Citi is jumping into the ad business and entering a fast-growing and competitive market
Citi is launching a new advertising unit called Citi Commerce Media, allowing brands to target ads to its over 70 million customers based on spending habits. This move makes Citi part of a growing trend where non-traditional companies leverage proprietary transaction data to build ad networks.
Why it matters
Financial institutions are entering the digital advertising space, utilizing rich first-party purchase data to compete with traditional retail media networks.
Abhinav Anand, head of value cards, lending, and commerce at Citi, wants to connect advertisers with Citi's customers. Citi Citi is jumping into the advertising business. The bank is letting brands target ads to its more than 70 million customers based on their spending habits. It's the latest example of financial companies using their customer data to sell ads. Citi is the latest company outside Madison Avenue to launch an advertising business . The bank exclusively told CMO Insider that it's creating a new unit called Citi Commerce Media, which will let brands advertise to its more than 70 million customers based on their spending. Citi will target ads to people on its own app and website, as well as on other properties, based on their spending histories. So a customer scrolling on Facebook could see a 10% off ad from a travel company, for instance.
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