. Rather than simply issuing discount coupons on offers, Chase actually puts them forward on a successful site where customers can evolve as on any merchant site. The site is also accessible only to the holders of the main payment cards distributed by the bank and is thus presented as a new brick of their full rewards program.

PERSPECTIVE

• Chase's initiative today is not an absolute novelty in terms of diversification for a banking player. Diversification strategies have increased in recent years and banks are competing Ingenuity to propose models of Super App enriched with extra-financial services.

• On the specific subject of e-commerce and the proposals for platforms for online shopping, the Portuguese bank CaixaBank proposed, for example, a platform dedicated to the online purchase of motor vehicles. His ambition was then to carry these offers of auto credit until the vehicles themselves were purchased.

• Chase's ambition today is more focused on building a model of full reward and loyalty for its customers.

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