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Retail media has been one of the most powerful evolutions in digital advertising over the past decade. In South Africa, it’s now firmly on the radar of marketers and media strategists alike. From to Pick n Pay Smart Shopper to Checkers Sixty60 and ShopriteX, retail media networks are reshaping how brands connect with consumers by tapping into rich first-party data, owned channels, and contextual relevance.
But here’s the thought: what if the next frontier isn’t retail at all?
What if it’s banking?
Banks, particularly in South Africa, may be on the cusp of becoming the next major players in the media ecosystem. Having worked closely with financial institutions across Africa over the past decade, I’ve seen first-hand how much untapped potential lies within their digital infrastructure and customer data strategies. And if we look at what’s already unfolding globally, this shift isn’t just possible — it’s already in motion.
The rapid growth of retail media in markets like the US demonstrates just how quickly new advertising ecosystems can emerge when powered by strong first-party data. For banks, this chart isn’t just a forecast for retailers — it’s a signal. It shows what’s possible when an industry embraces its role as a media owner. The opportunity now is to apply the same principles of contextual relevance, customer insight, and data monetisation — not just to shopping baskets, but to financial behaviour.
US retail media ad spend is forecast to reach $109.4B by 2027 — more than doubling from 2023 levels. (Source: Insider Intelligence / eMarketer Forecast, Nov 2023)
Banks Are Sitting on a First-Party Data Goldmine
Banks Are Sitting on a First-Party Data Goldmine
If data is the new oil, then banks are sitting on reservoirs deeper than most. Unlike retailers, who often rely on loyalty programmes or purchase history from single channels, banks have access to complete transactional ecosystems.
They know:
Where you shop
How frequently you travel
What you’re saving for
Whether you’re about to buy a car, have a baby, or renovate your home
And all of that is already wrapped in consented, secure, first-party data.
With third-party cookies disappearing and privacy expectations rising, trusted, owned data environments are becoming more valuable than open programmatic markets. Banks could offer brands targeting capabilities far beyond what social or display platforms can provide.
Example of a Chase Media Solutions cashback offer surfaced in the user’s banking app, showing personalised, purchase-driven targeting within a trusted platform. (Source: JPMorgan Chase Media Center)
JPMorgan Chase: A Global Benchmark
JPMorgan Chase: A Global Benchmark
The most compelling example is Chase Media Solutions, launched by JPMorgan Chase in April 2024. With access to over 80 million customers, they now allow advertisers to deliver highly targeted offers via the Chase app and web platforms — fully powered by Chase’s proprietary data.
This isn’t just about display banners in your banking app. It’s about:
Curated offers based on real-world spending
Partner deals that enhance loyalty (and retention)
Advertisers tapping into verified audiences inside a high-trust environment
For example, a family frequently spending at theme parks might receive tailored discounts for tickets or travel services directly in their banking dashboard. It's utility meets media.
Why South African Banks Are Perfectly Positioned
Why South African Banks Are Perfectly Positioned
South African banks are some of the most digitally progressive on the continent.
Think of:
FNB's eBucks platform — already integrating lifestyle deals, travel rewards, and merchant partnerships
Discovery Bank and Vitality — where behavioural economics and incentive-based design are baked into the user journey
Capitec Live Better — layering cashback and savings nudges into their daily banking interface
The infrastructure is already there:
High app adoption
Personalised in-app experiences
Secure, consent-based data strategies
Brand partnerships and affiliate deals
All that’s missing is the formalisation of a media network model. A way for advertisers to buy space and targeting within the bank’s ecosystem.
The success of retail media in South Africa proves that brands are ready. Banks just need to realise that they, too, are media owners.
Mobile banking usage is increasing worldwide, with Africa leading the way — commanding a 70% share of the trillion-dollar mobile money market. (Source: VPN Alert, 2025)
What This Means for Marketers and Advertisers
What This Means for Marketers and Advertisers
If banks begin to formalise their media offerings, it will reshape how we think about:
Audience targeting — reaching people based on real financial behaviour, not just browsing signals
Media buying — incorporating banks into omni-channel plans
Creative strategy — crafting messages that feel native in utility-based platforms
It also creates new questions:
How do you balance personalisation with privacy?
How do financial institutions stay trusted while monetising data?
Will consumers see value in banking platforms becoming ad channels?
For marketers, the opportunity is vast — but so is the need for strategic thinking.
A New Frontier in Functional Media
A New Frontier in Functional Media
We’re entering a new media era: one where functional platforms — apps we use to live our lives — become the new advertising real estate. First it was retailers. Now it’s banks. Telcos are already stepping in. Next? Insurers, mobility apps, even healthcare platforms — any service with rich data and daily relevance is a contender.
Marketers need to stop asking, "Which platform has the most reach?" and start asking, "Who owns the most relevant data, inside the most trusted spaces?"
Financial Media Networks may be in their infancy, but the shift is already underway.
I work with brands and agencies to make sense of shifts like these — helping them stay ahead of the curve, not just in it. If this resonates, let’s talk.
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